Chillers Market

Chillers Market Size, Share, Growth Analysis, By Product(Water-Cooled, <50kW), By Compressor Type (Revenue, USD Million, 2016 - 2027)(Screw Chillers, Centrifugal Chillers), By End-Use (Revenue, USD Million, 2016 - 2027)(Commercial, Corporate Offices), By Regional (Revenue, USD Million, 2016 - 2027)(North America, The U.S.) - Industry Forecast 2024-2031

Report ID: UCMIG20I2205 | Region: Global | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Chillers Market Insights

Market Overview:

Valued at approximately USD 9.9 billion in 2019, the global chillers market has established a substantial foundation for its growth trajectory. Anticipated to maintain momentum, the market is projected to witness a compound annual growth rate (CAGR) of 4.3% from 2020 through 2027. This upward trajectory can be attributed to a convergence of factors, including escalating demand for cooling solutions across industries such as manufacturing, commercial, and healthcare. Chillers, recognized for their efficiency in providing controlled cooling, are set to play a pivotal role in addressing diverse cooling needs, from industrial processes to air conditioning systems. As economies expand and technological advancements propel the adoption of energy-efficient solutions, the global chillers market is poised for sustained expansion in the foreseeable future.

Chillers Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
ForecastGrowthRate
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Industrial Machinery by segment aggregation, the contribution of the Industrial Machinery in Capital Goods and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

Segmentation Analysis:

The Chillers Market is segmented by Product, Compressor Type (Revenue, USD Million, 2016 - 2027), End-Use (Revenue, USD Million, 2016 - 2027), Regional (Revenue, USD Million, 2016 - 2027). We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

Chillers Market Basis Point Share Analysis, 2021 Vs. 2028
BasisPointShareAnalysis
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  • Based on Product the market is segmented as, Water-Cooled, <50kW, 51-100kW, 101-200kW, 201-300kW, >301kW, Air-Cooled, <50kW, 51-100kW, 101-200kW, 201-300kW, >301kW
  • Based on Compressor Type (Revenue, USD Million, 2016 - 2027) the market is segmented as, Screw Chillers, Centrifugal Chillers, Absorption Chillers, Scroll Chillers, Reciprocating Chillers
  • Based on End-Use (Revenue, USD Million, 2016 - 2027) the market is segmented as, Commercial, Corporate Offices, Data Centers, Public Buildings, Mercantile & Service, Healthcare, Others, Residential, Industrial, Chemical, Food & Beverage, Metal Manufacturing & Machining, Medical & Pharmaceutical, Plastics, Others
  • Based on Regional (Revenue, USD Million, 2016 - 2027) the market is segmented as, North America, The U.S., Canada, Mexico, Europe, France, Germany, Italy, Spain, The U.K., Asia Pacific, China, India, Japan, South Korea, Australia, Central & South America, Argentina, Brazil, Middle East & Africa, UAE, Saudi Arabia, KEY MARKET PLAYERS, Trane, Cold Shot Chillers, Tandem Chillers, Drake Refrigeration, Inc., Refra, Carrier, FRIGEL FIRENZE S.p.A., Midea, Rite-Temp, Multistack, LLC., DAIKIN INDUSTRIES, Ltd., General Air Products, ClimaCool Corp., JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY

Regional Analysis:

Chillers Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.

Chillers Market Attractiveness Analysis, By Region 2020-2028
AttractivenessAnalysis
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Chillers Market : Risk Analysis

SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Chillers Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Chillers Market's supply chain, distribution, and total revenue growth.

Competitive landscaping:

To understand the competitive landscape, we are analyzing key Chillers Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Chillers Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

  • view
  • The global chillers market size was estimated at USD 9.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. Rising temperatures due to global warming are likely to drive the demand for cooling equipment. Increasing the adoption of chillers owing to their ability to remove heat from the building and maintain internal temperature is anticipated to drive the market. The major components of the chillers include compressor, evaporator, condenser, expansion valve, control units, and power panels. Chillers provide air conditioning by removing unwanted heat from residential, commercial, and industrial buildings. These equipment utilize refrigerants to remove heat from the condenser and evaporators. According to the Joint Center for Housing Studies, baby boomers are anticipated to drive the demand for renovations and new constructions over the next ten years in the U.S. Rising number of construction activities in the country is expected to have a positive impact on the chillers market growth in the country.
  • Vapor compression chillers use an electrically-driven mechanical compressor for forcing the refrigerant around the systems and are categorized into air-cooled and water-cooled. However, the vapor absorption coolers implement heat sources, such as hot water or steam, for enabling the movement of refrigerant in the system, wherein the refrigerant moves around between areas of different pressure and temperature.
  • Governments of various developing countries have been investing significantly in public infrastructures, such as offices, hospitals, malls, and housing societies. Growth in the construction spending in the emerging economies of the Middle East and the Asia Pacific regions on account of strong industrial and economic development coupled with population expansion is anticipated to have a positive impact on the chillers market growth.
  • The imposition of lockdowns by various countries to curb the spread of the COVID-19 pandemic has resulted in restrictions on the movement of goods and people within the country as well as across countries. This, in turn, has impacted the construction contractors’ ability to complete their projects, thereby impacting the chiller market growth negatively.
  • Product Insights
  • The water-cooled segment led the market and accounted for 62.7% of the global revenue in 2019, owing to the longer life span and high efficiency of these systems as compared to the air-cooled equipment for large cooling loads. Water-cooled equipment is installed inside the buildings, which ensures the slow deterioration of the components.
  • Water-cooled chillers utilize water from external cooling towers and are usually used for large capacity applications. These coolers reject heat from the gaseous refrigerant in a condenser before it is transformed into a liquid. The cooling towers are heat exchangers providing cooling water for the removal of heat from the coolant to cool buildings, process fluids, and machinery.
  • The air-cooled segment is anticipated to witness the fastest CAGR of 5.2% from 2020 to 2027, in the Asia Pacific region, on account of the low cost of these equipment attributed to a fewer number of components in the system. These coolers require less space and can be installed on roof-tops of the buildings, resulting in more space within the structure for other amenities.
  • However, the loud noise created by the compressors and fans of the air-cooled products is expected to limit their penetration in the residential buildings. In addition, the requirement of frequent replacement of the product owing to the deterioration of its material by exposure to the wind, snow, frost, rain, and sun is anticipated to hamper growth.
  • Compressor Type Insights
  • Screw chillers led the market and accounted for 49.8% of the global revenue share in 2019. These coolers work on either air-cooled or water-cooled mechanisms, using two interlocking rotating helical rotors for compressing the refrigerant. The capacity of the products is controlled with the help of a slider or speed control.
  • Absorption chillers are used in applications with high-quality waste heat, including building with heated swimming pools and hospitals. Furthermore, buildings having combined heat and power (CHP) engines are paired with absorption coolers. The absence of a compressor in the absorption coolers results in direct or indirect firing and controlling the capacity through the amount of heat entering the system.
  • The demand for reciprocating chillers is estimated to witness growth at a CAGR of 3.2% from 2020 to 2027, in terms of revenue, on account of its installation in small and medium cooling loads with low-cost refrigerators. These coolers use chamber and piston to compress the refrigerant and control the capacity through speed control, and cylinder unloading or compressor staging.
  • Centrifugal chillers are available in open and hermetic construction, wherein the latter is widely used. The capacity control of these coolers is achieved by using inlet vanes present of the impellers, which restrict the flow of refrigerants. The compact size and high operational efficiency of the equipment at full load is expected to have a positive impact on its demand.
  • End-use Insights
  • The commercial sector led the market and accounted for 44.4% of the global revenue share in 2019. Chillers are used in various commercial buildings, such as corporate offices, data centers, public buildings, healthcare facilities, education institutes, and warehouses, to maintain the temperature in the structures during warm weather.
  • Chillers are used in data centers for cooling the heat generated in the high-density enclosed spaces. The requirement of maintaining constant temperature, humidity, air cleanliness, and air movement within the data centers to avoid downtime and equipment failure is expected to augment the product adoption in the commercial sector.
  • The product demand in the food & beverage industry is estimated to witness growth at a CAGR of 3.4% from 2020 to 2027, in terms of revenue. Glycol chillers are used in wineries and breweries to maintain the temperature of the beverage products. These coolers circulate chilled propylene glycol through the cooling coils for keeping the cold temperature of the beverage and food storage units.
  • The explosion-proof chillers are used by petrochemical companies, such as Chevron, Shell, and Exxon, and in off-shore oil rigs to maintain the facilities' temperature. The low-temperature systems aid in maintaining temperatures as low as -40° F and are used for petrochemical cooling and to create ice for ice skating rinks.
  • Regional Insights
  • The Asia Pacific dominated the market and accounted for over 45% of global revenue in 2019 due to the investments in the commercial and residential construction industries. The rising number of data centers in the region is anticipated to have a positive impact on the chillers market growth over the forecast period.
  • The rapid growth of transportation facilities in the Kingdom of Saudi Arabia (KSA) is expected to boost residential and commercial development in vicinities, which is expected to have a positive impact on the product demand over the forecast period. Factors, such as increasing the tourism sector, population growth, and rapid urbanization, are driving the construction industry, in turn, driving the chillers market growth in the country.
  • The product demand in Europe's food & beverage industry accounted for over 20% of the region's industrial sector revenue, owing to the rising consumption of frozen foods. Furthermore, increasing demand for small- and medium-power cooler units in Southern Europe is anticipated to drive the product demand in the region.
  • The construction of commercial buildings, such as retail buildings and offices, has witnessed significant growth in Melbourne and Sydney. Factors, such as the steady population growth, availability of skilled labor, and technological advancements, in Australia, are expected to drive the construction industry, and in turn, boosting the chillers market growth over the forecast period.
  • KEY MARKET SEGMENTS
  • By Product
  • Water-Cooled
  • <50kW
  • 51-100kW
  • 101-200kW
  • 201-300kW
  • >301kW
  • Air-Cooled
  • <50kW
  • 51-100kW
  • 101-200kW
  • 201-300kW
  • >301kW
  • By Compressor Type (Revenue, USD Million, 2016 - 2027)
  • Screw Chillers
  • Centrifugal Chillers
  • Absorption Chillers
  • Scroll Chillers
  • Reciprocating Chillers
  • By End-Use (Revenue, USD Million, 2016 - 2027)
  • Commercial
  • Corporate Offices
  • Data Centers
  • Public Buildings
  • Mercantile & Service
  • Healthcare
  • Others
  • Residential
  • Industrial
  • Chemical
  • Food & Beverage
  • Metal Manufacturing & Machining
  • Medical & Pharmaceutical
  • Plastics
  • Others
  • By Regional (Revenue, USD Million, 2016 - 2027)
  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • France
  • Germany
  • Italy
  • Spain
  • The U.K.
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Central & South America
  • Argentina
  • Brazil
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • KEY MARKET PLAYERS
  • Trane
  • Cold Shot Chillers
  • Tandem Chillers
  • Drake Refrigeration, Inc.
  • Refra
  • Carrier
  • FRIGEL FIRENZE S.p.A.
  • Midea
  • Rite-Temp
  • Multistack, LLC.
  • DAIKIN INDUSTRIES, Ltd.
  • General Air Products
  • ClimaCool Corp.
  • JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
  • Fluid Chillers, Inc."

SkyQuest's Expertise:

The Chillers Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.

Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.

Scope Of Report

Report Attribute Details
The base year for estimation 2021
Historical data 2016 – 2022
Forecast period 2022 – 2028
Report coverage Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
  • By Product - Water-Cooled, <50kW, 51-100kW, 101-200kW, 201-300kW, >301kW, Air-Cooled, <50kW, 51-100kW, 101-200kW, 201-300kW, >301kW
  • By Compressor Type (Revenue, USD Million, 2016 - 2027) - Screw Chillers, Centrifugal Chillers, Absorption Chillers, Scroll Chillers, Reciprocating Chillers
  • By End-Use (Revenue, USD Million, 2016 - 2027) - Commercial, Corporate Offices, Data Centers, Public Buildings, Mercantile & Service, Healthcare, Others, Residential, Industrial, Chemical, Food & Beverage, Metal Manufacturing & Machining, Medical & Pharmaceutical, Plastics, Others
  • By Regional (Revenue, USD Million, 2016 - 2027) - North America, The U.S., Canada, Mexico, Europe, France, Germany, Italy, Spain, The U.K., Asia Pacific, China, India, Japan, South Korea, Australia, Central & South America, Argentina, Brazil, Middle East & Africa, UAE, Saudi Arabia, KEY MARKET PLAYERS, Trane, Cold Shot Chillers, Tandem Chillers, Drake Refrigeration, Inc., Refra, Carrier, FRIGEL FIRENZE S.p.A., Midea, Rite-Temp, Multistack, LLC., DAIKIN INDUSTRIES, Ltd., General Air Products, ClimaCool Corp., JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
Regional scope North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Country scope U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa
Key companies profiled
  • view
  • The global chillers market size was estimated at USD 9.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. Rising temperatures due to global warming are likely to drive the demand for cooling equipment. Increasing the adoption of chillers owing to their ability to remove heat from the building and maintain internal temperature is anticipated to drive the market. The major components of the chillers include compressor, evaporator, condenser, expansion valve, control units, and power panels. Chillers provide air conditioning by removing unwanted heat from residential, commercial, and industrial buildings. These equipment utilize refrigerants to remove heat from the condenser and evaporators. According to the Joint Center for Housing Studies, baby boomers are anticipated to drive the demand for renovations and new constructions over the next ten years in the U.S. Rising number of construction activities in the country is expected to have a positive impact on the chillers market growth in the country.
  • Vapor compression chillers use an electrically-driven mechanical compressor for forcing the refrigerant around the systems and are categorized into air-cooled and water-cooled. However, the vapor absorption coolers implement heat sources, such as hot water or steam, for enabling the movement of refrigerant in the system, wherein the refrigerant moves around between areas of different pressure and temperature.
  • Governments of various developing countries have been investing significantly in public infrastructures, such as offices, hospitals, malls, and housing societies. Growth in the construction spending in the emerging economies of the Middle East and the Asia Pacific regions on account of strong industrial and economic development coupled with population expansion is anticipated to have a positive impact on the chillers market growth.
  • The imposition of lockdowns by various countries to curb the spread of the COVID-19 pandemic has resulted in restrictions on the movement of goods and people within the country as well as across countries. This, in turn, has impacted the construction contractors’ ability to complete their projects, thereby impacting the chiller market growth negatively.
  • Product Insights
  • The water-cooled segment led the market and accounted for 62.7% of the global revenue in 2019, owing to the longer life span and high efficiency of these systems as compared to the air-cooled equipment for large cooling loads. Water-cooled equipment is installed inside the buildings, which ensures the slow deterioration of the components.
  • Water-cooled chillers utilize water from external cooling towers and are usually used for large capacity applications. These coolers reject heat from the gaseous refrigerant in a condenser before it is transformed into a liquid. The cooling towers are heat exchangers providing cooling water for the removal of heat from the coolant to cool buildings, process fluids, and machinery.
  • The air-cooled segment is anticipated to witness the fastest CAGR of 5.2% from 2020 to 2027, in the Asia Pacific region, on account of the low cost of these equipment attributed to a fewer number of components in the system. These coolers require less space and can be installed on roof-tops of the buildings, resulting in more space within the structure for other amenities.
  • However, the loud noise created by the compressors and fans of the air-cooled products is expected to limit their penetration in the residential buildings. In addition, the requirement of frequent replacement of the product owing to the deterioration of its material by exposure to the wind, snow, frost, rain, and sun is anticipated to hamper growth.
  • Compressor Type Insights
  • Screw chillers led the market and accounted for 49.8% of the global revenue share in 2019. These coolers work on either air-cooled or water-cooled mechanisms, using two interlocking rotating helical rotors for compressing the refrigerant. The capacity of the products is controlled with the help of a slider or speed control.
  • Absorption chillers are used in applications with high-quality waste heat, including building with heated swimming pools and hospitals. Furthermore, buildings having combined heat and power (CHP) engines are paired with absorption coolers. The absence of a compressor in the absorption coolers results in direct or indirect firing and controlling the capacity through the amount of heat entering the system.
  • The demand for reciprocating chillers is estimated to witness growth at a CAGR of 3.2% from 2020 to 2027, in terms of revenue, on account of its installation in small and medium cooling loads with low-cost refrigerators. These coolers use chamber and piston to compress the refrigerant and control the capacity through speed control, and cylinder unloading or compressor staging.
  • Centrifugal chillers are available in open and hermetic construction, wherein the latter is widely used. The capacity control of these coolers is achieved by using inlet vanes present of the impellers, which restrict the flow of refrigerants. The compact size and high operational efficiency of the equipment at full load is expected to have a positive impact on its demand.
  • End-use Insights
  • The commercial sector led the market and accounted for 44.4% of the global revenue share in 2019. Chillers are used in various commercial buildings, such as corporate offices, data centers, public buildings, healthcare facilities, education institutes, and warehouses, to maintain the temperature in the structures during warm weather.
  • Chillers are used in data centers for cooling the heat generated in the high-density enclosed spaces. The requirement of maintaining constant temperature, humidity, air cleanliness, and air movement within the data centers to avoid downtime and equipment failure is expected to augment the product adoption in the commercial sector.
  • The product demand in the food & beverage industry is estimated to witness growth at a CAGR of 3.4% from 2020 to 2027, in terms of revenue. Glycol chillers are used in wineries and breweries to maintain the temperature of the beverage products. These coolers circulate chilled propylene glycol through the cooling coils for keeping the cold temperature of the beverage and food storage units.
  • The explosion-proof chillers are used by petrochemical companies, such as Chevron, Shell, and Exxon, and in off-shore oil rigs to maintain the facilities' temperature. The low-temperature systems aid in maintaining temperatures as low as -40° F and are used for petrochemical cooling and to create ice for ice skating rinks.
  • Regional Insights
  • The Asia Pacific dominated the market and accounted for over 45% of global revenue in 2019 due to the investments in the commercial and residential construction industries. The rising number of data centers in the region is anticipated to have a positive impact on the chillers market growth over the forecast period.
  • The rapid growth of transportation facilities in the Kingdom of Saudi Arabia (KSA) is expected to boost residential and commercial development in vicinities, which is expected to have a positive impact on the product demand over the forecast period. Factors, such as increasing the tourism sector, population growth, and rapid urbanization, are driving the construction industry, in turn, driving the chillers market growth in the country.
  • The product demand in Europe's food & beverage industry accounted for over 20% of the region's industrial sector revenue, owing to the rising consumption of frozen foods. Furthermore, increasing demand for small- and medium-power cooler units in Southern Europe is anticipated to drive the product demand in the region.
  • The construction of commercial buildings, such as retail buildings and offices, has witnessed significant growth in Melbourne and Sydney. Factors, such as the steady population growth, availability of skilled labor, and technological advancements, in Australia, are expected to drive the construction industry, and in turn, boosting the chillers market growth over the forecast period.
  • KEY MARKET SEGMENTS
  • By Product
  • Water-Cooled
  • <50kW
  • 51-100kW
  • 101-200kW
  • 201-300kW
  • >301kW
  • Air-Cooled
  • <50kW
  • 51-100kW
  • 101-200kW
  • 201-300kW
  • >301kW
  • By Compressor Type (Revenue, USD Million, 2016 - 2027)
  • Screw Chillers
  • Centrifugal Chillers
  • Absorption Chillers
  • Scroll Chillers
  • Reciprocating Chillers
  • By End-Use (Revenue, USD Million, 2016 - 2027)
  • Commercial
  • Corporate Offices
  • Data Centers
  • Public Buildings
  • Mercantile & Service
  • Healthcare
  • Others
  • Residential
  • Industrial
  • Chemical
  • Food & Beverage
  • Metal Manufacturing & Machining
  • Medical & Pharmaceutical
  • Plastics
  • Others
  • By Regional (Revenue, USD Million, 2016 - 2027)
  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • France
  • Germany
  • Italy
  • Spain
  • The U.K.
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Central & South America
  • Argentina
  • Brazil
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • KEY MARKET PLAYERS
  • Trane
  • Cold Shot Chillers
  • Tandem Chillers
  • Drake Refrigeration, Inc.
  • Refra
  • Carrier
  • FRIGEL FIRENZE S.p.A.
  • Midea
  • Rite-Temp
  • Multistack, LLC.
  • DAIKIN INDUSTRIES, Ltd.
  • General Air Products
  • ClimaCool Corp.
  • JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
  • Fluid Chillers, Inc."
Customization scope Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Reap the benefits of customized purchase options to fit your specific research requirements.

Objectives of the Study

  • To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
  • To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
  • To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
  • To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

What does this Report Deliver?

  • Market Estimation for 20+ Countries
  • Historical data coverage: 2016 to 2022
  • Growth projections: 2022 to 2028
  • SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
  • Customization on Segments, Regions, and Company Profiles
  • 100+ tables, 150+ Figures, 10+ matrix
  • Global and Country Market Trends
  • Comprehensive Mapping of Industry Parameters
  • Attractive Investment Proposition
  • Competitive Strategies Adopted by Leading Market Participants
  • Market drivers, restraints, opportunities, and its impact on the market
  • Regulatory scenario, regional dynamics, and insights of leading countries in each region
  • Segment trends analysis, opportunity, and growth
  • Opportunity analysis by region and country
  • Porter's five force analysis to know the market's condition
  • Pricing analysis
  • Parent market analysis
  • Product portfolio benchmarking

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Chillers Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Chillers Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)
  • view
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The global chillers market size was estimated at USD 9.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. Rising temperatures due to global warming are likely to drive the demand for cooling equipment. Increasing the adoption of chillers owing to their ability to remove heat from the building and maintain internal temperature is anticipated to drive the market. The major components of the chillers include compressor, evaporator, condenser, expansion valve, control units, and power panels. Chillers provide air conditioning by removing unwanted heat from residential, commercial, and industrial buildings. These equipment utilize refrigerants to remove heat from the condenser and evaporators. According to the Joint Center for Housing Studies, baby boomers are anticipated to drive the demand for renovations and new constructions over the next ten years in the U.S. Rising number of construction activities in the country is expected to have a positive impact on the chillers market growth in the country.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Vapor compression chillers use an electrically-driven mechanical compressor for forcing the refrigerant around the systems and are categorized into air-cooled and water-cooled. However, the vapor absorption coolers implement heat sources, such as hot water or steam, for enabling the movement of refrigerant in the system, wherein the refrigerant moves around between areas of different pressure and temperature.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Governments of various developing countries have been investing significantly in public infrastructures, such as offices, hospitals, malls, and housing societies. Growth in the construction spending in the emerging economies of the Middle East and the Asia Pacific regions on account of strong industrial and economic development coupled with population expansion is anticipated to have a positive impact on the chillers market growth.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The imposition of lockdowns by various countries to curb the spread of the COVID-19 pandemic has resulted in restrictions on the movement of goods and people within the country as well as across countries. This, in turn, has impacted the construction contractors’ ability to complete their projects, thereby impacting the chiller market growth negatively.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Product Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The water-cooled segment led the market and accounted for 62.7% of the global revenue in 2019, owing to the longer life span and high efficiency of these systems as compared to the air-cooled equipment for large cooling loads. Water-cooled equipment is installed inside the buildings, which ensures the slow deterioration of the components.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Water-cooled chillers utilize water from external cooling towers and are usually used for large capacity applications. These coolers reject heat from the gaseous refrigerant in a condenser before it is transformed into a liquid. The cooling towers are heat exchangers providing cooling water for the removal of heat from the coolant to cool buildings, process fluids, and machinery.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The air-cooled segment is anticipated to witness the fastest CAGR of 5.2% from 2020 to 2027, in the Asia Pacific region, on account of the low cost of these equipment attributed to a fewer number of components in the system. These coolers require less space and can be installed on roof-tops of the buildings, resulting in more space within the structure for other amenities.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • However, the loud noise created by the compressors and fans of the air-cooled products is expected to limit their penetration in the residential buildings. In addition, the requirement of frequent replacement of the product owing to the deterioration of its material by exposure to the wind, snow, frost, rain, and sun is anticipated to hamper growth.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Compressor Type Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Screw chillers led the market and accounted for 49.8% of the global revenue share in 2019. These coolers work on either air-cooled or water-cooled mechanisms, using two interlocking rotating helical rotors for compressing the refrigerant. The capacity of the products is controlled with the help of a slider or speed control.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Absorption chillers are used in applications with high-quality waste heat, including building with heated swimming pools and hospitals. Furthermore, buildings having combined heat and power (CHP) engines are paired with absorption coolers. The absence of a compressor in the absorption coolers results in direct or indirect firing and controlling the capacity through the amount of heat entering the system.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The demand for reciprocating chillers is estimated to witness growth at a CAGR of 3.2% from 2020 to 2027, in terms of revenue, on account of its installation in small and medium cooling loads with low-cost refrigerators. These coolers use chamber and piston to compress the refrigerant and control the capacity through speed control, and cylinder unloading or compressor staging.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Centrifugal chillers are available in open and hermetic construction, wherein the latter is widely used. The capacity control of these coolers is achieved by using inlet vanes present of the impellers, which restrict the flow of refrigerants. The compact size and high operational efficiency of the equipment at full load is expected to have a positive impact on its demand.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • End-use Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The commercial sector led the market and accounted for 44.4% of the global revenue share in 2019. Chillers are used in various commercial buildings, such as corporate offices, data centers, public buildings, healthcare facilities, education institutes, and warehouses, to maintain the temperature in the structures during warm weather.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Chillers are used in data centers for cooling the heat generated in the high-density enclosed spaces. The requirement of maintaining constant temperature, humidity, air cleanliness, and air movement within the data centers to avoid downtime and equipment failure is expected to augment the product adoption in the commercial sector.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The product demand in the food & beverage industry is estimated to witness growth at a CAGR of 3.4% from 2020 to 2027, in terms of revenue. Glycol chillers are used in wineries and breweries to maintain the temperature of the beverage products. These coolers circulate chilled propylene glycol through the cooling coils for keeping the cold temperature of the beverage and food storage units.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The explosion-proof chillers are used by petrochemical companies, such as Chevron, Shell, and Exxon, and in off-shore oil rigs to maintain the facilities' temperature. The low-temperature systems aid in maintaining temperatures as low as -40° F and are used for petrochemical cooling and to create ice for ice skating rinks.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Regional Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The Asia Pacific dominated the market and accounted for over 45% of global revenue in 2019 due to the investments in the commercial and residential construction industries. The rising number of data centers in the region is anticipated to have a positive impact on the chillers market growth over the forecast period.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The rapid growth of transportation facilities in the Kingdom of Saudi Arabia (KSA) is expected to boost residential and commercial development in vicinities, which is expected to have a positive impact on the product demand over the forecast period. Factors, such as increasing the tourism sector, population growth, and rapid urbanization, are driving the construction industry, in turn, driving the chillers market growth in the country.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The product demand in Europe's food & beverage industry accounted for over 20% of the region's industrial sector revenue, owing to the rising consumption of frozen foods. Furthermore, increasing demand for small- and medium-power cooler units in Southern Europe is anticipated to drive the product demand in the region.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The construction of commercial buildings, such as retail buildings and offices, has witnessed significant growth in Melbourne and Sydney. Factors, such as the steady population growth, availability of skilled labor, and technological advancements, in Australia, are expected to drive the construction industry, and in turn, boosting the chillers market growth over the forecast period.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET SEGMENTS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Product
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Water-Cooled
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • <50kW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 51-100kW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 101-200kW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 201-300kW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • >301kW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Air-Cooled
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • <50kW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 51-100kW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 101-200kW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 201-300kW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • >301kW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Compressor Type (Revenue, USD Million, 2016 - 2027)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Screw Chillers
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Centrifugal Chillers
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Absorption Chillers
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Scroll Chillers
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Reciprocating Chillers
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By End-Use (Revenue, USD Million, 2016 - 2027)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Commercial
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Corporate Offices
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Data Centers
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Public Buildings
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Mercantile & Service
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Healthcare
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Others
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Residential
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Industrial
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Chemical
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Food & Beverage
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Metal Manufacturing & Machining
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Medical & Pharmaceutical
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Plastics
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Others
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Regional (Revenue, USD Million, 2016 - 2027)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • North America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The U.S.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Canada
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Mexico
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Europe
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • France
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Germany
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Italy
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Spain
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The U.K.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Asia Pacific
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • China
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • India
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Japan
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • South Korea
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Australia
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Central & South America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Argentina
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Brazil
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Middle East & Africa
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • UAE
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Saudi Arabia
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET PLAYERS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Trane
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cold Shot Chillers
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Tandem Chillers
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Drake Refrigeration, Inc.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Refra
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Carrier
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • FRIGEL FIRENZE S.p.A.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Midea
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rite-Temp
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Multistack, LLC.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • DAIKIN INDUSTRIES, Ltd.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • General Air Products
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • ClimaCool Corp.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Fluid Chillers, Inc."
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments

Methodology

For the Chillers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Chillers Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Chillers Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Chillers Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

The global market for Chillers was estimated to be valued at US$ XX Mn in 2021.

The global Chillers Market is estimated to grow at a CAGR of XX% by 2028.

The global Chillers Market is segmented on the basis of Product, Compressor Type (Revenue, USD Million, 2016 - 2027), End-Use (Revenue, USD Million, 2016 - 2027), Regional (Revenue, USD Million, 2016 - 2027).

Based on region, the global Chillers Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the global Chillers Market are view , The global chillers market size was estimated at USD 9.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. Rising temperatures due to global warming are likely to drive the demand for cooling equipment. Increasing the adoption of chillers owing to their ability to remove heat from the building and maintain internal temperature is anticipated to drive the market. The major components of the chillers include compressor, evaporator, condenser, expansion valve, control units, and power panels. Chillers provide air conditioning by removing unwanted heat from residential, commercial, and industrial buildings. These equipment utilize refrigerants to remove heat from the condenser and evaporators. According to the Joint Center for Housing Studies, baby boomers are anticipated to drive the demand for renovations and new constructions over the next ten years in the U.S. Rising number of construction activities in the country is expected to have a positive impact on the chillers market growth in the country. , Vapor compression chillers use an electrically-driven mechanical compressor for forcing the refrigerant around the systems and are categorized into air-cooled and water-cooled. However, the vapor absorption coolers implement heat sources, such as hot water or steam, for enabling the movement of refrigerant in the system, wherein the refrigerant moves around between areas of different pressure and temperature. , Governments of various developing countries have been investing significantly in public infrastructures, such as offices, hospitals, malls, and housing societies. Growth in the construction spending in the emerging economies of the Middle East and the Asia Pacific regions on account of strong industrial and economic development coupled with population expansion is anticipated to have a positive impact on the chillers market growth. , The imposition of lockdowns by various countries to curb the spread of the COVID-19 pandemic has resulted in restrictions on the movement of goods and people within the country as well as across countries. This, in turn, has impacted the construction contractors’ ability to complete their projects, thereby impacting the chiller market growth negatively. , Product Insights , The water-cooled segment led the market and accounted for 62.7% of the global revenue in 2019, owing to the longer life span and high efficiency of these systems as compared to the air-cooled equipment for large cooling loads. Water-cooled equipment is installed inside the buildings, which ensures the slow deterioration of the components. , Water-cooled chillers utilize water from external cooling towers and are usually used for large capacity applications. These coolers reject heat from the gaseous refrigerant in a condenser before it is transformed into a liquid. The cooling towers are heat exchangers providing cooling water for the removal of heat from the coolant to cool buildings, process fluids, and machinery. , The air-cooled segment is anticipated to witness the fastest CAGR of 5.2% from 2020 to 2027, in the Asia Pacific region, on account of the low cost of these equipment attributed to a fewer number of components in the system. These coolers require less space and can be installed on roof-tops of the buildings, resulting in more space within the structure for other amenities. , However, the loud noise created by the compressors and fans of the air-cooled products is expected to limit their penetration in the residential buildings. In addition, the requirement of frequent replacement of the product owing to the deterioration of its material by exposure to the wind, snow, frost, rain, and sun is anticipated to hamper growth. , Compressor Type Insights , Screw chillers led the market and accounted for 49.8% of the global revenue share in 2019. These coolers work on either air-cooled or water-cooled mechanisms, using two interlocking rotating helical rotors for compressing the refrigerant. The capacity of the products is controlled with the help of a slider or speed control. , Absorption chillers are used in applications with high-quality waste heat, including building with heated swimming pools and hospitals. Furthermore, buildings having combined heat and power (CHP) engines are paired with absorption coolers. The absence of a compressor in the absorption coolers results in direct or indirect firing and controlling the capacity through the amount of heat entering the system. , The demand for reciprocating chillers is estimated to witness growth at a CAGR of 3.2% from 2020 to 2027, in terms of revenue, on account of its installation in small and medium cooling loads with low-cost refrigerators. These coolers use chamber and piston to compress the refrigerant and control the capacity through speed control, and cylinder unloading or compressor staging. , Centrifugal chillers are available in open and hermetic construction, wherein the latter is widely used. The capacity control of these coolers is achieved by using inlet vanes present of the impellers, which restrict the flow of refrigerants. The compact size and high operational efficiency of the equipment at full load is expected to have a positive impact on its demand. , End-use Insights , The commercial sector led the market and accounted for 44.4% of the global revenue share in 2019. Chillers are used in various commercial buildings, such as corporate offices, data centers, public buildings, healthcare facilities, education institutes, and warehouses, to maintain the temperature in the structures during warm weather. , Chillers are used in data centers for cooling the heat generated in the high-density enclosed spaces. The requirement of maintaining constant temperature, humidity, air cleanliness, and air movement within the data centers to avoid downtime and equipment failure is expected to augment the product adoption in the commercial sector. , The product demand in the food & beverage industry is estimated to witness growth at a CAGR of 3.4% from 2020 to 2027, in terms of revenue. Glycol chillers are used in wineries and breweries to maintain the temperature of the beverage products. These coolers circulate chilled propylene glycol through the cooling coils for keeping the cold temperature of the beverage and food storage units. , The explosion-proof chillers are used by petrochemical companies, such as Chevron, Shell, and Exxon, and in off-shore oil rigs to maintain the facilities' temperature. The low-temperature systems aid in maintaining temperatures as low as -40° F and are used for petrochemical cooling and to create ice for ice skating rinks. , Regional Insights , The Asia Pacific dominated the market and accounted for over 45% of global revenue in 2019 due to the investments in the commercial and residential construction industries. The rising number of data centers in the region is anticipated to have a positive impact on the chillers market growth over the forecast period. , The rapid growth of transportation facilities in the Kingdom of Saudi Arabia (KSA) is expected to boost residential and commercial development in vicinities, which is expected to have a positive impact on the product demand over the forecast period. Factors, such as increasing the tourism sector, population growth, and rapid urbanization, are driving the construction industry, in turn, driving the chillers market growth in the country. , The product demand in Europe's food & beverage industry accounted for over 20% of the region's industrial sector revenue, owing to the rising consumption of frozen foods. Furthermore, increasing demand for small- and medium-power cooler units in Southern Europe is anticipated to drive the product demand in the region. , The construction of commercial buildings, such as retail buildings and offices, has witnessed significant growth in Melbourne and Sydney. Factors, such as the steady population growth, availability of skilled labor, and technological advancements, in Australia, are expected to drive the construction industry, and in turn, boosting the chillers market growth over the forecast period. , KEY MARKET SEGMENTS, By Product, Water-Cooled , <50kW , 51-100kW , 101-200kW , 201-300kW , >301kW , Air-Cooled , <50kW , 51-100kW , 101-200kW , 201-300kW , >301kW , By Compressor Type (Revenue, USD Million, 2016 - 2027) , Screw Chillers , Centrifugal Chillers , Absorption Chillers , Scroll Chillers , Reciprocating Chillers , By End-Use (Revenue, USD Million, 2016 - 2027) , Commercial , Corporate Offices , Data Centers , Public Buildings , Mercantile & Service , Healthcare , Others , Residential , Industrial , Chemical , Food & Beverage , Metal Manufacturing & Machining , Medical & Pharmaceutical , Plastics , Others , By Regional (Revenue, USD Million, 2016 - 2027) , North America , The U.S. , Canada , Mexico , Europe , France , Germany , Italy , Spain , The U.K. , Asia Pacific , China , India , Japan , South Korea , Australia , Central & South America , Argentina , Brazil , Middle East & Africa , UAE , Saudi Arabia , KEY MARKET PLAYERS, Trane , Cold Shot Chillers , Tandem Chillers , Drake Refrigeration, Inc. , Refra , Carrier , FRIGEL FIRENZE S.p.A. , Midea , Rite-Temp , Multistack, LLC. , DAIKIN INDUSTRIES, Ltd. , General Air Products , ClimaCool Corp. , JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY , Fluid Chillers, Inc.".

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