Global Recirculating Chillers market

Recirculating Chillers Market Size, Share, Growth Analysis, By Type(Rack Mounted, Floor Mounted), By Application(Chemical Extraction, Semiconductor) - Industry Forecast 2024-2031

Report ID: SQMIG20E2073 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 65 | Figures: 70

Recirculating Chillers Market News

  • In January 2023, one of the leading laboratory industries namely Agilent Technologies, Inc., released a new series of recirculating chillers. This new variant is more energy efficient in comparison to the previous models and can cause minimal damage to the environment.
  • In February 2023, a newly designed recirculating chiller called JULABO GmbH was introduced that comes with an integrated heat exchanger. This new chiller claims to be the game changer of energy savings as it recycles the heat from the cooling process through the heat exchanger.
  • A new line of compact recirculating chillers called LAUDA-Brinkmann, LP was unveiled in March 2023 that is designed specifically for the pharmaceutical sector. These chillers are easy to install and maintain and this is likely to help save energy on one side and do cost cutting on the other.
  • In April 2023, Thermo Fisher Inc. introduced a new recirculating chiller into the market with a wireless remote monitoring system. With the use of a remote monitoring system, users can maintain track of the chiller’s efficacy from any location.
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Recirculating Chillers Market size was valued at USD 4.52 Billion in 2022 and is poised to grow from USD 4.79 Billion in 2023 to USD 7.64 Billion by 2031, growing at a CAGR of 6% during the forecast period (2024-2031).

Multiple players are constantly vying for a piece of the market, potentially the biggest piece, and that is what makes up the intense competitive landscape of the recirculating chillers market. In order to gain a competitive advantage and take or retain a share of the market, all businesses must focus on product innovation, targeted marketing, and strategic collaborations. 'BÜCHI Labortechnik AG (Switzerland)', 'Across International (US)', 'Dimplex Thermal Solutions (US)', 'LAUDA-Brinkmann (Germany)', 'Lytron Chillers (US)', 'Peter Huber Kältemaschinenbau (Germany)', 'JULABO GmbH (Germany)', 'Thermo Fisher Scientific (US)', 'Polyscience (US)', 'Opti Temp (US)', 'Haskris (US)', 'BV Thermal Systems (US)', 'Huber USA (US)', 'Brüel & Kjær Vibro (Germany)', 'Solid State Cooling Systems (US)'

One of the main factors driving the expansion of the recirculating chillers market is the growing focus on energy efficiency. As sustainable practices take precedence in the economy in answer to rising environmental concerns, the demand for recirculating chillers that can ensure exact temperature regulation while using less energy is on the rise. Recirculating chiller producers are manufacturing energy-efficient products instilled with the latest technologies and advanced designs to ensure decreased operating costs while guaranteeing lower amount of environmental impact. Businesses that want a mix of productivity and sustainability in the current market trend of cutting down energy use and lowering greenhouse gas emissions, recirculating chillers are the top choice for them.

Sustainability-Driven Innovation: The market players are concentrating on product innovation with a focus on sustainability. Recirculating chillers that offer high-performance cooling coupled with eco-friendly features like lowered energy consumption, low-GWP refrigerants, and recyclability. Producers are joining the trend of shifting to sustainable methods and practices and manufacturing greener products.

Currently, North America is at the top of the Recirculating Chillers market. This might be linked to the area's innovative manufacturing industry, intensive research endeavors, and exact temperature control-required quality requirements. In addition, a number of significant market participants reside in North America, supporting its dominant position.

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Global Recirculating Chillers market

Product ID: SQMIG20E2073

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