- Screw Chiller
- Scroll Chiller
- Centrifugal Chiller
Chillers Market size is valued at USD 13,583.1 million in 2022 and is expected to grow at a CAGR of 4.5% over 2022â€“2028. Â Chillers are commonly used in the industrial sector to keep equipment temperature stable and the environment cold. Compressors, evaporators, condensers, control units, power panels, and expansion valves are examples of chiller components. Chillers supply air conditioning by removing heat from commercial and industrial buildings. The market is growing due to an increase in demand for chillers from different industry verticals such as food and drinks, petrochemicals, rubber, plastic, medical, and others. The expansion of the aviation sector and the rise in new commercial construction structures are expected to boost the global chillers market. For example, the Civil Aviation Administration of China (CAAC) reports that China built 27 new airports between 2014 and 2017, increasing the demand for chillers to keep the atmosphere cold. These circumstances are expected to propel market expansion. Furthermore, the rise in average global temperature, which leads to the use of heating, ventilation, and commercial air conditioning (HVAC) systems, promotes market expansion. Based on product type the global chillers market is segmented into Screw Chillers, Scroll Chiller, Centrifugal Chiller, and Others. The scroll chillers market is likely to hold the highest market share over the forecast period. scroll compressor has the advantage of structure, as it has fewer moving parts and less torque variation compared to the reciprocating compressor. However, high initial investment and setup costs, fluctuating raw material prices, and rising demand for variable refrigerant flow (VRF) systems are expected to hinder global chiller market growth. Additionally, technological advancement in chillers is likely to provide lucrative prospects for the global chillers market.
Fastest Growing Market
The need for IoT integration in chillers has resulted in the creation of linked chillers. Preventive maintenance, for example, Smart chillers provide less downtime, fewer disturbances, and longer equipment life. As a result, manufacturers are focusing more on developing linked chillers. For instance, Johnson collaborated with Microsoft to develop connected services through the cloud to get insights into operations. Data analytics, remote monitoring, and diagnostics are expected to be the driving factor of the chillers industry. Smart chillers further prevent problems by quickly reacting to emergencies and deteriorating conditions. Thus, the enhanced performance of chillers is resulting in high demand for the smart chillers market.
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Carrier Global Corporation, DAIKIN INDUSTRIES LTD, Johnson Controls International, Mitsubishi Electric Corporation, and Polyscience Inc. are the major companies operating in Chiller Market.
The major challenge of chillers market is the price volatility coupled with the regulations penetrating to the fluorinated greenhouse gases.