IMARC Group, a leading market research company, has recently releases report titled “Chiller Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032″, The study provides a detailed analysis of the industry, including the global chiller market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the chiller market?
The global chiller market size reached US$ 10.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.68% during 2024-2032.
What is Chiller?
A chiller is a cooling system designed to extract heat from a liquid by employing either a vapor-compression or absorption refrigeration process. This liquid can then be circulated through a heat exchanger to effectively cool various equipment or another process stream, including air or process water. Chillers find utility across a wide array of applications, encompassing HVAC systems in commercial structures, industrial operations, and the cooling of medical equipment. They hold particular significance in industries where precise temperature regulation is imperative. Chillers come in diverse varieties, such as air-cooled chillers, which harness air to expel heat from the refrigerant, often utilizing fans for heat dissipation. Conversely, water-cooled chillers depend on water sourced from an external cooling tower to cool the refrigerant. Furthermore, chillers can be categorized based on the compressor technology employed, which includes reciprocating, screw, or centrifugal compressors, each boasting unique advantages and tailored applications. It’s worth noting that chillers play a pivotal role in managing energy consumption as well, as they can enhance energy efficiency through the adoption of cutting-edge technologies aimed at minimizing power usage.
Request for a PDF sample of this report: https://www.imarcgroup.com/chiller-market/requestsample
Chiller Market Growth and Development:
The surge in construction activities, encompassing commercial structures, shopping centers, and residential complexes, is driving the demand for HVAC systems, particularly chillers. This serves as a pivotal catalyst propelling global market expansion. As urban areas expand, the necessity for cooling systems in both residential and commercial properties intensifies, fostering market growth. Moreover, numerous manufacturing processes necessitate precise temperature control, leading to the widespread deployment of chillers, further contributing to market expansion. The thriving data center industry demands efficient cooling solutions, thereby establishing a substantial market for chillers.
Furthermore, the emergence of innovative chiller technologies that prioritize enhanced energy efficiency aligns with global sustainability objectives and energy conservation regulations, further bolstering market growth. The integration of chillers with smart controls and IoT capabilities is gaining traction, enabling superior monitoring and management, which attracts modern enterprises. Stringent regulations pertaining to energy consumption and environmental sustainability are promoting the adoption of energy-efficient chillers, adding momentum to market growth.
Several governments incentivize the adoption of energy-efficient technologies, amplifying market promotion. Regions with hot climates inherently experience heightened demands for cooling systems, a driving force behind market expansion. Escalating global temperatures elevate the demand for cooling solutions across various sectors, augmenting market growth. Additionally, the indispensable role of chillers in cooling medical equipment such as MRI machines results in consistent demand from the healthcare industry, further boosting market growth. The increasing awareness of energy conservation encourages consumers to favor energy-efficient chillers, facilitating market expansion.
Chiller Market 2024-2032 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the chiller market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
• Carrier Global Corporation
• Daikin Industries Ltd.
• Friulair S.r.l.
• General Air Products
• HYDAC International GmbH
• Johnson Controls International PLC
• KKT Chillers Inc.
• LG Electronics Inc.
• Mitsubishi Electric Corporation
• PolyScience Inc.
• Trane Technologies plc
Key Market Segmentation:
The report has segmented the chiller market on the basis of type, product type, power range, end-use industry and region.
Breakup by Type:
• Screw
• Scroll
• Centrifugal
• Others
Breakup by Product Type:
• Air Cooled
• Water Cooled
Breakup by Power Range:
• Less than 50 kW
• 50-200 kW
• More than 200 kW
Breakup by End Use Industry:
• Food and Beverage
• Plastic and Rubber
• Chemicals and Petrochemicals
• Pharmaceuticals
• Others
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=7123&flag=C
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: [email protected]
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/
