According to the latest report by IMARC Group, titled “Chiller Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the chiller market share.
The global chiller market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.0% during 2023-2028. A chiller is a type of refrigeration system that is used to cool large buildings or industrial facilities. It works by removing heat from a liquid and transferring it to the air, generally through a series of coils. Chillers can be powered by electricity, natural gas, or steam, and they come in a variety of sizes and configurations to meet different cooling needs. They are often used in commercial buildings, data centers, hospitals, and other large facilities to maintain a comfortable temperature for occupants and prevent equipment from overheating. Chillers can be an energy-efficient way to cool large spaces, and they are an important component of modern building infrastructure.
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Chiller Market Growth and Development:
The increasing demand for air conditioning and refrigeration in commercial and industrial sectors represents a significant factor driving the market growth across the globe. This is primarily attributed to the increasing need for temperature control in various industries, such as food and beverage, pharmaceutical, and chemicals. Moreover, the increasing trend of smart homes and building automation systems is also facilitating the demand for energy-efficient and smart chillers. In addition to this, the rising concerns about energy efficiency and environmental sustainability are contributing to the growth of the market. In line with this, several government and private organizations are implementing regulations and policies to reduce energy consumption and carbon emissions, which has led to the development of more energy-efficient and eco-friendly chiller systems, thus driving the market growth. Apart from this, advancements in technology, such as the integration of the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), have enabled the development of more advanced and efficient chiller systems, which is creating a positive outlook for the market.
Chiller Market 2023-2028 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
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This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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