According to the report, the global chillers industry was estimated at $10.04 billion in 2019, and is expected to hit $12.67 billion by 2028, registering a CAGR of 3.7% from 2021 to 2028.
Drivers, restraints, and opportunities-
Growth in the construction industry, rise in demand for chillers in the medical sector, and surge in consumption of frozen foods among individuals drive the growth of the global chillers market. On the other hand, rise in demand for VRF systems, high initial investment and setup costs, and fluctuations in raw material prices restrain the growth. However, technological advancements are expected to pave the way for new opportunities in the future.
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COVID-19 scenario-
- The outbreak of the pandemic gave way to delays in production and manufacturing of chillers across the globe, thus affecting the global chillers market.
- Most industrial divisions were shut down and it caused a steep decline in demand for chillers. Nevertheless, the rollout of mass vaccination by several government bodies is expected to mend up the global situation and market is expected to get back on track soon.
The screw chiller segment to retain its dominance by 2028–
By type, the screw chiller segment accounted for nearly half of the total market share in 2019, and is anticipated to rule the roost by 2028, due to increased preference for district cooling systems in many industries and commercial buildings. The centrifugal chiller segment, on the other hand, would register the fastest CAGR of 6.9% throughout the forecast period. The growth in industrial and commercial sectors in economies such as South Korea, UK, Japan and others, has led to the use of HVAC systems to maintain the temperature of the buildings. This factor drives the growth of the segment.
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The water cooled chiller segment to rule the roost-
By product type, the water cooled chiller segment garnered nearly three-fifths of the total market revenue in 2019, and is expected to dominate by 2028, owing to rise in demand for low condensing chillers and water-cooled chillers. The air cooled chiller segment, however, would grow at the fastest CAGR of 4.0% during the forecast period, due to increased preference for district cooling systems in many industries and commercial buildings.
North America had the major share in 2019 –
By region, North America generated the major share in 2019, holding nearly half of the global market. Simultaneously, the market across Asia-Pacific would garner the fastest CAGR of 4.8% from 2021 to 2028. This is due to increase in industrialization and rapid urbanization in countries such as China, India, Vietnam, and Indonesia.
Key players in the industry-
- Mitsubishi Electric Corporation
- Carrier Global Corporation
- Daikin Industries Ltd
- LG Electronics
- Dimplex Thermal Solutions
- Trane Technologies Plc.
- Thermax Ltd
- Johnson Controls International Plc
- Gree Electric Appliances Inc of Zhuhai
- Midea Group Co. Ltd
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