Increase in demand for chillers in frozen goods, is anticipated to drive the growth of the chillers.
A chiller is a refrigeration system that is generally used in the industrial sector for reducing the temperature of equipment or machinery in order to dehumidify and cool the industrial space. It has become an essential Heating, Ventilation, and Air Conditioning (HVAC) component for all manufacturing plants, hospitals, hotels, restaurants, and others. Industrial chiller plays a vital role in temperature regulation in numerous industrial operation such as metal plating, food processing, injection molding, oil field production, and so on. It provides air conditioning by reducing the unnecessary heat from industrial and commercial building.
An industrial chiller follows the principle of vapor absorption. It consists of power panels, evaporators, compressor, condenser, expansion unit, and control unit. A vapor compression mechanical refrigeration system connects to the process water system through an evaporator. The gaseous refrigerant goes through an evaporator, compressor, condenser, and expansion unit with a thermodynamic process.
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The global chillers market size was $10.05 billion in 2019 and is expected to reach $12.67 billion by 2028, registering a CAGR of 3.7% from 2021 to 2028.
The key players profiled in the report include Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, Dimplex Thermal Solutions, LG Electronics, Johnson Controls International Plc, Gree Electric Appliances Inc of Zhuhai, Midea Group Co. Ltd, Thermax Ltd, and Trane Technologies Plc.
Global Chillers Market Segments
- Screw Chiller
- Scroll Chiller
- Centrifugal Chiller
By Product Type
- Air Cooled Chiller
- Water Cooled Chiller
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The chillers market is segmented into type, product type, power range, end user, and region. By type, it is divided into screw chiller, scroll chiller, centrifugal chiller, and others. Screw chiller segment having the highest revenue in 2019. By product type, it is bifurcated into air-cooled chiller, and water-cooled chiller. By power range, it is classified into less than 20 kW, 50-200 kW, and more than 200 kW. More than 200 kW segment generated the highest revenue in 2019. By end user, it is fragmented into chemicals & petrochemicals, food & beverages, medical, and others. The others segment contributed the highest revenue in 2019.By region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings Of The Study
- By type, the water-cooled segment was the largest revenue contributor in 2019.
- By product type, the screw chiller segment generated the highest revenue in 2019.
- By power range, the more than 200 kW segment generated the highest revenue in 2019.
- By end user, the others segment generated the highest revenue, in 2019.
- By region, Asia-Pacific is anticipated to dominate the global chillers market trends throughout the study period.
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