The North America Chillers Market would witness market growth of 3.5% CAGR during the forecast period (2023-2029).
Chillers use absorption or vapor-compression refrigeration cycles to remove heat from a liquid. These are usually used in the industrial sector to keep the environment cool and regulate equipment temperature. Compressors, condensers, evaporators, control panels, expansion valves, and power panels are a few of the chiller's parts. Chillers offer air conditioning by reducing the extra heat from industrial and commercial spaces.
The market is expanding due to an increase in demand across several industry verticals, including food & beverage, petrochemicals, rubber, plastic, and medical. In addition, the rise in new commercial construction projects and the expansion of the aviation sector are expected to fuel the growth of the market.
As a result of increasing demand from numerous end-use industries, the market is anticipated to grow. Due to lower energy use and improved energy efficiency, the industrial sector is likewise experiencing increased demand. Changing industrial government policies also promotes the industrialization of developing nations' economies. Operators can more easily expand their infrastructure when they use chillers. The existing chiller system's capacity could be increased by adding parallel modules. As a result of their numerous advantages, chillers are increasingly in demand.
The demand for easy-to-make foods that save customers both energy and time while they cook, prepare, and clean-up is the main factor driving the frozen food sector in North America. More individuals are predicted to want ready-packed, easy-to-cook, and ready-to-eat goods during the forecast period, increasing demand for frozen meals in North America. Furthermore, it is projected that new product advancements, like multigrain, whole wheat, and low-trans-fat products, will enhance the industry. The expanding demand for and consumption of frozen goods, which must be kept in cooler locations, will lead to significant growth in the region's market.
The US market dominated the North America Chillers Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $2,454.2 million by 2029. The Canada market is poised to grow at a CAGR of 5.8% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 4.9% during (2023 - 2029).
Based on Type, the market is segmented into Screw Chiller, Scroll Chiller, Centrifugal Chiller and Others. Based on End User, the market is segmented into Chemicals & Petrochemicals, Food & Beverages, Medical and Others. Based on Product Type, the market is segmented into Water Cooled Chiller and Air Cooled Chiller. Based on Power Range, the market is segmented into More than 200 kW, 50-200 kW and Less than 50 kW. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Chillers Market is Projected to reach USD 13.2 Billion by 2029, at a CAGR of 4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries, Ltd., Dimplex Thermal Solutions, Inc. (GlenDimplex), LG Electronics (LG Corporation), Johnson Controls International PLC, PolyScience (Preston Industries, Inc.), Smardt Chiller Group Inc. (Nanjing TICA Environmental Technology Co., Ltd.), Thermax Limited and Trane Technologies PLC.
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