Published Date: 31-May-2023
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According to a new report, published by KBV research, The Global Chillers Market size is expected to reach $13.2 billion by 2029, rising at a market growth of 4.0% CAGR during the forecast period.
The Scroll Chiller segment is showcasing a CAGR of 4.2% during (2023 - 2029). Scrolls compress refrigerants in a scroll chiller, a form of cooling apparatus. A cooling medium, such as water or air, removes the heat produced due to the refrigerant being compressed. After that, the refrigerant is extended to allow heat absorption from the surroundings. This process is repeatedly performed to maintain a steady flow of cooled air or water. Scroll chillers are frequently employed in applications with constrained space, including in-office buildings or retail establishments.
The Chemicals & Petrochemicals segment is leading the Global Chillers Market by End User in 2022 thereby, achieving a market value of $4.8 billion by 2029. The chemicals and petrochemicals industry makes use of chillers for various tasks, such as distillation columns, cooling reaction containers, and other process machinery. In this business, where precise temperature control is essential for numerous processes, the high cooling capacity of chillers is especially important.
The Air Cooled Chiller segment has shown the growth rate of 5.1% during (2023 - 2029). Since there are fewer parts in the system, these pieces of equipment are more affordable. As these coolers take up less space and are capable of being mounted on building roofs, there will be more room inside the building for additional amenities.
The More than 200 kW segment is generating the highest revenue share in the Global Chillers Market by Power Range in 2022 thereby, achieving a market value of $5.2 billion by 2029. Chillers with cooling capacities over 200kW are very dependable, efficient in terms of energy use, and have intelligent control. In sizable factories and manufacturing facilities, they are perfect for cooling applications. consumed. Efficiency can result in lower energy costs and less negative environmental impact.
The Asia Pacific market dominated the Global Chillers Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $6.1 billion by 2029. The Europe market is exhibiting a CAGR of 3.1% during (2023 - 2029). Additionally, The North America market would register a CAGR of 3.5% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/chillers-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By End User
By Product Type
By Power Range
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