Global Chiller Market to Reach US$ 14.8 Billion by 2032, Stimulated by Increasing Product Demand in Food and Beverage Industry

May 26, 2023 | Industrial Materials

According to the latest report by IMARC Group, titled "Chiller Market by Type (Screw, Scroll, Centrifugal, and Others), Product Type (Air Cooled, Water Cooled), Power Range (Less than 50 kW, 50-200 kW, More than 200 kW), End Use Industry (Food and Beverage, Plastic and Rubber, Chemicals and Petrochemicals, Pharmaceuticals, and Others), and Region 2024-2032," the global chiller market reached a value of US$ 10.7 Billion in 2023. A chiller is a mechanical refrigeration device that removes heat from a liquid through vapor compression or absorption refrigeration. It is commonly used in commercial, industrial, and institutional settings to cool water or other fluids for various applications. It circulates refrigerant through a compressor, condenser, expansion valve, and evaporator. The compressor compresses the refrigerant, thus raising its temperature and pressure. The hot, pressurized refrigerant then flows to the condenser, releasing heat to the surroundings and condensing into a liquid. The liquid refrigerant passes through the expansion valve, which reduces its pressure and temperature. This low-pressure, low-temperature refrigerant then enters the evaporator, which absorbs heat from the cooled fluid, causing the refrigerant to evaporate into a gas. The cooled fluid is then circulated to the desired location, absorbing heat and returning to the chiller for the process to repeat. It is essential in various industries and applications as it is used in air conditioning systems to cool the air in buildings, providing comfortable environments for occupants. It is also employed in industrial processes requiring precise temperature control, such as manufacturing, pharmaceuticals, data centers, and food processing. Additionally, the chiller is utilized in medical facilities for cooling medical equipment, MRI machines, and radiation therapy systems.

Global Chiller Market Trends:

The global market is majorly driven by the increasing demand for energy-efficient and environmentally friendly cooling solutions. Furthermore, the rising need for precise temperature control in various applications is positively influencing the market. The rapid technological advancements in chiller designs, such as using variable speed drives, intelligent controls, and sustainable refrigerants, further contribute to the market expansion. Moreover, numerous government regulations promoting energy efficiency and environmental sustainability drive the adoption of energy-efficient chillers. Besides, the augmenting awareness regarding environmental sustainability is strengthening the market. Additionally, the increasing demand for process cooling in industries, such as manufacturing, pharmaceuticals, and food processing, is providing a boost to the market. The market is further driven by the heavy investments in infrastructure projects, the growing product demand in the food and beverage industry to maintain product freshness and quality, and the adoption of variable speed drive technology in the chiller. Some of the other factors strengthening the market include the trend of retrofitting existing buildings with energy-efficient HVAC systems and chiller and the emergence of smart buildings and IoT integration. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 14.8 Billion by 2032, exhibiting a CAGR of 3.68% during 2024-2032. 

Market Summary:

  • On the basis of the type, the market has been categorized into screw, scroll, centrifugal, and others. Among these, screw represents the largest segment.
  • Based on the product type, the market has been classified into air cooled and water cooled. Currently, water cooled accounts for the largest market share.
  • Based on the power range, the market has been divided into less than 50 50 kW, 50-200 kW, and more than 200 kW. At present, more than 200 kW represents the largest segment.
  • Based on the end use industry, the market has been categorized into food and beverage, plastic and rubber, chemicals and petrochemicals, pharmaceuticals, and others. Amongst these, chemicals and petrochemicals exhibit a clear dominance in the market.
  • Region-wise, the market has been segmented into North America (United States and Canada), Europe (Germany, France, United Kingdom, Italy, Spain, and Others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa. Currently, Asia Pacific holds the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these 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., and Trane Technologies plc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Types Covered Screw, Scroll, Centrifugal, Others
Product Types Covered Air Cooled, Water Cooled
Power Ranges Covered Less than 50 kW, 50-200 kW, More than 200 kW
End Use Industries Covered Food and Beverage, Plastic and Rubber, Chemicals and Petrochemicals, Pharmaceuticals, Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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, etc.
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Global Chiller Market to Reach US$ 14.8 Billion by 2032, Stimulated by Increasing Product Demand in Food and Beverage Industry
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