Chillers Market Size, Share & Analysis Report, 2021-2027
The global Chillers market gathered revenue around USD 9.15 Billion in 2020 and market is set to grow USD 14.29 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 5.3% during the prediction period 2021 to 2027.
Growth Factors:
Rising temperatures due to global warming are likely to drive the demand for cooling equipment. Increasing the adoption of chillers owing to their ability to remove heat from the building and maintain internal temperature is anticipated to drive the market. The major components of the chillers include compressor, evaporator, condenser, expansion valve, control units, and power panels. Chillers provide air conditioning by removing unwanted heat from residential, commercial, and industrial buildings. These equipment utilize refrigerants to remove heat from the condenser and evaporators. According to the Joint Center for Housing Studies, baby boomers are anticipated to drive the demand for renovations and new constructions over the next ten years in the U.S. Rising number of construction activities in the country is expected to have a positive impact on the chillers market growth in the country.
Rising demand for efficient HVAC and refrigeration systems in newly constructed structures to maintain the increasing internal temperature is expected to drive the market over the forecast period.
Chillers are used in various industries, including plastics, food & beverage, printing, medical, electronics, petrochemical, pharmaceutical, and power plants to provide cooling. Increasing adoption of chillers in manufacturing facilities, residential structures, hospitals, restaurants, and sporting arenas, among others is expected to positively impact the product demand.
The demand for HVAC systems for cooling and dehumidifying the buildings is witnessing significant growth over the past few years on account of the rising atmospheric temperatures, attributed to global warming. Furthermore, the ability of the chillers to efficiently transfer heat from the internal environment to the external atmosphere is expected to support market growth.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Chillers market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Chillers market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 14.29 Billion by 2027 |
| Growth Rate | CAGR of 5.3% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Procedure, Service, End User and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Trane; Cold Shot Chillers; Tandem Chillers; Drake Refrigeration, Inc.; Refra; Carrier; FRIGEL FIRENZE S.p.A.; Midea; Rite-Temp; Multistack, LLC.; DAIKIN INDUSTRIES, Ltd.; General Air Products; ClimaCool Corp.; JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY; Fluid Chillers, Inc. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Chillers market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Regional analysis:
The Asia Pacific dominated the market and accounted for over 47.1% of global revenue in 2020 due to the investments in the commercial and residential construction industries. The rising number of data centers in the region is anticipated to have a positive impact on the chillers market growth over the forecast period.
The rapid growth of transportation facilities in the Kingdom of Saudi Arabia (KSA) is expected to boost residential and commercial development in vicinities, which is expected to have a positive impact on the product demand over the forecast period. Factors, such as increasing the tourism sector, population growth, and rapid urbanization, are driving the construction industry, in turn, driving the chillers market growth in the country.
The product demand in Europe's food & beverage industry accounted for over 23% of the region's industrial sector revenue, owing to the rising consumption of frozen foods. Furthermore, increasing demand for small- and medium-power cooler units in Southern Europe is anticipated to drive the product demand in the region.
The construction of commercial buildings, such as retail buildings and offices, has witnessed significant growth in Melbourne and Sydney. Factors, such as the steady population growth, availability of skilled labor, and technological advancements, in Australia, are expected to drive the construction industry, and in turn, boosting the chillers market growth over the forecast period.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Chillers Market include: Trane; Cold Shot Chillers; Tandem Chillers; Drake Refrigeration, Inc.; Refra; Carrier; FRIGEL FIRENZE S.p.A.; Midea; Rite-Temp; Multistack, LLC.; DAIKIN INDUSTRIES, Ltd.; General Air Products; ClimaCool Corp.; JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY; Fluid Chillers, Inc.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Chillers market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Chillers market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Chillers markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Chillers Market Study:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers