The global chillers market size was USD 9,811.9 million in 2021. The global chillers market is forecast to grow to US$ 13,111.9 million by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
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A chiller, also referred to as the cold cabinet, is a cooling machine used to store the food a few degrees above the freezing point.
The growing demand for chillers from the medical industry is forecast to be opportunistic for the global chillers market during the forecast period. Apart from that, rising investments in the pharmaceuticals sector and increasing R&D activities aimed at the development of novel drugs will contribute to the market growth during the study period. Apart from that, the fact that medical devices such as MRI machines, CT scanners, and PET scanners need consistent cold temperatures will also drive the chillers market forward during the analysis period.
Chillers find application in the food & beverage industry and chemicals & petrochemicals sector. Thus, it will benefit the global chillers market during the forecast period. On the flip side, the rising demand for VRF systems may limit the growth of the market during the study period.
The COVID-19 pandemic has positively affected the global chillers market. The demand for food & beverages has remained the same, which positively affected the market. However, the chemicals & petrochemicals industry recorded a significant loss. As a result, it hampered the growth of the global chillers market. Meanwhile, governments have increased their investments in the healthcare sector, owing to the COVID-19 pandemic. Thus, it will bring untapped growth opportunities for the chillers market in the coming years.
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The Asia-Pacific chillers market is forecast to record the highest growth rate, followed by North America. In Asia-Pacific, China is expected to have the largest contribution due to the rapidly growing population and rising industrialization. Apart from that, increasing energy consumption and strict government norms for installing heating and air conditioning systems will drive the growth of the chillers market in North America. The market may also witness lucrative growth opportunities due to rising construction-related activities and a significant increase in housing for single and multi-unit dwellings.
Competitors in the Market • Mitsubishi Electric Corporation • Daikin Industries Ltd • LG Electronics • Johnson Controls International Plc • Carrier Global Corporation • Dimplex Thermal Solutions • Polyscience Inc • Smardt Chiller Group Inc • Thermax Ltd • Trane Technologies Plc • Other Prominent Players
The global chillers market segmentation focuses on Product, Type, Power Range, End-Users, and Region.
By Product Type Outlook • Screw Chiller • Scroll Chiller • Centrifugal Chiller • Others
By Type Outlook • Air-cooled Chiller • Water-cooled Chiller
By Power Range Outlook • Less than 50 kW • 50-200 kW • More than 200 kW
By End-Users Outlook • Chemicals & petrochemicals • Food & beverages • Medical • Others
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By Region ● North America o The U.S. o Canada o Mexico ● Europe Western Europe o The UK o Germany o France o Italy o Spain o Rest of Western Europe Eastern Europe o Poland o Russia o Rest of Eastern Europe ● Asia Pacific o China o India o Japan o Australia & New Zealand o ASEAN o Rest of Asia Pacific ● Middle East & Africa (MEA) o UAE o Saudi Arabia o South Africa o Rest of MEA ● South America o Brazil o Argentina o Rest of South America
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1.The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes. 2.During the forecast period, the report analyzes the growth rate, market size, and market valuation. The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. 3.The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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