With the emergence and long-term Impact of COVID-19, Global Water Chillers Market to reach USD 14986.8 million by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Water Chillers Market points towards a potential rise to USD 14986.8 million by 2030. Water Chiller is a is a type of refrigeration system which uses water as a secondary refrigerant. In most chillers, refrigerant is used in a closed loop system to promote heat exchange from water, and the refrigerant is subsequently piped to a place where waste heat is released to the atmosphere.
The market is growing due to an increase in demand for chillers from different industry verticals such as food and beverages, petrochemicals, rubber, plastic, medical, and others. The expansion of the aviation sector and the rise in new commercial construction Projects are expected to boost the worldwide chillers market. Furthermore, the rise in average worldwide temperature, which leads to the use of heating, ventilation, and air conditioning (HVAC) systems, promotes market expansion.
Geographically, the global Water Chillers market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 holding the largest market share owing to the increase in demand from end-use industries, such as metal forming and food processing. In addition, the growth of infrastructure development in developing countries is also contributing to the growth of the water chillers market in this region.
North America is fastest growing during the forecast period, owing as a result of sustained economic expansion and increasing urbanisation, the construction of hospitals, offices, large retail establishments, and theatres has increased. Demand for chillers in the region’s residential, commercial, and industrial sectors is being driven by increased tourism, smart city initiatives, and building activities. For instance, in March 2022, Frick Industrial Refrigeration, a part of Johnson Controls in the United States, developed a new low-charge online packaged ammonia/NH3 (R717) chiller for the North American market.
The global Water Chillers market is highly competitive owing to the presence of several key players such as Carrier Global Corporation Mitsubishi Electric Corporation Daikin Industries Ltd. Dimplex Thermal Solutions LG Electronics Johnson Controls International PLC Polyscience Inc. Smart Chiller Group Inc. Thermax Ltd. Trane Technologies Plc, and others.
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Global Water Chillers Market Size study & Forecast, by Type (Screw Chiller, Scroll Chiller, Centrifugal Chiller, and Others), Product Type (Air Cooled Chiller and Water-Cooled Chiller), Power Range (50 Kw, 50-200 Kw, and More Than 200 Kw), and End User (Chemical and Petrochemicals, Food and Beverages, Medical, and Others) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Water Chillers Market is anticipated to grow with a healthy growth rate of more than 3.7% over the forecast period 2023-2030.
- In the Type segment, Centrifugal Chiller emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to increase in demand from end-use industries, such as metal forming and food processing in the region.
- North America is expected to grow at higher rate owing to increasing urbanization, the construction of hospitals, offices, large retail establishments in the region
Bizwit Research & Consulting has considered following segments for the study:
- Screw Chiller
- Scroll Chiller
- Centrifugal Chiller
By Product Type:
- Air Cooled Chiller
- Water-Cooled Chiller
By Power Range:
- 50 Kw
- 50-200 Kw
- More Than 200 Kw
- Chemical and Petrochemicals
- Food and Beverages
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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