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Global Water Chillers Market to reach USD 14986.8 million by the end of 2030.

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

Product Code: OIRHG-72996010
Publish Date: 10-06-2023
Page: 200

Global Water Chillers Market is valued approximately at USD 11206.7 million in 2022 and is anticipated to grow with a growth rate of more than 3.7% over the forecast period 2023-2030. 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.

One of the most popular chilling systems for manufacturers and distributors of food and beverages is water chillers for food processing. Reliable indirect cooling equipment is crucial for a variety of food processing activities, including those that make cheese, pork, sauce, yoghurt, ice cream, chocolate, and baked products. Industries like food processing and packaging also demand precise and steady temperature control. According to the Deutsches Tiefkühlinstitut Germans consumed 46.1 kilograms of deep-frozen food per person in 2021 compared to 44.8 kilograms in 2020. Additionally, according to the Organisation for Economic Co-operation and Development (OECD), the amount of cheese produced in the European Union (EU 27) would increase, rising from 9,938 thousand tones in 2018 to 11,543 thousand tones in 2030. Additionally, Due to the growing use of environmentally friendly cooling equipment across a variety of end-use sectors, the demand for absorption chillers is consistently rising also technological innovation in chillers is expected to offer remunerative opportunities for the global chillers market. However, the high setup cost of Water Chillers stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Water Chillers Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. 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.

Major market player included in this report are:
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
Recent Developments in the Market:
Ø In March 2022, Carrier introduced the Aqua Force Vision 30KAV with PUREtec refrigerant, a new line of high-performance, compact process cooling chillers with ultra-low global warming potential (GWP) refrigerant R-1234ze. The chiller line is optimized for industrial processing like food manufacturing, plastics, pharmaceuticals, chemicals, metal industries, and applications requiring ultra-reliable cooling up to -12degC.
Ø In June 2021, Carrier Corporation acquired China-based HVAC manufacturer Guangdong Giwee Group and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. The acquisition aims to expand Carrier Corporation’s access to the rapidly growing variable refrigerant flow (VRF) and light commercial market, which is expected to reach approximately USD 20 billion by 2025
Global Water Chillers Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Product Type, Power Range, End-User, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
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

By End-User:
Chemical and Petrochemicals
Food and Beverages
By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Million)
1.2.1. Water chillers Market, by Region, 2020-2030 (USD Million)
1.2.2. Water chillers Market, by Type, 2020-2030 (USD Million)
1.2.3. Water chillers Market, by Product Type, 2020-2030 (USD Million)
1.2.4. Water chillers Market, by Power Range, 2020-2030 (USD Million)
1.2.5. Water chillers Market, by End User, 2020-2030 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Water chillers Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Water chillers Market Dynamics
3.1. Water chillers Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rise in new commercial construction structures Growing demand for process cooling in industrial applications
3.1.2. Market Challenges High Setup Cost of Water chillers
3.1.3. Market Opportunities Technological Innovations
Chapter 4. Global Water chillers Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Water chillers Market, by Type
5.1. Market Snapshot
5.2. Global Water chillers Market by Type, Performance – Potential Analysis
5.3. Global Water chillers Market Estimates & Forecasts by Type 2020-2030 (USD Million)
5.4. Water chillers Market, Sub Segment Analysis
5.4.1. Screw Chiller
5.4.2. Scroll Chiller
5.4.3. Centrifugal Chiller
5.4.4. Others
Chapter 6. Global Water chillers Market, by Product Type
6.1. Market Snapshot
6.2. Global Water chillers Market by Product Type, Performance – Potential Analysis
6.3. Global Water chillers Market Estimates & Forecasts by Product Type 2020-2030 (USD Million)
6.4. Water chillers Market, Sub Segment Analysis
6.4.1. Air Cooled Chiller
6.4.2. Water-Cooled Chiller
Chapter 7. Global Water chillers Market, by Power Range
7.1. Market Snapshot
7.2. Global Water chillers Market by Power Range, Performance – Potential Analysis
7.3. Global Water chillers Market Estimates & Forecasts by Power Range 2020-2030 (USD Million)
7.4. Water chillers Market, Sub Segment Analysis
7.4.1. 50 Kw
7.4.2. 50-200 Kw
7.4.3. More Than 200 Kw
Chapter 8. Global Water chillers Market, by End User
8.1. Market Snapshot
8.2. Global Water chillers Market by End User, Performance – Potential Analysis
8.3. Global Water chillers Market Estimates & Forecasts by End User 2020-2030 (USD Million)
8.4. Water chillers Market, Sub Segment Analysis
8.4.1. Chemical and Petrochemicals
8.4.2. Food and Beverages
8.4.3. Medical
8.4.4. Others
Chapter 9. Global Water chillers Market, Regional Analysis
9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Water chillers Market, Regional Market Snapshot
9.4. North America Water chillers Market
9.4.1. U.S. Water chillers Market Type breakdown estimates & forecasts, 2020-2030 Product Type breakdown estimates & forecasts, 2020-2030 Power Range breakdown estimates & forecasts, 2020-2030 End User breakdown estimates & forecasts, 2020-2030
9.4.2. Canada Water chillers Market
9.5. Europe Water chillers Market Snapshot
9.5.1. U.K. Water chillers Market
9.5.2. Germany Water chillers Market
9.5.3. France Water chillers Market
9.5.4. Spain Water chillers Market
9.5.5. Italy Water chillers Market
9.5.6. Rest of Europe Water chillers Market
9.6. Asia-Pacific Water chillers Market Snapshot
9.6.1. China Water chillers Market
9.6.2. India Water chillers Market
9.6.3. Japan Water chillers Market
9.6.4. Australia Water chillers Market
9.6.5. South Korea Water Chillers Market
9.6.6. Rest of Asia Pacific Water Chillers Market
9.7. Latin America Water Chillers Market Snapshot
9.7.1. Brazil Water chillers Market
9.7.2. Mexico Water chillers Market
9.8. Middle East & Africa Water chillers Market
9.8.1. Saudi Arabia Water Chillers Market
9.8.2. South Africa Water Chillers Market
9.8.3. Rest of Middle East & Africa Water chillers Market

Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. Company 1
10.1.2. Company 2
10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. Carrier Global Corporation Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.3.2. Mitsubishi Electric Corporation
10.3.3. Daikin Industries Ltd.
10.3.4. Dimplex Thermal Solutions
10.3.5. LG Electronics
10.3.6. Johnson Controls International PLC
10.3.7. Polyscience Inc.
10.3.8. Smart Chiller Group Inc.
10.3.9. Thermax Ltd.
10.3.10. Trane Technologies Plc
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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