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
Johnson Controls International PLC
Smart Chiller Group Inc.
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 Product Type:
Air Cooled Chiller
By Power Range:
More Than 200 Kw
Chemical and Petrochemicals
Food and Beverages
Middle East & Africa
Rest of Middle East & Africa