Chillers Market To Reach Revenues Of Over USD 13.9 Billion By 2027 | Grand View Research, Inc.

September 10 02:05 2020
Chillers Market To Reach Revenues Of Over USD 13.9 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Rising demand for efficient HVAC and refrigeration systems in newly constructed structures to maintain the increasing internal temperature is expected to drive the chillers market over the forecast period.

According to a report, “Chillers Market Size, Share & Trends Analysis Report By Product (Air-cooled, Water-cooled), By Compressor Type (Screw, Centrifugal), By End-use (Industrial, Commercial), By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,As per the report by Grand View Research Inc., the global chillers market is estimated at USD 13.99 billion, by 2027. It is expected to develop by a 4.3% CAGR in the period of forecast.

The global temperature is rising mainly by the rise in global warming and hence the demand for cooling equipment is on the rise. Due to their capability to take away the heat from the building interior and preserve the temperature inside the building, it is expected to impel the market. The key machineries of the chillers comprise power panels, expansion valve, evaporator, control units, condenser, and the compressor.

Increasing requirement for proficient refrigeration and the HVAC arrangement in the newly constructed buildings. It is essential for keeping the temperature under control. Hence the rise in construction activities is estimated to impel the installation of HVAC equipment during the period of forecast.

The requirement for the HVAC arrangement, for dehumidifying and the cooling is observing the major development in the previous years. This is due to the global warming, that triggers the atmospheric heat. The chillers are utilized in the diverse industries, such as power plants, petrochemicals, medicinal sector, foodstuff & beverages, pharmaceuticals, electronics, printing and the plastics that offer cooling. Growing acceptance of in the sporting stadiums, hospitals, industrialized units, the restaurants, residential constructions and others, is estimated to optimistically influence the development of the market.

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Conversely, increasing raw material prices is growing the production cost of the chillers, which is the most important restraint of the development of the global market for the chillers.

The U.S. chillers market size

Effect of Covid-19:

The obligatory lock down has restrained the spreading of the Covid-19 pandemic. It has also disturbed the development of the GDP, in the diverse economies. This has resulted in the global reduction in the construction actions. The shutting down of the end user services with the commercial premises and the manufacturing plants have additionally held back the demand for the aftermarket sales of the product and the repair & maintenance activities.

Further findings from the report suggest:

  • The growing funds in the construction business in Italy, along with an optimistic development in the manufacturing business, the retail sales and the tourism has resulted in the estimated demand for the chillers  to arrive at USD 728.1 million by 2027.
  • Owing to the growing acceptance of the chilling systems in the industrialized and commercial buildings, for the purpose of cooling of large to medium loads, the sector of centrifugal chillers is expected to observe the development by 4.0% CAGR, in terms of the revenue, from 2020 to 2027.
  •  The leading members of the industry are concentrating on the mergers & acquisitions, licensing contracts, presentations of the innovative products, to get a reasonable advantage and build up the position in the market.
  • As a result of a greater usage of the chillers in the applications of the precision laboratory, laser & electron microscope, CT scanners, systems of blood cooling and the MRI systems, the pharmaceutical & medical sector detained the main share of the global industrial application, in 2019.
  • Due to the simple design and the construction, along with the low slung preliminary and the maintenance costs of the air cooled systems sector, it is estimated to observe the speedy 4.8% CAGR from 2020 to 2027.

Companies

Some of the companies for the Chillers Market are:

  • Fluid Chillers, Inc.
  • ClimaCool Corp.
  • DAIKIN INDUSTRIES, Ltd.
  • Rite-Temp
  • FRIGEL FIRENZE S.p.A.
  • Refra
  • Tandem Chillers
  • Trane
  • JOHNSON CONTROLS – HITACHI AIR CONDITIONING COMPANY
  • General Air Products
  • Multistack, LLC.
  • Midea
  • Carrier
  • Drake Refrigeration, Inc.
  • Cold Shot Chillers

End-use Insights

The commercial sector led the market and accounted for 44.4% of the global revenue share in 2019. Chillers are used in various commercial buildings, such as corporate offices, data centers, public buildings, healthcare facilities, education institutes, and warehouses, to maintain the temperature in the structures during warm weather.

Chillers are used in data centers for cooling the heat generated in the high-density enclosed spaces. The requirement of maintaining constant temperature, humidity, air cleanliness, and air movement within the data centers to avoid downtime and equipment failure is expected to augment the product adoption in the commercial sector.

Global chillers market share

The product demand in the food & beverage industry is estimated to witness growth at a CAGR of 3.4% from 2020 to 2027, in terms of revenue. Glycol chillers are used in wineries and breweries to maintain the temperature of the beverage products. These coolers circulate chilled propylene glycol through the cooling coils for keeping the cold temperature of the beverage and food storage units.

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The explosion-proof chillers are used by petrochemical companies, such as Chevron, Shell, and Exxon, and in off-shore oil rigs to maintain the facilities’ temperature. The low-temperature systems aid in maintaining temperatures as low as -40° F and are used for petrochemical cooling and to create ice for ice skating rinks.

Chillers Market Segmentation

Grand View Research has segmented the global chillers market on the basis of product, compressor type, end-use, and region:

Chillers Product Outlook (Revenue, USD Million, 2016 – 2027)

  • Water-Cooled

    • <50kW

    • 51-100kW

    • 101-200kW

    • 201-300kW

    • >301kW

  • Air-Cooled

    • <50kW

    • 51-100kW

    • 101-200kW

    • 201-300kW

    • >301kW

Chillers Compressor Type (Revenue, USD Million, 2016 – 2027)

  • Screw Chillers

  • Centrifugal Chillers

  • Absorption Chillers

  • Scroll Chillers

  • Reciprocating Chillers

Chillers End-use Outlook (Revenue, USD Million, 2016 – 2027)

  • Commercial

    • Corporate Offices

    • Data Centers

    • Public Buildings

    • Mercantile & Service

    • Healthcare

    • Others

  • Residential

  • Industrial

    • Chemical

    • Food & Beverage

    • Metal Manufacturing & Machining

    • Medical & Pharmaceutical

    • Plastics

    • Others

Chillers Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • France

    • Germany

    • Italy

    • Spain

    • The U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Central & South America

    • Argentina

    • Brazil

  • Middle East & Africa

    • UAE

    • Saudi Arabia

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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