The HVAC chillers market size to reach $12,878.92 million by 2028 from $9,425.53 million in 2021 to grow at a CAGR of 4.56% during 2021–2028; while increasing number of data centers drive the growth of the market in near future all over the world and the air-cooled segment accounted for the largest market share in 2020.
New York, Oct. 29, 2021 (GLOBE NEWSWIRE) -- HVAC Chillers Market: Key Insights
According to our new research study on HVAC Chillers Market Size and Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Type (Process Chillers, Scroll Chillers, Screw Chillers, Centrifugal Chillers, and Absorption Chillers), and Application (Commercial, Industrial, and Residential).
Market Size Value in
US$ 9,425.53 million in 2021
Market Size Value by
US$ 12,878.92 million by 2028
CAGR of 4.56% from 2021 to 2028
No. of Pages
No. of Charts & Figures
Historical Data Available
Technology, Type and Application
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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HVAC Chillers Market: Competitive Landscape and Key Developments
LG Electronics; Mitsubishi Electric Corporation; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Thermal Care, Inc.; Trane; Kaltra; SKM Air Conditioning; Johnson Controls, Inc.; and AIREDALE INTERNATIONAL AIR CONDITIONING LTD. are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global HVAC chillers market and its ecosystem.
In 2018, SKM Air Conditioning, one of the leading air conditioning manufacturers in the Gulf, joined the Eurovent Middle East association. SKM has become the 40th member company of Eurovent Middle East association.
In 2019, Airedale International Air Conditioning Ltd. launched an innovative range of air conditioning chillers, which are optimized for use with lower GWP refrigerant R32.
The improving economic conditions across the globe coupled with urbanization has led to the growth in the industrial sector. There has been a rise in the construction of medical centers, malls, complexes, hotels, commercial buildings and manufacturing facilities, which propels the demand for HVAC chillers. Urbanization has changed the lifestyle of the people and increased the inclination towards safety and security. Technological developments along with the modifications in government and organizational regulations for temperature control contributes towards the growth of the HVAC chiller market. In 2018, healthcare spending as a share of GDP in Japan was around 11 %. Healthcare spending as a share of GDP of Japan grew from 7.7 % in 2004 to 11 % in 2018 at an average annual rate of 2.69%. Thus, the demand for chillers required in medical sector is anticipated to grow further. Urbanization and growing population in European countries are driving factors for growth of chillers market in this region. As per the United Nations reports, urbanization in Europe is supposed to rise by ~83.7% by 2050. According to EEA, 75% of population in EU prefers to stay in urban areas. Surging disposable income, temperature concerns, and spending on comfort and luxury are a few factors that drive the growth of the global HVAC chillers market.
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The Middle East & Africa is an important oil-producing region across the world that includes countries such as South Africa, Saudi Arabia, and the UAE. The COVID-19 pandemic has exposed the economies in this region to many additional challenges as most of countries faced a slack in the transportation operations, dip in goods demands, and disruptions in supply chain operations in FY 2020. Moreover, the UAE was the largest market for HVAC chillers in the Middle East & Africa in FY 2020, according to the research study.
The Middle East & Africa HVAC chillers market is majorly impacted due to the supply chain disruptions. Further, as the boarders of many countries across the region were closed, the supply chain of several industrial equipment and components were disturbed. This has led to a decline in revenue among the HVAC chiller manufacturers and distributors offering their products to industrial, commercial, and residential applications. However, the restrictions are eased in 2021, and manufacturing of HVAC chillers gained traction as their demand for cooling is growing across commercial and industrial facilities.
Development of IoT-Enabled HVAC Chillers to Propel HVAC Chillers Market Growth in Coming Years:
The initial stage of the IoT revolution is on the horizon, and IoT is making its mark on the heat, ventilation and air conditioning (HVAC) industry. IoT enabled HVAC products are helping many customers to maximize the efficiency of their HVAC systems. People in smart cities are transforming their houses into smart homes with latest technologies and devices. The crucial reason behind the adoption of advanced technology in developed countries is the strong economic condition along with supportive infrastructure.
In short period of time, HVAC chillers will be able to fine-tune and make changes in settings for themselves, with lesser or no human input at all. In simple words, HVAC chillers will be able to make the required judgment as per the specific condition on their own. TCS is helping Voltas in developing a remote chiller monitoring system which will be able to prevent the chiller breakdowns. Intel deployed their IoT gateway, TCS made use of their IoT framework and Voltas leveraged their chiller expertise for jointly developing a centralized system which can monitor chillers remotely across distinct geographies. End to end solutions from TCS helps in diagnosing the real-time health of the chillers via live dashboard, identifying anomalies in the equipment parameters and raise notifications and alerts for the respective field engineer and predict failures in equipment for proactive maintenance.
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HVAC Chillers Market: Air-Cooled HVAC Chiller Overview
Air-cooled chiller utilizes the mechanical refrigeration cycle to produce chilled water and antifreeze mixture. These chillers are common in modern systems and have growing popularity since 1980s. They can be used in various residential, commercial, and industrial applications. Industrial chillers are often used in large buildings, such as hotels, indoor malls, hospitals, and large industrial buildings. These chillers are also used in locations, such as outdoor malls and theme parks, that may have multiple buildings requiring cooling. Air cooled chiller costs less to install and requires less maintenance than water cooled chiller because it has less equipment. The growing construction industry along with increasing implementation of stringent new building regulations by governments, worldwide, especially in China, Japan, the US, and South Korea, would drive the demand for air cooled HVAC chiller technology in the coming years. Significant contribution of air cooled HVAC chiller in the reduction of CO2 emissions, stringent governmental regulations for increasing energy efficiency, and increasing investments in commercial and residential sectors are a few factors driving the market growth.
Key Questions to Request for HVAC Chillers Market:
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