Industrial Chillers Market to Be Worth $16.5 Billion by 2031--Exclusive Report by Meticulous Research

REDDING, Calif., Nov. 19, 2024 /PRNewswire/ -- According to a new market research report titled 'Industrial Chillers Market by Cooling Type (Air-cooled Chillers, Water-cooled Chillers), Compressor Type (Scroll Chillers, Absorption Chillers), Capacity, End User (Chemical & Petrochemical, Pharmaceuticals) and Geography—Global Forecast to 2031.

The industrial chillers market is expected to reach $16.5 billion by 2031, at a CAGR of 4.4% during the forecast period 2024–2031.

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Industrial chillers are cooling systems designed to remove heat from industrial processes and maintain optimal temperatures for equipment and materials. They are essential in various sectors, including chemicals and petrochemicals, manufacturing, food & beverage, pharmaceuticals, and data centers.

This market's growth is driven by the growing demand for water-cooled chillers, the increasing use of process cooling for industrial applications, and an increase in the adoption of modular chillers. However, the substantial costs required for setting up industrial chillers restrain this market's growth.

Furthermore, the increasing need for chillers in the chemicals and petrochemicals sectors, along with an increased demand for absorption chillers, is anticipated to create growth opportunities for market players. However, the high maintenance costs continue to pose a significant challenge to the market's growth.

The industrial chillers market is segmented based on cooling type (water-cooled chillers, air-cooled chillers), compressor type (centrifugal chillers, screw chillers, scroll chillers, absorption chillers, reciprocating chillers, and other chillers types), capacity (<50kW,<51-100kW,<101-500kW,<501-1000kW, and>1001kW), end user (pharmaceuticals, food & beverage, chemical & petrochemical, metal finishing, plastic procession, steel processing, medical, and other end users). The report also provides a comprehensive analysis of the industrial chillers market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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Among the cooling types studied in this report, the air-cooled chillers segment is slated to register the highest CAGR during the forecast period. The segment's growth is driven by the increasing demand for advanced air-cooled chillers, a growing need for reliable air-cooling systems, and the rising adoption of energy-efficient air-cooled chillers across various industrial applications.

Among the compressor types studied in this report, the absorption chillers segment is slated to register the highest CAGR during the forecast period. The segment's growth is driven by the increasing use of absorption chillers for waste heat recovery or low-grade thermal energy, the rising adoption of absorption chillers in the pharmaceutical industry for precise temperature control, and the growing demand for efficient and low-emission cooling solutions.

Among the capacity ranges studied in this report, the <501-1000kW segment is slated to register the highest CAGR during the forecast period. The segment's growth is driven by the increasing demand for high-capacity and high-efficiency industrial chillers, as well as the rising need for precise temperature control across various sectors. Additionally, the benefits associated with the 501-1000 kW range of industrial chillers, such as high cooling capacity, energy efficiency, advanced control systems, and improved process efficiency, contribute to their increased adoption.

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Among the end users studied in this report, the chemical & petrochemical segment is slated to register the highest CAGR during the forecast period. The segment's growth is driven by the increasing adoption of industrial chillers in heat-sensitive processes, a rising demand for water-cooled chillers in chemical plants, the growing use of sustainable refrigerants, and the need to maintain optimal temperatures of processing equipment.

Among the regions studied in this report, the market in Asia-Pacific is slated to register the highest CAGR of 5.5% during the forecast period. The growth of this regional market is driven by the increasing demand for chillers in the chemicals and petrochemicals industries, a growing need for air-cooled chillers in data centers, and the rising adoption of smart and connected industrial chillers. Additionally, infrastructural development in the region, particularly in China, South Korea, Japan, and India, along with rapid economic growth, industrialization, technological advancements, and increased investment by market players, are factors contributing to the market's growth in Asia-Pacific.

Industrial Chillers Industry Overview: Latest Developments from Key Industry Players. (Download Free PDF Sample)

• In April 2024, Carrier Global Corporation (U.S.) launched a new range of high-performance chillers specifically designed for data centers. These chillers aim to minimize energy consumption and carbon emissions while reducing operating costs for users.
• In February 2023, Johnson Controls Inc. (U.S.) launched the YORK YLAA Air-Cooled Scroll Chiller, the first air-cooled scroll chiller in the U.S. to utilize R-454B, an energy-efficient refrigerant with low global warming potential.
• In March 2022, Carrier Global Corporation (U.S.) launched its AquaForce Vision 30KAV, featuring the PUREtec refrigerant. This new line of high-performance, compact process cooling chillers uses the ultra-low global warming potential (GWP) refrigerant R-1234ze. It is optimized for industrial applications, including food manufacturing, pharmaceuticals, chemicals, plastics, and metal industries, and can provide ultra-reliable cooling down to -12°C.

Some of the key players operating in the industrial chillers market are DAIKIN INDUSTRIES, Ltd.(Japan), Carrier Global Corporation (U.S.), Trane Technologies plc (Ireland), Johnson Controls Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Chillmax Technologies Pvt Ltd. (India), Reynold India Private Limited (India), Drake Refrigeration Inc.(U.S.), Senho Machinery Shenzhen Co. Ltd.(China), Jiangsu Huazhao Refrigeration Equipment CO., Ltd. (China), Friulair S.r.l. (Italy), Atlas Copco Group (Sweden), Kirloskar Chillers Pvt Ltd. (India), Envisys Technologies Private Limited. (India), and SCY Chiller (China).

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Scope of the Report:

Industrial Chillers Market Assessment—by Cooling Type

• Water-cooled Chillers
• Air-cooled Chillers

Industrial Chillers Market Assessment—by Compressor Type

• Centrifugal Chillers
• Screw Chillers
• Scroll Chillers
• Absorption Chillers
• Reciprocating Chillers
• Other Chiller Types

Industrial Chillers I Market Assessment—by Capacity

• <50kW
• <51-100kW
• <101-500kW
• <501-1000kW
• >1001kW

Industrial Chillers Market Assessment—by End User

• Pharmaceuticals
• Food & Beverage
• Chemical & Petrochemical
• Metal Finishing
• Plastic Processing
• Steel Processing
• Medical
• Other End Users

Industrial Chillers Market Assessment—by Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Switzerland
• Poland
• Netherlands
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• Singapore
• South Korea
• Australia & New Zealand
• Indonesia
• Rest of Asia-Pacific
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• UAE
• Israel
• Saudi Arabia
• Rest of Middle East & Africa

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Industrial Chillers Market Research Summary

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