The chillers market size is estimated to be USD 4.1 billion in 2021 and projected to reach USD 4.8 billion by 2026, at a CAGR of 3.0%, between 2021 and 2026. Chillers are used in the industrial sector to maintain equipment temperature and keep the atmosphere cool. Some of the components of chillers include compressors, evaporators, condensers, control units, power panels, and expansion valves. Chillers provide air conditioning by eliminating the unwanted heat from commercial and industrial buildings.
The chillers market is segmented based on type as scroll, screw, centrifugal, reciprocating, and absorption. Scroll chillers led the market in 2020 being cost-effective and consume less power as compared to other types of chillers. Additionally, absorption chillers are projected to grow at sthe highest rate during the forecast period owing to the increasing use of eco-friendly cooling equipment in various end-use industries. Also, absorption chiller offers high energy efficiency rate, low maintenance, and low CO2 emission ratio. Further, the absence of a compressor in the absorption coolers results in direct or indirect firing and controlling the capacity through the amount of heat entering the system is driving the market demand.
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Chillers are mainly used in the commercial, industrial, and residential applications for air conditioning, space cooling, and process cooling. They are energy efficient, compact, and easy to maintain. The growing demand for chillers from developing market coupled with its efficient space cooling and process cooling properties are expected to drive the chillers market. Chillers market is segment based on end-use industry as plastics, food & beverage, chemicals & petrochemicals, rubber, medical & pharmaceutical, printing, laser cutting, alternative energy, and others. Alternative energy is projected to grow at the highest rate in the chillers market whereas, chemicals and petrochemicals holds the largest market share.
The major industry players are adopted new product launch, acquisitions, expansions, and contract as growth strategies in the last five years. The leading players in the market are Daikin Industries (Japan), Carrier Corporation (US), Trane Technology (Ireland), Johnson Controls- Hitachi Air Conditioning (Japan), Mitsubishi Electric Corporation (Japan), Smardt Chiller Group Inc. (Canada), KKT Chillers (Germany), MTA S.P.A (Italy), Friulair S.R.L (Italy), HYDAC International (Germany), and Reynold India Pvt. Ltd (India).
Trane Technology (Ireland) is among the key players in the chillers market. It is specialized in the manufacturing of HVAC systems through its established brand ‘Trane’. It has a strong foothold across the North American region, contributing around 78.0% of group’s revenue. The company has adopted organic and inorganic strategies to increase its market share and revenue. For instance, in 2019, it acquired several channel points, such as distributors and independent dealers to expand the distribution network across the region.
Carrier Corporation (US) is one of the leading manufacturer and supplier of HVAC solutions. The company owns more than 80 brands, such as Carrier, Chubb, Kidde, and Edwards in the HVAC market. In 2021, the company registered an organic sales growth of 6.0%, majorly driven by the industrial and commercial HVAC markets. It has an established joint venture with another leading HVAC company, ‘TEC’. This strategic joint venture is expected to expand the company’s footprints in the neighboring countries. This overall scenario is expected to create significant revenue opportunities for the company.
Chillers Market by Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), End-use industry (Plastic, Chemical & Petrochemical, Rubber, Food & Beverage, Medical & Pharmaceutical), and Region - Global Forecast to 2026
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