Chillers market to reflect tremendous growth potential with a CAGR of 4.3% by 2025

According to a recent report published by Grand View Research Inc., demand for efficient refrigeration and HVAC systems in newly constructed infrastructures to maintain the increasing internal temperature is likely to accelerate market expansion.

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. The global chillers market size is expected to reach USD 13.99 billion by 2027, registering a CAGR of 4.3%, as per a new report by Grand View Research, Inc. Chillers are used in various industries, including pharmaceutical, food & beverage, plastics, printing, medical, petrochemical, electronics, and power plants to provide cooling. Increasing adoption of chillers in residential structures, manufacturing facilities, restaurants, hospitals, and sporting arenas is expected to positively impact the market product demand. 

Chillers

The demand for HVAC systems for dehumidifying and cooling the buildings is experiencing significant growth over the past few years. This can be attributed to the rising atmospheric temperatures as a result of global warming. Furthermore, the ability of the chillers to efficiently transfer heat from the internal environment to the external atmosphere is expected to support market growth.

The worldwide lockdown imposed to restraint the spread of COVID-19, along with low GDP growth in several industrial and manufacturing sectors has resulted in dampening the construction activities. Furthermore, the closure of end-user industries, including various commercial buildings and production facilities, has hampered the demand for repair & maintenance and aftermarket sales of the product.

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Chillers Market Highlights

1. The gigantic production site of Five Daikin screw inverter chillers totals 3,450kW that run on low GWP refrigerant R1234ze. In January 2021, the chillers have been employed in the new Engelbert Strauss CI factory in Germany
2. In January 2021, Mitsubishi Heavy Industries’ launched a series of MSV2 air-cooled heat pump chillers and has won Japan’s annual ECCJ Energy Conservation Grand’s award for an energy-saving product. The reward was under the Product & Business Model for Natural Resources & Energy Commissioner’s Award
3. The MSV2 series has achieved industry-leading COPs over a combination of newly-developed proprietary technologies like the e-3D scroll compressor 
4. Poultry sellers at wet markers in Malaysia has placed an enormous demand for chillers in place to store and display fresh meat, says the Penang Island City Council (MBPP) 
5. The air-cooled segment is projected to witness the fastest CAGR of 4.8% during the forecast period, on account of low installation and maintenance costs 

The centrifugal chillers segment is anticipated to showcase a CAGR of 4.0% from 2020 to 2027, due to the rising adoption of these systems in industrial and commercial buildings for cooling large or medium loads