scroll chiller market REPORT OVERVIEW
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The global scroll chiller market size is estimated to be USD 2.9624 billion in 2022 and market is projected to touch USD 3.5372 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 3.0% during the forecast period.
Scroll chillers are an ideal choice for several air-conditioning applications. The product is used in hospitals, shopping malls, office spaces, banks, hotels, theaters, commercial complexes, and process cooling.
Scroll chiller is attributed to witnessing significant market growth owing to increased demand for cooling, heating, and ventilation and heating purpose in commercial and industrial applications. The product is an ideal choice for several applications, such as low-temperature processing, heat recovery, thermal storage, and ice making. Growing demand for the equipment in several industries such as plastic, chemicals, and printing. Such broad applications of the equipment are predicted to surge market growth. High demand for the product in hospital and food & beverage sectors. Further, it acts as a backup during electricity cuts coupled with an increase in electrical energy cost is predicted to fuel market growth. However, high capital investment and high operation costs are estimated to hamper market growth.
COVID-19 Impact: Closure of End-User Industries and Lower Demand for the Equipment to Hamper Market Progress
Lockdown restrictions and closure of end-user industries, such as the commercial and industrial sector hamper the market growth. Lower demand for the equipment coupled with social distance protocols minimized market progress. Further, the closure of manufacturing units and a lower rate of production restricted market growth.
LATEST TRENDS
"High Demand from Residential and Commercial Space to Surge Market Evolution"
Augmented demand for the equipment in the residential and commercial sectors is anticipated to surge market growth. It is an ideal choice for several applications, such as low-temperature processing, heat recovery, thermal storage, and ice-making. These specifications of the equipment are predicted to surge market growth. Increased adoption of the equipment as a natural source of cooling is anticipated to accelerate market growth in the upcoming years. Increased adoption of HAVC (heating, ventilation, and cooling) is projected to drive scroll chiller market growth.
scroll chiller market SEGMENTATION
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- By Type
Based on type, the market is divided into water-cooled scroll chillers and air-cooled scroll chillers.
Water-cooled scroll chillers are expected to be the leading part of the segmentation type.
- By Application
Based on the application, the market is divided into commercial, industrial, and other.
Commercial is expected to be the leading part of application segmentation.
DRIVING FACTORS
"Growing Awareness about Energy Conservation to Foster Market Growth"
Increased awareness about energy conservation coupled with high electrical energy costs is predicted to fuel market growth. The product is used in hospitals, shopping malls, office spaces, banks, hotels, multiplexes, commercial complexes, and process cooling. Further, it is cost-effective and beneficial in small residential and commercial complexes. Such factors are estimated to surge market progress. The product is easy to maintain and install and can be customized or tailor-made is estimated to fuel market growth in the upcoming years. Increased awareness about energy conservation and shortfalls of electricity is expected to drive market value growth. Rise in strategic collaborations coupled with increased research and development activities is projected to fuel market growth. Expansion of solar power and nuclear & geothermal plants coupled with growth in the low-capacity commercial verticals. These factors are estimated to surge scroll chiller market growth over the forthcoming years.
"Growing Adoption of Solar-Powered Chillers to Accelerate Market Growth"
Increasing demand for solar-powered chillers and the rise in adoption of solar energy are estimated to surge market growth. Today, a consumer is inclined towards non-electricity equipment, and growing awareness about saving electricity is anticipated to surge market growth. The product offers efficient performance for several air-conditioning applications. These factors are anticipated to fuel market growth. Increased influence for power absorption chiller is predicted to accelerate market growth over the forecast period. Rapid industrialization and growing urbanization coupled with high spending capacity is anticipated to restrict scroll chiller market progress.
RESTRAINING FACTORS
"High Capital Investment and High Operation Cost to Decline Market Progress"
High capital investment and high operating costs are anticipated to hamper the market growth. Further, availability of local equipment coupled with a need for skilled professionals is anticipated to restrict market progress over the forecast period.
scroll chiller market REGIONAL INSIGHTS
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"Increased Demand for the Product in Commercial and industrial Sector to Drive Market Share "
Asia Pacific is anticipated to account for the highest scroll chiller market share owing to increased demand for cooling, heating, and ventilation and heating purpose in commercial and industrial applications. The product is an ideal choice for several applications such as low temperature processing, heat recovery, thermal storage, and ice making. Growing demand for the equipment in several industries such as plastic, chemicals, and printing. Such broad applications of the equipment are predicted to surge market growth.
Europe is predicted to witness significant market growth due to an expansion of solar power, nuclear & geo thermal plants. Increase in HVAC (Heating, ventilation, and cooling) requirements in industrial and commercial applications are estimated to surge the scroll chiller market growth
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Johnson Controls (Ireland)
- Daikin (Japan)
- Carrier (U.S.)
- Trane (Ireland)
- Mitsubishi Electric (Japan)
- Hitachi Appliances (Japan)
- Dunham-Bush (U.S.)
- Mammoth (U.S.)
- Bosch (Germany)
- LG (South Korea)
- Motivair (U.K.)
- Voltas (India)
- Blue Star (India)
- Kuen Ling (China)
- Midea (China)
- Gree (India)
- TICA
- Airedale
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 2.9624 Million in 2022 |
Market Size Value By |
US$ 3.5372 Million by 2028 |
Growth Rate |
CAGR of 3% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the scroll chiller market expected to touch by 2028?
The global scroll chiller market is expected to reach USD 3.5372 billion by 2028.
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What CAGR is the scroll chiller market expected to exhibit by 2028?
The scroll chiller market is expected to exhibit a CAGR of 3.0% by 2028.
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Which are the driving factors of the scroll chiller market?
Drivers of this scroll chiller market are growing awareness about energy conservation and growing adoption of solar-powered chillers.
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Which are the top companies operating in the scroll chiller market?
Johnson Controls, Daikin, Carrier, Trane, Mitsubishi Electric, Hitachi Appliances, Dunham-Bus, Mammoth, Bosch, Airedale, LG, Motivair, Voltas, Blue Star, Kuen Ling, Midea, Gree, and TICA.
