Water Cooled Chillers Market Size, Share, Growth, And Industry Analysis by Type (Centrifugal Chillers, Scroll Chillers, Screw Chillers and Others) by Application (Commercial and Industrial), Regional Insights, and Forecast from 2023 to 2031

Updated On: 13 November 2023

Water Cooled Chillers Market Report Overview

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global water cooled chillers market size was USD 3959.6 million in 2021 and market is projected to touch 5068.62 Million by 2031, exhibiting a CAGR of 2.5% during the forecast period.

A device that regulates temperature by circulating a liquid, such as water or a heat medium as a cooling liquid, whose temperature is controlled by the coolant cycle, is referred to as a chiller. It is used to regulate the temperature of various industrial devices, laboratory gear, and air conditioners in buildings and factories. Since it is usually used to chill, it is referred to as a "chiller." It is frequently employed as a suitable device to maintain the temperature of heat-generating parts of air-conditioning systems, such as laser processing devices and high-frequency heating devices, thereby resolving various cooling problems and improving energy efficiency.

The expansion of the chillers market is anticipated to be fueled by the increase in new commercial development structures. Chillers are used in commercial buildings to cool the air and aid in maintaining a consistent temperature. Occupancy sensors, smart thermostats, HVAC and lighting controls, among other smart technology, are being incorporated into smart commercial buildings to assist save energy consumption in vacant offices, conference rooms, and other places.

COVID-19 Impact: Pandemic Caused Disruptions to Impede Market Growth

The infrastructure and consumer products industries are suffering greatly as a result of COVID-19. One of the most important factors that led to setbacks and compelled to stay at home was the lockdown. The market will likely go through a brief period of high revenue development.

LATEST TRENDS

"Increasing Demand from Various Industries to Propel Market Advancements"

The market is expanding as a result of an increase in demand for chillers from a variety of industry verticals, including food & beverage, petrochemicals, rubber, plastic, and medical. The expansion of the aviation sector and the rise in the number of new commercial buildings are predicted to fuel the growth of the worldwide chillers market. In addition, the government programs "National Infrastructure Program" and "Nation Program on Strategies for Sustainable Smart Cities," among others, are anticipated to spur an increase in industrial and residential development activities.

Water Cooled Chillers Market SEGMENTATION

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• By Type

Based on type; the market is divided into Centrifugal Chillers, Scroll Chillers, Screw Chillers and Others.

• By Application

Based on the application; the market is divided into Commercial and Industrial.

DRIVING FACTORS

"Increasing Adoption in Construction Sector to Bolster Product Demand"

An increase in government spending on construction building activities, requires more chillers for temperature control. This in turn is anticipated to cater to the growth of the chillers market. The rise in global temperature also contributes to the adoption of heating, ventilation, and air conditioning (HVAC) systems, which in turn fuels the water cooled chillers market growth.

"Strict Government Regulations to Attract the Market Share "

Over the projected period, the market is expected to develop due to the rising demand for energy-efficient buildings brought on by increased awareness of environmental degradation and strict government restrictions. Over the next few years, it is anticipated that consumer demand for these products will increase due to growing knowledge of energy-efficient systems and the negative effects of burning fossil fuels, as well as support for energy-efficient technology advancements.

RESTRAINING FACTORS

"High Cost and Maintenance to Hold Back Market Growth"

The rise in demand for variable refrigerant flow (VRF) systems, high setup and early investment costs, and fluctuating raw material prices are expected to impede the growth of the worldwide chiller industry. Furthermore, the global chillers market is anticipated to benefit financially from technological advancements in chillers.

Water Cooled Chillers Market REGIONAL INSIGHTS

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"Rising Urbanization to Flourish Market in Asia Pacific "

Asia Pacific is expected to have the largest water cooled chillers market share. Because of the region's expanding population, fast urbanization, and rising per capita income, the construction industry is expected to thrive throughout the region. Due to significant government investments in the construction of public infrastructure and the rise of the residential construction industry, the economies in the region are forecasted to prosper over the forecast period.

The demand for modular chillers is in the Middle East and Africa. The need for cooling equipment is anticipated to rise as Middle Eastern governments place more emphasis on reducing their reliance on the energy sector and broaden their efforts to boost domestic manufacturing production in the petrochemical, chemical, and other industrial sectors.

KEY INDUSTRY PLAYERS

"Prominent Industry Players in the Industry to Promote Market Expansion"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other considerations taken into account for this market are the businesses that develop and provide new products, the geographic areas in which they function, mechanization, innovation strategies, generating the maximum revenue, and using their products to make a significant difference.

List of Market Players Profiled

• Johnson Controls- Hitachi
• Trane (Ingersoll-Rand)
• Mitsubishi (Tokyo)
• Carrier
• LG Electronics (South Korea)
• TICA (U.K.)
• DunAn (China)
• Dunham-Bush (Malaysia)
• Bosch (India)
• Lennox (U.S.)
• Parker Hannifin (India)
• Smardt Chiller Group (Canada)

REPORT COVERAGE

This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments, deep study on market shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.