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Global Chiller Market Share, Size, Growth, Analysis, Trends, Forecast: By Type: Screw, Scroll, Centrifugal, Others; By Product Type: Air Cooled, Water Cooled; By Power Range: Less than 50 kW, 50 – 200 kW, More than 200 kW; By Industry: Food and Beverage, Plastic and Rubber, Others; Regional Analysis; Competitive Landscape; 2023-2028
Global Chiller Market Outlook
The global chiller market size reached a value of more than USD 10.57 billion in 2021. The market is expected to grow at a CAGR of 3.90% between 2023 and 2028, likely to attain a value of USD 12.8 billion by 2027.
Global Chiller Market Trends
Chillers refer to the type of machine that is utilized in industrial fields and HVAC systems to provide cooling and heating services. It circulates coolant around the chiller to remove the heat from a target object. After the heat is absorbed by the coolant, it then goes through cooling process where outside water or air is taken to reduce the temperature of the coolant. The coolant that has cooled down is then reused to cool the target object, creating a loop that provides continuous cooling of the target object.
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Increasing Demand for Cooling Form Different Industries
Industrial operations produce a lot of heating due to friction between components in high powered equipments, making chiller units necessary to ensure the proper functioning of an equipment. The increasing industrial activities has propelled the demand for chiller systems, enhancing the market growth.
Rising Adoption of Chiller Systems in Food and Beverage Industry
The food production industry has been increasingly implementing chilling machines due to rising consumption of frozen and packaged foods. During the processing of products, a lot of heat is generated, and it is essential to remove the heat so the product can be stored in a proper form.
Global Chiller Market Analysis
Based on type, the market can be segmented into screw, scroll, and centrifugal, among others. Based on product type, the market can be bifurcated into air-cooled and water-cooled, among others. Based on the power range, the division includes less than 50 kW, 50-200 kW, and more than 200 kw. Based on industry, the market can be divided into food and beverage, plastic and rubber, chemicals and petrochemicals, and pharmaceuticals, among others. The regional markets for the chiller market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global chiller market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.
- Carrier Global Corporation
- Daikin Industries, Ltd.
- LG Electronics
- Panasonic Corporation
- Smardt Chiller Group, Inc.
- Mitsubishi Electric Corporation
- Others
Types of Chillers in the Market
Based on types, the market bifurcations include screw, scroll, and centrifugal, among others. Among these segments, centrifugal chillers are expected to hold a significant share of the market, owing to their increased utilisation because of their low maintenance and manufacturing costs.
Centrifugal chillers are cooling systems that utilise a vapour compression cycle to cool down by collecting heat from one water loop and compressor to a second water loop that is cooled by a cooling water tower. It is capable of providing high capacity while maintaining excellent energy efficiency.
Industries in the Market that Utilise Chillers
Based on industries, the market can be segmented into food and beverage, plastic and rubber, chemicals and petrochemicals, and pharmaceuticals, among others.
The plastic and rubber industry is expected to hold a significant share of the market owing to the increasing utilization of plastic products across various applications in the plastic industry. Companies have also started to increase the implementation of Chillers to cool down the equipment used in the manufacturing process. The rising demand from this industry will significantly help market growth.
The food and beverage industry follows the plastic and rubber industry with a rapid growth rate which can be attributed to the increasing consumption of frozen food. They are utilized to draw the heat away from products after various processes including mixing, cooking, or fermentation, among other processes.
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Competitive Landscape
Carrier Global Corporation is a multinational company specializing in HVAC systems, refrigeration, and fire and security equipment. The company was founded in 1915 and it headquarter is located in Florida, United States.
Daikin Industries, Ltd. is a Japanese multinational company, leading in the air conditioner manufacturing market. The company’s products and services include control systems, air-cooled chillers, water-cooled chillers, ventilation, and refrigeration, among many other different products. The company was founded in 1924 and is headquartered in Osaka, Japan.
LG Electronics is a South Korean multinational conglomerate engaged in computer and electronics manufacturing. It is the largest family-owned business in South Korea headquartered in Seoul, South Korea, and it was founded in 1947. The company has a wide variety of products including home appliances, wearable devices, monitors, and cooling systems including chillers of multiple types including centrifugal chiller, screw and scroll chiller, and absorption chiller.
Other market players include Panasonic Corporation, Smardt Chiller Group, Inc., and Mitsubishi Electric Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Product Type |
|
| Breakup by Power Range |
|
| Breakup by Industry |
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| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Chiller Market Analysis
8.1 Key Industry Highlights
8.2 Global Chiller Historical Market (2018-2022)
8.3 Global Chiller Market Forecast (2023-2028)
8.4 Global Chiller Market by Type
8.4.1 Screw
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Scroll
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Centrifugal
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Others
8.5 Global Chiller Market by Product Type
8.5.1 Air Cooled
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Water Cooled
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Chiller Market by Power Range
8.6.1 Less than 50 kW
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 50 – 200 kW
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 More than 200 kW
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.7 Global Chiller Market by Industry
8.7.1 Food and Beverage
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Plastic and Rubber
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Chemicals and Petrochemicals
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Pharmaceuticals
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Others
8.8 Global Chiller Market by Region
8.8.1 North America
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
9 North America Chiller Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Chiller Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Chiller Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Chiller Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Chiller Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Carrier Global Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Daikin Industries, Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 LG Electronics
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Panasonic Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Smardt Chiller Group, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Mitsubishi Electric Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Chiller Market: Key Industry Highlights, 2018 and 2028
2. Global Chiller Historical Market: Breakup by Type (USD Billion), 2018-2022
3. Global Chiller Market Forecast: Breakup by Type (USD Billion), 2023-2028
4. Global Chiller Historical Market: Breakup by Capacity (USD Billion), 2018-2022
5. Global Chiller Market Forecast: Breakup by Capacity (USD Billion), 2023-2028
6. Global Chiller Historical Market: Breakup by Industry (USD Billion), 2018-2022
7. Global Chiller Market Forecast: Breakup by Industry (USD Billion), 2023-2028
8. Global Chiller Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Chiller Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Chiller Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Chiller Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Chiller Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Chiller Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Chiller Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Chiller Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Chiller Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Chiller Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Chiller Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Chiller Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Global Chiller Market Structure
Key Questions Answered in the Report
In 2021, the global market for chillers reached a value of USD 10.57 billion.
The market is expected to grow at a CAGR of 3.90% during the period 2023-2028.
The market is expected to reach a value of USD 12.8 billion by 2027.
The market is driven by the growing demand for chillers in manufacturing industries to cool down equipment used in the manufacturing process and the rising demand for energy-efficient chillers.
The increasing industrial and construction activities are leading to increased demand for chillers and are expected to bring new growth opportunities to the market.
The regional markets for the global chiller market include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The types of chillers available in the market include screw, scroll, and centrifugal, among others.
The product types available in the market include air-cooled and water-cooled, among others.
The different power ranges for chiller in the market are less than 50 kW, 50-200 kW, and more than 200 kw.
The industries utilizing chillers include food and beverage, plastic and rubber, chemicals and petrochemicals, and pharmaceuticals, among others.
The key players in the market include Carrier Global Corporation, Daikin Industries, Ltd., LG Electronics, Panasonic Corporation, Smardt Chiller Group, Inc., and Mitsubishi Electric Corporation, among others.
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