A rise in demand for water chillers from various industry verticals such as food & beverages, petrochemicals, rubber, plastic, medical, and others, fuels the growth of the market.
PORTLAND, Ore., May 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Water chillers Market by Type (Screw Chiller, Scroll Chiller, Centrifugal Chiller, Absorption Chiller, Reciprocating Chiller, Others), By Capacity (0-100 KW, 101-350 KW, 351-700 KW, >700 KW), By End User Industry (Chemicals And Petrochemicals, Food And Beverage, Plastics And Rubber, Healthcare, Others), By System (Water Accumulation, Continuous Flow ): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global water chillers industry generated $6 billion in 2022 and is estimated to reach $8.4 billion by 2032, exhibiting a CAGR of 3.4% from 2023 to 2032.
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Prime determinants of growth
The rise in demand for the water chillers in medical industry and growth of manufacturing industry along with the increase in consumption of frozen food drives the growth of the market. . However, high initial investments and setup costs along with the rise in demand for VRF systems are restraining the growth of the market. On the contrary, technological advancements are expected to offer lucrative opportunities for the growth of the market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $6 billion |
Market Size in 2032 | $8.4 billion |
CAGR | 3.4 % |
No. of Pages in Report | 243 |
Segments covered | Type, Capacity, End User Industry, System and Region. |
Drivers | Increase in consumption of frozen food Growth of manufacturing industry Increase in demand for water chillers in medical industry |
Opportunities | Technological advancements |
Restraints | Rise in demand for VRF systems High initial investment and setup cost |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global water chillers market, owing to a downfall in the manufacturing activities during the lockdown.
- Not only the water chillers market but also the production of chillers and other refrigeration systems hampered due to the closure of manufacturing units across the world, especially in the initial period of the pandemic.
- Although the water chillers industry faced losses, recovery of food & beverage, medical, plastic and other industries in different developing regions have aided in its development.
The Screw Chiller segment to maintain its leadership status throughout the forecast period
Based on type, the screw chiller segment held the highest market share in 2022, accounting for more than one-third of the global water chillers market revenue and is expected to maintain its dominance throughout the forecast period. This is due to the fact that, screw chillers are used for providing cooling solutions for both industrial operations and cooling systems. The screw chillers are lightweight and compact, and they have cooling capacities ranging from 20 tons to 1,000 tons. However, centrifugal chiller segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032, as centrifugal chillers are available in a wide range of capacities, making them suitable for various applications from small commercial buildings to large industrial facilities.
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The >700 kW segment to maintain its leadership status throughout the forecast period
Based on capacity, the >700 kW segment held the highest market share in 2022, accounting for more than two-fifths of the global water chillers market and is projected to rule the roost in terms of revenue during the forecast period. This is because, prominent players are developing technologically advanced and low-energy-consuming chillers to boost the development of the industry. However, the 0-100 kW segment is projected to manifest the highest CAGR of 4.7% from 2023 to 2032. This is due to the fact that, smaller chillers, which have a capacity of less than 101 kW, often use less energy than bigger chillers since they are designed to handle smaller cooling loads.
The Chemicals and Petrochemicals segment to maintain its lead position during the forecast period
Based on end user industry, the chemicals and petrochemicals segment accounted for the largest share in 2022, contributing to nearly one-third of the global water chillers market revenue, and is projected to maintain its lead position during the forecast period. Chemical reactions often generate heat that needs to be dissipated to maintain the desired temperature and prevent unwanted side reactions. Water chillers are used to cool the reactor and maintain the desired reaction temperature. However, the healthcare segment is expected to portray the largest CAGR of 4.9% from 2023 to 2032. Water chillers are in high demand from pharmaceutical industry to cool equipment used in the production of drugs, such as reactors and crystallizers. Cooling helps to control the reaction rates and crystallization process, which is important in the production of high-quality drugs. Furthermore, in medical laboratories, chillers are utilized to cool devices such as spectrophotometers, centrifuges, and microscopes which require precise temperature control to perform accurate measurements and analysis.
The Continuous Flow segment to maintain its lead position during the forecast period
Based on system, the continuous flow segment accounted for the largest share in 2022, contributing to more than three-fifths of the global water chillers market revenue, and is projected to maintain its lead position during the forecast period as these systems are easy to install and are highly durable. Different water chiller manufacturing companies are offering continuous flow systems equipped with special circulation systems, which helps in making the water chiller system more efficient. In addition, such systems help in preventing the wastage of water by the use of tanks where water can be stored. However, the water accumulation segment is expected to portray the largest CAGR of 3.6% from 2023 to 2032 as such systems offer efficiency owing to lower usage and higher production which further helps in saving the cost and electricity.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global water chillers market revenue, and is likely to dominate the market during the forecast period. Strong economic growth, rapid urbanization, and presence of large population base significantly contribute toward the growth of the water chillers market in Asia-Pacific. In addition, increase in remodeling and repairing work in developing countries, such as China, India, Vietnam, and Indonesia fuel the demand for water chillers. The same region is projected to portray fastest CAGR of 3.8% from 2023 to 2032.
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Leading Market Players:
- Carrier Global Corporation
- Mitsubishi Electric Corporation
- Daikin Industries Ltd.
- Dimplex Thermal Solutions
- LG Electronics
- Johnson Controls International PLC
- Gree Electric Appliances, Inc. of Zhuhai
- Thermax Limited
- Midea Group Co., Ltd.
- Trane Technologies plc
The report provides a detailed analysis of these key players in the global water chillers market. These players have adopted different strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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