About Chillers
Chillers are a machine that is used to produce chilled water for air conditioning and also process cooling in large facilities. Majorly chillers operate using vapor compression, and they are available in different types. Majorly these chillers are divided into two categories including vapor compression chiller, and a vapor absorption chiller. The vapor compression chiller is further categorized into reciprocating, centrifugal, and others. With the rapid growth of industrialization, this market is having huge growth potential majorly in the Asia Pacific regions.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The global chillers market is moderately competitive and covers the various market growth key players. In terms of market share, some manufacturers are presently dominating the global market. These market players are focusing on strategic business initiatives to enhance their market share and improve their overall business profitability. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Chillers market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
DAIKIN INDUSTRIES, Ltd. (Japan), Trane (Ireland), Carrier Corporation (United States), Smardt Chiller Group, Inc. (Canada), Johnson-Hitachi Air Conditioning Co., Ltd. (Japan), GEA Group (Germany), Thermax Limited (India), Dunham Bush (United States), Broad Group (China) and Advantage Engineering, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Airedale Air Conditioning (United Kingdom), BlueBox by Swegon (Italy) and BV Thermal Systems (United States).
Segmentation Overview
AMA Research has segmented the market of Global Chillers market by Type (Screw Chillers, Scroll Chillers, Centrifugal Chillers, Absorption Chillers and Reciprocating Chillers) and Region.
On the basis of geography, the market of Chillers has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Compressor will boost the Chillers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Users, the sub-segment i.e. Plastic will boost the Chillers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Product, the sub-segment i.e. Vapor Chillers will boost the Chillers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increase in New Market Entrants and High Adoption from China Because of High Growth in Industrialization
Market Growth Drivers:
Growing Requirement for Process Cooling in Industrial Areas and High Growth in Usage of Chillers Across Solar Cooling Applications
Challenges:
High Cost Required in Production in Maintenance
Restraints:
Less Investment in New Market Players Because of Slowdown in Economy
Opportunities:
Growing Demand for Absorption Chillers and Rising Demand Form the Food and Beverages Industry
Market Leaders and their expansionary development strategies
In November 2023, Honeywell (Nasdaq: HON) and Trane Technologies (NYSE: TT), a global climate innovator, have today announced that Trane® chillers running on ultra-low-global warming potential (GWP) Honeywell Solstice® zd (R-1233zd) refrigerant in the United Arab Emirates (UAE) are helping to avoid 42,000 tons of carbon dioxide equivalent (CO2e) emissions annually
In Nov 2022, Kirloskar Chillers announced the launch its India’s new range of water-cooled chillers, which is known as India’s first oil-free magnetic veering compressor. Through this strategic initiative, the company is aiming to capture a major market share in India.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Chillers Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.