Global Water Chillers Market is valued approximately at USD 11206.7 million in 2022 and is anticipated to grow with a growth rate of more than 3.7% over the forecast period 2023-2030. Water Chiller is a is a type of refrigeration system which uses water as a secondary refrigerant. In most chillers, refrigerant is used in a closed loop system to promote heat exchange from water, and the refrigerant is subsequently piped to a place where waste heat is released to the atmosphere. The market is growing due to an increase in demand for chillers from different industry verticals such as food and beverages, petrochemicals, rubber, plastic, medical, and others. The expansion of the aviation sector and the rise in new commercial construction Projects are expected to boost the worldwide chillers market. Furthermore, the rise in average worldwide temperature, which leads to the use of heating, ventilation, and air conditioning (HVAC) systems, promotes market expansion.
One of the most popular chilling systems for manufacturers and distributors of food and beverages is water chillers for food processing. Reliable indirect cooling equipment is crucial for a variety of food processing activities, including those that make cheese, pork, sauce, yoghurt, ice cream, chocolate, and baked products. Industries like food processing and packaging also demand precise and steady temperature control. According to the Deutsches Tiefkuhlinstitut Germans consumed 46.1 kilograms of deep-frozen food per person in 2021 compared to 44.8 kilograms in 2020. Additionally, according to the Organisation for Economic Co-operation and Development (OECD), the amount of cheese produced in the European Union (EU 27) would increase, rising from 9,938 thousand tones in 2018 to 11,543 thousand tones in 2030. Additionally, Due to the growing use of environmentally friendly cooling equipment across a variety of end-use sectors, the demand for absorption chillers is consistently rising also technological innovation in chillers is expected to offer remunerative opportunities for the global chillers market. However, the high setup cost of Water Chillers stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Water Chillers Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 holding the largest market share owing to the increase in demand from end-use industries, such as metal forming and food processing. In addition, the growth of infrastructure development in developing countries is also contributing to the growth of the water chillers market in this region. North America is fastest growing during the forecast period, owing as a result of sustained economic expansion and increasing urbanisation, the construction of hospitals, offices, large retail establishments, and theatres has increased. Demand for chillers in the region's residential, commercial, and industrial sectors is being driven by increased tourism, smart city initiatives, and building activities. For instance, in March 2022, Frick Industrial Refrigeration, a part of Johnson Controls in the United States, developed a new low-charge online packaged ammonia/NH3 (R717) chiller for the North American market.
Major market player included in this report are:
- Carrier Global Corporation
- Mitsubishi Electric Corporation
- Daikin Industries Ltd.
- Dimplex Thermal Solutions
- LG Electronics
- Johnson Controls International PLC
- Polyscience Inc.
- Smart Chiller Group Inc.
- Thermax Ltd.
- Trane Technologies Plc
Recent Developments in the Market:
- In March 2022, Carrier introduced the Aqua Force Vision 30KAV with PUREtec refrigerant, a new line of high-performance, compact process cooling chillers with ultra-low global warming potential (GWP) refrigerant R-1234ze. The chiller line is optimized for industrial processing like food manufacturing, plastics, pharmaceuticals, chemicals, metal industries, and applications requiring ultra-reliable cooling up to -12degC.
- In June 2021, Carrier Corporation acquired China-based HVAC manufacturer Guangdong Giwee Group and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. The acquisition aims to expand Carrier Corporation's access to the rapidly growing variable refrigerant flow (VRF) and light commercial market, which is expected to reach approximately USD 20 billion by 2025
Global Water Chillers Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Type, Product Type, Power Range, End-User, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
- The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Type:
- Screw Chiller
- Scroll Chiller
- Centrifugal Chiller
- Others
By Product Type:
- Air Cooled Chiller
- Water-Cooled Chiller
By Power Range:
- 50 Kw
- 50-200 Kw
- More Than 200 Kw
By End-User:
- Chemical and Petrochemicals
- Food and Beverages
- Medical
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Million)
- 1.2.1. Water chillers Market, by Region, 2020-2030 (USD Million)
- 1.2.2. Water chillers Market, by Type, 2020-2030 (USD Million)
- 1.2.3. Water chillers Market, by Product Type, 2020-2030 (USD Million)
- 1.2.4. Water chillers Market, by Power Range, 2020-2030 (USD Million)
- 1.2.5. Water chillers Market, by End User, 2020-2030 (USD Million)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Water chillers Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Water chillers Market Dynamics
- 3.1. Water chillers Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Rise in new commercial construction structures
- 3.1.1.2. Growing demand for process cooling in industrial applications
- 3.1.2. Market Challenges
- 3.1.2.1. High Setup Cost of Water chillers
- 3.1.3. Market Opportunities
- 3.1.3.1. Technological Innovations
Chapter 4. Global Water chillers Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Water chillers Market, by Type
- 5.1. Market Snapshot
- 5.2. Global Water chillers Market by Type, Performance - Potential Analysis
- 5.3. Global Water chillers Market Estimates & Forecasts by Type 2020-2030 (USD Million)
- 5.4. Water chillers Market, Sub Segment Analysis
- 5.4.1. Screw Chiller
- 5.4.2. Scroll Chiller
- 5.4.3. Centrifugal Chiller
- 5.4.4. Others
Chapter 6. Global Water chillers Market, by Product Type
- 6.1. Market Snapshot
- 6.2. Global Water chillers Market by Product Type, Performance - Potential Analysis
- 6.3. Global Water chillers Market Estimates & Forecasts by Product Type 2020-2030 (USD Million)
- 6.4. Water chillers Market, Sub Segment Analysis
- 6.4.1. Air Cooled Chiller
- 6.4.2. Water-Cooled Chiller
Chapter 7. Global Water chillers Market, by Power Range
- 7.1. Market Snapshot
- 7.2. Global Water chillers Market by Power Range, Performance - Potential Analysis
- 7.3. Global Water chillers Market Estimates & Forecasts by Power Range 2020-2030 (USD Million)
- 7.4. Water chillers Market, Sub Segment Analysis
- 7.4.1. 50 Kw
- 7.4.2. 50-200 Kw
- 7.4.3. More Than 200 Kw
Chapter 8. Global Water chillers Market, by End User
- 8.1. Market Snapshot
- 8.2. Global Water chillers Market by End User, Performance - Potential Analysis
- 8.3. Global Water chillers Market Estimates & Forecasts by End User 2020-2030 (USD Million)
- 8.4. Water chillers Market, Sub Segment Analysis
- 8.4.1. Chemical and Petrochemicals
- 8.4.2. Food and Beverages
- 8.4.3. Medical
- 8.4.4. Others
Chapter 9. Global Water chillers Market, Regional Analysis
- 9.1. Top Leading Countries
- 9.2. Top Emerging Countries
- 9.3. Water chillers Market, Regional Market Snapshot
- 9.4. North America Water chillers Market
- 9.4.1. U.S. Water chillers Market
- 9.4.1.1. Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.2. Product Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.3. Power Range breakdown estimates & forecasts, 2020-2030
- 9.4.1.4. End User breakdown estimates & forecasts, 2020-2030
- 9.4.2. Canada Water chillers Market
- 9.5. Europe Water chillers Market Snapshot
- 9.5.1. U.K. Water chillers Market
- 9.5.2. Germany Water chillers Market
- 9.5.3. France Water chillers Market
- 9.5.4. Spain Water chillers Market
- 9.5.5. Italy Water chillers Market
- 9.5.6. Rest of Europe Water chillers Market
- 9.6. Asia-Pacific Water chillers Market Snapshot
- 9.6.1. China Water chillers Market
- 9.6.2. India Water chillers Market
- 9.6.3. Japan Water chillers Market
- 9.6.4. Australia Water chillers Market
- 9.6.5. South Korea Water Chillers Market
- 9.6.6. Rest of Asia Pacific Water Chillers Market
- 9.7. Latin America Water Chillers Market Snapshot
- 9.7.1. Brazil Water chillers Market
- 9.7.2. Mexico Water chillers Market
- 9.8. Middle East & Africa Water chillers Market
- 9.8.1. Saudi Arabia Water Chillers Market
- 9.8.2. South Africa Water Chillers Market
- 9.8.3. Rest of Middle East & Africa Water chillers Market
Chapter 10. Competitive Intelligence
- 10.1. Key Company SWOT Analysis
- 10.1.1. Company 1
- 10.1.2. Company 2
- 10.1.3. Company 3
- 10.2. Top Market Strategies
- 10.3. Company Profiles
- 10.3.1. Carrier Global Corporation
- 10.3.1.1. Key Information
- 10.3.1.2. Overview
- 10.3.1.3. Financial (Subject to Data Availability)
- 10.3.1.4. Product Summary
- 10.3.1.5. Recent Developments
- 10.3.2. Mitsubishi Electric Corporation
- 10.3.3. Daikin Industries Ltd.
- 10.3.4. Dimplex Thermal Solutions
- 10.3.5. LG Electronics
- 10.3.6. Johnson Controls International PLC
- 10.3.7. Polyscience Inc.
- 10.3.8. Smart Chiller Group Inc.
- 10.3.9. Thermax Ltd.
- 10.3.10. Trane Technologies Plc
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption