Chillers Market Set to Surge as Global Demand Rises, Reaching US$ 5.01 Billion by 2029

In 2022, the Chillers Market witnessed a valuation of US$ 4.02 billion, and analysts predict a robust growth of 3.2% from 2023 to 2029, propelling the market to nearly US$ 5.01 billion. The widespread adoption of chillers in industrial processes, air conditioning systems, and various applications across sectors contributes to the market's upward trajectory.

Market Dynamics: Industrial Demand and Lifestyle Changes Fuel Growth

A key driver for the surge in market growth is the escalating demand for process cooling in industrial settings. This is coupled with a rise in per capita income globally, leading to increased consumption of luxury items such as refrigerators and air conditioners. The flourishing food and healthcare sectors, driven by factors like population growth and higher consumption of frozen meals, further contribute significantly to market expansion.

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Chillers Market Report Scope and Research Methodology:

The growth of different segments in the Chillers market helps to identify the key growth factors and develop strategies to target core application areas and fill the gaps in the target market.

The report provides an in-depth analysis of the Chillers market, including meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies. A bottom-up approach was used to estimate the Chillers market size.

Key players in the Chillers industry were identified through secondary research, and their market revenues were determined through primary and secondary research. The report also covers mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the Chillers market by region, by investment, and their strategic intent.

Chillers Market Regional Insights:

The global Chillers market is divided into five regions: Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. The report provides regional analysis with the Chillers market size of each region.

The country-level analysis examines a variety of market factors that are expected to influence current and future Chillers market trends, as well as changes in market regulations at the country level. Some of the key factors used to forecast the Chillers market situation in each country include consumption, production location and volume, import/export analysis, pricing analysis, raw material prices, and upstream and downstream value chain analysis.

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Chillers Market Segmentation:

During the forecast period, the water-cooled segment is anticipated to grow at a compound annual growth rate (CAGR) of 6.6%.Due to their longer lifespan and greater efficiency when compared to air-cooled equipment for large internal cooling loads, water-cooled equipment is always designed to ensure that the parts deteriorate gradually. Higher capacity applications frequently employ water-cooled chillers, which draw water from external cooling systems. These coolers take heat out of the gaseous coolant in a condenser before it becomes a fluid. Heat exchangers known as water-cooled cooling systems supply cooling water to extract heat from coolant, which is then used to cool machinery, buildings, and process fluids.

Over the course of the forecast period, the commercial segment by End-Use is anticipated to grow at a CAGR of 5.7%.In hot weather, commercial properties such as corporate offices, data centres, municipal areas, health clinics, educational institutions, and warehouses use chillers to regulate the temperature. In data centres, the heat generated in high-density confined rooms is cooled by chillers. The growth of the commercial segment is expected to be driven by the need to maintain constant temperature, moisture content, air purity, and air circulation within data centres in order to minimise downtime and system failure.

Chillers Market Key Players are:

1. Trane
2. Cold Shot Chillers
3. Tandem Chillers
4. Drake Refrigeration, Inc.
5. Refra
6. Carrier
7. FRIGEL FIRENZE S.p.A.
8. Midea
9. Rite-Temp
10. Multistack, LLC.
11. Daikin Industries, Ltd.
12. General Air Products
13. ClimaCool Corp.
14. Johnson Controls
15. Fluid Chillers, Inc.

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Key Questions answered in the Chillers Market Report are:

What is the forecast period?
What is the expected Chillers market size by the end of the forecast period?
What are the Chillers market segments?
Which segment in the Chillers market is expected to grow rapidly during the forecast period?
Which are the prominent players in the Chillers market?
What key trends are expected to emerge in the Chillers market during the forecast period?
What was the Chillers market size in 2022?
Which region dominated the global Chillers market in 2022?
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