NEW YORK, Oct. 20, 2023 /PRNewswire/ — The industrial chillers market is expected to grow by USD 1.23 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 4.35% during the forecast period. The market is segmented by end-user (chemical and petrochemical, plastics, food and beverage, pharmaceuticals and biotechnology, and others), type (water chillers and air chillers), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The report also covers information on trends and challenges. Explore detail information by purchasing a report

The growing adoption of district heating and cooling infrastructure is a key factor driving market growth. In comparison with the operation of refrigeration compressors, which require more energy, a district cooling system is an economical option. District cooling systems, which can process and cool large volumes of water, are usually equipped with industrial chillers. Furthermore, it is possible to achieve significant savings in energy consumption if these large systems are operated. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the industrial chillers market: ait deutschland GmbH, Carrier Global Corp., Daikin Industries Ltd., Drake Refrigeration Inc., FRIGEL FIRENZE S.p.A., Friulair S.r.l., General Air Products, Johnson Controls International Plc., LG Corp., Mitsubishi Electric Corp., MTA S.p.A., Paul Mueller Co. Inc., PolyScience, Raytheon Technologies Corp., Reynold India Pvt. Ltd., Senho Machinery Shenzhen Co. Ltd., Sentry Equipment Corp., Smardt Chiller Group Inc., Trane Technologies Plc, and HYDAC Technology Corp.
• Industrial Chillers Market is fragmented in nature.
• Market to observe 3.84% YOY growth in 2023.

Market Dynamics:

Major Trend

• The advent of smart connected chillers is a major trend in the market.
• For chillers used in HVAC and R applications, there is a growing need to improve reliability and performance, minimize equipment interruptions, and reduce overall maintenance costs.
• Moreover, the introduction of intelligent connected cooling units allows operators to predict when a refrigeration system will fail or run below its peak capacity.

Significant Challenge

• The high capital and maintenance costs are significant challenges restricting market growth.
• The cost of most Energy efficient HVAC and R technologies, including industrial chillers, is much higher compared to their traditional counterparts.
• The yearly maintenance costs of refrigeration equipment are 20 % to 35 % more expensive than the cost of a conventional cooling system and may increase significantly over time.

Keg Segments:

• The chemical and petrochemical industries segment will contribute a major share of the market during the forecast period. In industry, industrial cooling equipment is used to maintain the temperature of machinery or chemicals and petrochemicals that must be kept cool. For the cooling of process chemicals and petrochemicals, industry chillers are widely employed in these sectors.

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Related Reports:

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The industrial boiler market size is estimated to grow at a CAGR of 3.51% between 2022 and 2027. The market size is forecast to increase by USD 2,948.87 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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