Chillers Market Analysis and Future Trends (2024-2032) | Mitsubishi Electric Corporation, Daikin Industries Ltd, LG Electronics, Johnson Controls International Plc

Global Chillers Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.

The global chillers market size was USD 9,811.9 million in 2021. The global chillers market is forecast to grow to US$ 13,111.9 million by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030. 

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A chiller, also referred to as the cold cabinet, is a cooling machine used to store the food a few degrees above the freezing point.

Factors Influencing the Market
The growing demand for chillers from the medical industry is forecast to be opportunistic for the global chillers market during the forecast period. Apart from that, rising investments in the pharmaceuticals sector and increasing R&D activities aimed at the development of novel drugs will contribute to the market growth during the study period. Apart from that, the fact that medical devices such as MRI machines, CT scanners, and PET scanners need consistent cold temperatures will also drive the chillers market forward during the analysis period.
Chillers find application in the food & beverage industry and chemicals & petrochemicals sector. Thus, it will benefit the global chillers market during the forecast period. On the flip side, the rising demand for VRF systems may limit the growth of the market during the study period.

COVID-19 Impact Analysis
The COVID-19 pandemic has positively affected the global chillers market. The demand for food & beverages has remained the same, which positively affected the market. However, the chemicals & petrochemicals industry recorded a significant loss. As a result, it hampered the growth of the global chillers market. Meanwhile, governments have increased their investments in the healthcare sector, owing to the COVID-19 pandemic. Thus, it will bring untapped growth opportunities for the chillers market in the coming years.

Regional Analysis
The Asia-Pacific chillers market is forecast to record the highest growth rate, followed by North America. In Asia-Pacific, China is expected to have the largest contribution due to the rapidly growing population and rising industrialization. Apart from that, increasing energy consumption and strict government norms for installing heating and air conditioning systems will drive the growth of the chillers market in North America. The market may also witness lucrative growth opportunities due to rising construction-related activities and a significant increase in housing for single and multi-unit dwellings.

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Competitors in the Market
• Mitsubishi Electric Corporation
• Daikin Industries Ltd
• LG Electronics
• Johnson Controls International Plc
• Carrier Global Corporation
• Dimplex Thermal Solutions
• Polyscience Inc
• Smardt Chiller Group Inc
• Thermax Ltd
• Trane Technologies Plc
• Other Prominent Players

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Chillers industry experienced notable growth in its workforce. Starting in January, employment within the Chillers sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Chillers output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Chillers output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Chillers market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Chillers market.

Market Segmentation
The global chillers market segmentation focuses on Product, Type, Power Range, End-Users, and Region.
By Product Type Outlook
• Screw Chiller
• Scroll Chiller
• Centrifugal Chiller
• Others

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By Type Outlook
• Air-cooled Chiller
• Water-cooled Chiller
By Power Range Outlook
• Less than 50 kW
• 50-200 kW
• More than 200 kW
By End-Users Outlook
• Chemicals & petrochemicals
• Food & beverages
• Medical
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
 Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
 Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

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Table of Contents:

Chapter 1: Introduction to the Global Chillers Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Chillers Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Chillers Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Chillers Market Size (2024-2032)

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• Time Efficiency: The report saves time by providing comprehensive entry-level research. It consolidates information on market growth, size, key players, and segments, sparing the need for extensive individual research.
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• In-depth Market Analysis: By scrutinizing regional market trends and drivers, the report provides a comprehensive understanding of the market landscape. It also highlights factors that might impede growth, allowing for informed decision-making.
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Key Questions Market Research and Analysis Report

• What is the current market size, both in terms of value and volume?
• What is the historical growth rate of the market, and what are the projected growth rates for the future?
• Who are the major players in the market, and what is their market share?
• What are the market trends and dynamics influencing the industry?
• What are the key drivers of market growth?
• What are the challenges and barriers faced by market participants?
• What are the emerging opportunities in the market?
• What is the competitive landscape of the market?
• What are the consumer preferences, behaviors, and buying patterns within the market?
• What is the market segmentation, and how are different market segments performing?
• What are the pricing trends and strategies in the market?
• What are the distribution channels and their effectiveness in reaching the target audience?
• What are the regulatory and legal factors impacting the market?

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