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Industrial Chillers Market to grow by USD 1.23 billion from 2022 to 2027 | Growing adoption of district heating and cooling infrastructure to drive the growth- Technavio
[October 20, 2023]

Industrial Chillers Market to grow by USD 1.23 billion from 2022 to 2027 | Growing adoption of district heating and cooling infrastructure to drive the growth- Technavio


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.

Get a glance at the market contribution of the segments, Request a Free Sample  

Related Reports:

The hybrid cooling towers market size is estimated to grow at a CAGR of 4.39% between 2023 and 2028. The market size is forecast to increase by USD 198.64 million. 

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.





Industrial Chillers Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.35%

Market growth 2023-2027

USD 1.23 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.84

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 45%

Key countries

US, China, Japan, Germany, and the UK

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

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.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.


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

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

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SOURCE Technavio


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