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HVAC Chillers Market to Reach $12,878.92 Million, Globally, by 2028 at 4.56% CAGR: TheInsightPartners.com

According to our latest market study on “HVAC Chillers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Type, and Application,” the market is expected to grow from US$ 9,425.53 million in 2021 to US$ 12,878.92 million by 2028; it is estimated to grow at a CAGR of 4.56% from 2021 to 2028.

HVAC Chillers play a crucial role in maintaining the required temperature of any space, machinery or equipment. HVAC Chillers remove the heat and transfer it somewhere else. These chillers can be utilized in numerous residential spaces, for example small to large size rooms, garages, basements and crawlspaces. Popularity of HVAC chillers is increasing owing to various advantages such a portability, convenience and quick and easy maintenance. Moreover, the adoption of HVAC chillers is rising in restaurants, hotels, kitchens and dining rooms to handle the concerns regarding temperature levels. Other industry verticals where these chillers are used are rubber, petrochemicals, medical, plastic, commercial office buildings, sports venues, and others.

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Data centers need a lot of energy, and the main driver of data center design engineers’ work is to offer reliable, energy-efficient, and cost-effective HVAC systems. The newest commercial chiller equipment provides proven reliability, competitive energy performance, and integral controls in a modular package without the requirement for water. Efficiency is a crucial factor while selecting the chiller for the data center. So, when it comes to finalize the chiller for this application, the selection of a unit having the right compressor is a primary task. In data centers, free cooling doesn’t always need an extremely cold climate. Whenever the outdoor temperature is sufficient cold, the chillers turn off the compressors and take the advantage of favorable outdoor temperature. Now-a-days, many companies are outsourcing their data operations to the third-party providers, which have got expertise in data center operations. Colocation data centers are particularly famous because they offer power, physical space, and cooling systems for local communication systems. Thus, rise in the number of data centers is anticipated to drive the growth of the global HVAC chillers market in the future.

The HVAC chiller market in North America is further segmented into the US, Canada, and Mexico. Growing urbanization and ongoing economic growth have resulted in increased construction of hospitals, offices, large retails, and theaters. Governments of North American countries are encouraging the development of smart cities and expansion of airport facilities. Thus, increasing construction activities and smart city projects, and rising tourism industry are boosting the demand for HVAC chillers in the residential, industrial, and commercial sectors across the region. The US Department of Energy (DOE) is heavily investing in the improvement of energy efficiency standards throughout the country. The DOE’s mission is to ensure the security and prosperity of the US by addressing its environmental, energy, and nuclear challenges through transformative science and technology solutions. With the growing preference for adopting energy-efficiency standards, the adoption of modular chillers is also on rise in the country due to their low environmental impact. Further, continuous advancements in machine learning and the IoT are propelling the deployment of modular chillers in residential projects.

Carrier Global Corporation, Daikin Industries Ltd., LG Electronics, Mitsubishi Electric Corporation, and Johnson Controls, Inc. – are among the well-known players operating in the global HVAC chillers market and are focused on product development and innovations. Following the introduction of its water cooled chillers running on R452B, Kaltra introduced air-cooled chillers with scroll compressors using this lower GWP refrigerant. Trane extends its Sintesis portfolio of air-cooled chillers and heat pumps as the company anticipates them to be industry-leading efficiencies. The new Sintesis chillers are able to deliver capacities between 360kW and 1250kW.

The COVID-19 pandemic hit almost all industries across the world in FY 2020 due to lockdown measures imposed by various countries, which disrupted supply chain of different industries and generated a demand and supply gap in different industries. However, the HVAC chillers market is expected to regain its growth by the second quarter of 2022, according to the research study.

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The global HVAC chillers market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2020, North America led the market with a substantial revenue share, followed by Asia Pacific and Europe. HVAC chillers play a crucial role in maintaining the required temperature of any space, machinery, or equipment. The chillers remove the heat and transfer it somewhere else. They can be utilized in numerous residential spaces, such as small to large size rooms, garages, basements, and crawlspaces. Popularity of HVAC chillers is increasing owing to their various advantages such as portability, convenience, and quick and easy maintenance. Moreover, the adoption of HVAC chillers is rising in restaurants, hotels, kitchens, and dining rooms to handle the concerns regarding temperature levels. Other industry verticals where these chillers are used are rubber, petrochemicals, medical, plastic, commercial office buildings, and sports venues. Chillers from Arctic Chiller Group, Ltd. are installed in high-end residential complexes across North America, and they serve as the primary air-conditioning systems. The Arctic Chiller Group also serves skating facilities across the US and Canada, through direct ice freezing, ice rink cooling, and chiller maintenance. Growing aviation sector and increasing count of new commercial construction buildings drive the demand for respective chillers. According to Invest India, India’s food processing industry is one of the largest across the globe and its output is predicted to reach $535 billion by 2025–2026. Thus, the demand for chillers is also expected to increase in India during the forecast period. Screw Chillers are vapor compressor chillers that make use of a screw compressor for transporting the coolant through the system.

The increasing number of infected individuals led governments of North American countries to close nation’s borders during Q2 of 2020. Manufacturing facilities are either temporarily shut or are operating with limited staff. Moreover, the supply chains of components and parts are disrupted. The US is the largest markets for HVAC chillers, especially due to its technologically advanced food & beverage and industrial manufacturing sectors. However, the outbreak has severely affected the production and revenue generation due to lowered production volumes across different industries. Thus, the COVID-19 pandemic continues to have a negative impact on the growth of the HVAC chillers market in North America.

Asia-Pacific (APAC) HVAC Chillers market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The ongoing industrialization of cities, elevating disposable income of consumers, rising demand for luxury products, and stringent government norms focusing on global warming are the factors contributing to the growth of the Asia-Pacific HVAC chiller market. The construction sectors in countries such as China and India are witnessing huge investments, specifically for the establishment of retail spaces, commercial office buildings, and manufacturing facilities, as well as for the expansion and construction of airports. According to Civil Aviation Administration of China (CAAC), China aims to construct 216 new airports by 2035 to meet the growing demands for air travel. In 2020, the building construction spending in Asia crossed US$ 4.5 trillion, which was ~50% of the global expenditure on construction projects. Moreover, the growing popularity and adoption of new trends such as green building in emerging and developed countries is providing significant growth opportunities for the HVAC chillers market players. Stringent government norms and standards for controlling energy consumption and promoting energy-efficient practices is also contributing to the rise in acceptance of green technologies. According to the World Green Building Council (World GBC), Australia (~46%) and China (~42%) majorly focus on supporting the construction of green buildings. Moreover, countries such as India, Japan, and China are investing heavily in commercial building projects, which further propels the HVAC chiller demand. Increasing focus on the construction of skyscrapers in China and Japan is offering new opportunities for the flourishment of the HVAC chillers market players in Asia Pacific.

HVAC chillers Market: Competitive Landscape and Key Developments LG Electronics; Mitsubishi Electric Corporation; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Thermal Care, Inc.; Trane; Kaltra; SKM Air Conditioning; Johnson Controls, Inc.; and AIREDALE INTERNATIONAL AIR CONDITIONING LTD. are among the major companies operating in the HVAC chillers market.

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The top five companies in the market are Carrier Global Corporation, Daikin Industries Ltd., LG Electronics, Mitsubishi Electric Corporation, and Johnson Controls, Inc. The above listing of key players is derived by considering multiple factors such as overall revenue, current HVAC chillers portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below:

Johnson Controls adds the Quantech QWC4 water-cooled screw chiller to the expanded water-cooled chiller portfolio for the North American market.
Johnson Controls is all set for the launch of its first air-cooled variable speed screw chiller on the low GWP HFO refrigerant R1234ze(E).
Daikin has agreed a joint venture with Singapore Electric Power to supply a centralized cooling system in Singapore’s first smart city. Company is also believed to have signed maintenance contract for the chillers.

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