Global demand for centrifugal chillers is expected to heighten significantly in 2021, according to Fact.MR, a market research and competitive intelligence firm. The centrifugal chiller industry’s momentum will revive as the COVID-19-induced slowdown fades, as variables in the demand-supply equation realign themselves.
The centrifugal chiller industry analysis report includes historical data from 2016 to 2020, as well as forecasts for 2021 to 2031.
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Overview
A centrifugal compressor is a dynamic machine that uses the rotary action of an impeller wheel to exert a radial force on the refrigerant inside a volute. Unlike reciprocating chillers, centrifugal chillers are well suited for most applications where a large volume of refrigeration is required.
Centrifugal chillers are the most widely used, owing to their higher efficiency, few moving parts, and simple design. The power consumption of a centrifugal chiller is approximately 0.5 to 0.6 IKW/TR at ASHRAE design conditions. Around 80,000 centrifugal chillers are operating in North America alone. Centrifugal chillers are considered the most economical chiller type for building cooling applications.
The power consumption of screw air-cooled chillers is almost double that of centrifugal chillers. Apart from this, the maintenance process of a centrifugal chiller is relatively simple and less expensive. Based on the aforementioned trends, the global market for centrifugal chillers is foreseen to auger well over the forecast period.
Market Dynamics
By 2050, it is anticipated that around 70% of the global population will live in cities, as compared to 54% today. Hence, countries are investing in massive urbanization projects. This fast-paced urbanization is one of the key factors fueling the sales of centrifugal chillers. Centrifugal chillers are crucial building blocks for many HVAC systems.
As the need for a better price to performance ratio is increasing, it is foreseen to fuel the demand for centrifugal chillers in the global market over the forecast period. Owing to the increasing adoption of centrifugal chillers in the worldwide market, these have become the center of attraction for many manufacturers.
Players are investing significantly in R&D activities, experimenting with different technological integrations to improve the price to performance ratio of centrifugal chillers. Technologies such as oil-free magnetic bearing technology with high-efficiency heat exchangers are foreseen to witness significant adoption in centrifugal chillers in the next couple of years. Due to their multiple benefits over other types, centrifugal chillers are projected to witness significant growth over the forecast period.
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Key Manufacturers
The global market for centrifugal chillers appears to be fragmented, characterized by the presence of international and regional players.
Prominent players in the market are
- Daikin Applied
- Motivair
- Trane (Ingersoll Rand)
- Carrier Corporation
- Thermal Care Inc.
- Johnson Controls (York)
- Artic Cool Ltd.
Regional Analysis
The global market for centrifugal chillers is divided into seven economies
- North America
- Europe
- Middle East & Africa (MEA)
- Asia (East & South Asia)
- Oceania
- Latin America
As a result of increasing industrialization and the growing movement of populations from rural to urban areas, the market in East & South Asia is expected to grow substantially in the foreseeable future. In North America, the market in the United States is expected to grow at a stable growth rate, owing to early adoption.
However, the European F-Gas Regulation and the phasedown of high-GWP refrigerant could affect the growth of the centrifugal chiller market over the forecast period in the region. In Latin America, Mexico is projected to account for a significant share, while the markets in the Middle East & Africa, and Oceania are gaining pace at a robust rate.
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