Global Industrial Chillers Market is expected to reach $7.3bn in 2031 growing at a CAGR of 4.1% between 2021-2031.
Industrial chillers are mostly utilized in the manufacturing industry to keep equipment and the surroundings cool. Compressors, condensers, evaporators, control units, expansion valves, and power panels are the main components of an industrial chiller. Furthermore, chillers provide air conditioning by removing undesired heat from industrial structures. The income generated by sales of chillers in end-user sectors such as chemicals, pharmaceuticals, energy, and food & beverages, among others, makes up the industrial chillers market size.
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COVID-19 Impact Analysis:
Due to protracted lockdown in economies such as India, the United States, Japan, and Germany, the advent of COVID-19 has resulted in the entire or partial suspension of numerous types of manufacturing facilities that do not fall under critical products. Furthermore, the spread of COVID-19 has already had an impact on industrial chiller sales and after-sales services in 2020 and the first half of 2021, as manufacturing plants other than wastewater treatment, food and beverage, and pharmaceuticals were not permitted to resume operations during the lockdown. Several European governments, for example, set stringent restrictions on person mobility and other manufacturing activity.
Further, the sales of several major companies in the market declined in 2020 due to limitations & restriction in logistics as well as raw material supply. For instance, Daikin registered a decline in sales by nearly 9% from March 2020 to September 2020. Besides, in 2020, Emerson recorded a drop in revenue by over 8.4%.
In contrast, with the introduction of COVID-19 vaccines along with safety measures being taken by the governments globally, the number of COVID-19 cases are declining. This further led to re-initiation of manufacturing industries at its full-sized capacities, thereby, would aid the industrial chillers market to completely recover in short term.
Key Trends and Drivers:
- As per capita wealth rises around the world, demand for comfort and leisure products such as refrigerators and air conditioners rises. Another driving force for the cooling equipment market is the rising food and healthcare industries.
- The market is primarily driven by the increase in demand for industrial chillers in the fast-moving consumer goods (FMCG) industry. This is due to an increase in the consumption of processed and packaged foods and beverages in emerging economies.
- The expansion of the industrial chillers market is also expected to be aided by factors such as the rise in industrialization and the number of manufacturing facilities across various countries.
- The requirement for IoT in chillers has resulted in the creation of connected chillers. Preventive maintenance and other unique features are becoming increasingly popular. Reduced downtime, fewer interruptions, and long equipment life are all advantages of smart chillers.
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Market Segments:
By Type
- Screw Chiller
- Scroll Chiller
- Centrifugal Chiller
- Others
By Product Type
- Air-Cooled Chiller
- Water-Cooled Chiller
By Power Range
- Less than 50 kW
- 50-200 kW
- More than 200 kW
By End Industry
- Chemicals & Petrochemicals
- Food & Beverages
- Plastics & Rubber
- Medical
- Others
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Key Players
- Carrier Global Corporation
- Mitsubishi Electric Corporation
- Daikin Industries Ltd
- Dimplex Thermal Solutions
- LG Electronics
- Johnson Controls International Plc
- Gree Electric Appliances Inc of Zhuhai
- Midea Group Co. Ltd
- Thermax Ltd
- Trane Technologies Plc.
- Drake Refrigeration Inc.
- Haier Electronics Group Co. Ltd.
- Senho Machinery (Shenzhen) Co., Ltd.
- United Technologies Corporation
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