Wednesday, 08 March 2023 09:00 AM
Company Update
NEWARK, DE / ACCESSWIRE / March 8, 2023 / The global industrial chiller market is expected to create an absolute dollar opportunity over the forecast period by registering a flourishing CAGR of 8.8% from 2023 to 2033. The global market is projected to reach a valuation of US$ 10,459.3 Million by 2033 from US$ 4,500.0 Million in 2023. The market stood at US$ 4,500.0 Million by the end of 2021.
According to the historical analysis, the industrial chiller market registered a CAGR of 6.9% during the historical period from 2018 to 2022. The growth of the market is attributed to the increasing government spending on construction building activities attributing to the rising demand for residential and commercial spaces.
The rising per capita income is predicted to improve the standard of living all over the world, thereby resulting in accelerated demand for leisure and comfort products such as air conditioners and refrigerators. Furthermore, the expansion of the healthcare and food industries is also expected to push the global industrial chiller market in the next ten years.
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The increased consumption of frozen foods and rising adoption of a hectic lifestyle is yet another vital factor augmenting growth in the market. Moreover, process cooling is extensively employed within the food industry for food baking and pasteurization processes. It thus generates a high amount of heat.
Growing temperatures due to a rapid increase in global warming are expected to push the demand for industrial chillers in the next ten years. Also, the surging adoption of industrial chillers backed by their ability to eliminate heat from buildings and maintain internal temperature is expected to aid growth. In addition to that, industrial chillers are utilized in significant processes to protect the equipment from overheating and maintaining its ideal temperature.
Within the pharmaceutical and healthcare industries, these chillers are expected to gain high popularity on the back of their rising usage for cooling down the temperature of laser treatment tools, CAT scanners, and X-ray machines. Numerous local and international companies are working towards launching innovative industrial chillers stuffed with new and innovative features catering to a wide range of end users.
Key Takeaways
- Propelling government investments in order to develop public infrastructures such as malls, hospitals, offices, and housing societies, especially in emerging countries, would facilitate growth. Furthermore, increasing demand for explosion-proof chillers among petrochemical companies will aid growth.
- The elevating practice of sustainable food ingredient production attributed to the growing health consciousness among consumers nowadays is expected to drive sales. Furthermore, increasing investments by prominent companies in the market in the production of packaged meals and ready-to-eat food items will push growth.
- Increasing trends of a plant-based diet are anticipated to push the growth of the market even further with innovation in conventional machinery, which is likely to foster sales. A rising number of food and beverage manufacturers all over the U.S., India, the U.K., and China are projected to augment market growth within a decade.
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Competitive Landscape
The global industrial chiller market is known to be fiercely competitive in nature as it is backed by the presence of numerous global and regional manufacturers. Most of these companies are engaging in expansion through joint ventures, as well as mergers & acquisitions. Some other market players are concentrating on broadening their distribution channels by offering their in-house products through multiple channels such as e-commerce websites, company-owned websites, retailers, and distributions.
Key Companies Profiled
- Daikin Industries
- Carrier Corporation
- Trane Technology
- Johnson Controls- Hitachi Air Conditioning
- Mitsubishi Electric Corporation
- Smardt Chiller Group Inc.
- KKT Chillers
- MTA S.P.A
- Friulair S.R.L
- HYDAC International
- Reynold India Pvt. Ltd
- Ingersoll-Rand Company
- Paul Mueller Company
- Mueller Streamline Co.
- PolyScience
- Sentry Equipment Corp
More Insights into the Industrial Chiller Market
The North American region is anticipated to dominate the global market due to the fast growth in pharmaceutical, biotechnology, plastics & rubber, and chemical industries in the U.S. All types of drugs, right from basic over-the-counter medications to sophisticated antibiotics, must be manufactured by using a cold-water application.
India is anticipated to be a lucrative country generating higher revenue in the global industrial chiller market owing to growth in the Indian pharmaceutical sector which helps maintain a steady temperature and manage the same efficiently. Within the biological pharmaceutical sector, a water chiller is most commonly utilized. Furthermore, the quality of drug manufacturing can be propelled by using a laser water chiller to assure the stability of drug ingredients during production.
Germany is expected to grow at a robust pace as it creates and develops natural refrigerant-based chillers that are very energy efficient. The German Chiller Manufacturer focuses on producing novel systems by using natural refrigerants anticipated to bolster its growth over the projection period.
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Industrial Chiller Market Outlook by Category
By Product Type:
- Absorption Chillers
- Reciprocating Chillers
- Scroll Chillers
- Screw Chillers
By End User:
- Food & Beverage Industries
- Restaurants
- Pharmaceuticals Industries
- Chemical Industries
- Cosmetic Industries
- Rubber Industries
- Plastics Industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
Table of Content
1. Executive Summary | Industrial Chiller Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Product launches & Recent Developments
3.4. Product Life Cycle Analysis
3.5. Value Chain Analysis
3.6. Global Market - Pricing Analysis
3.7. Forecast Factors - Relevance & Impact
3.8. Regulatory Landscape
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