Chillers Market Size Worth $5.34 Billion By 2032 | CAGR: 2.9%

The global chillers market size is expected to reach USD 5.34 billion by 2032, according to a new study by Polaris Market Research. The report “Chillers Market Share, Size, Trends, Industry Analysis Report, By Product, By Application, By Compressor Type (Screw Chillers, Centrifugal Chillers, Absorption Chillers, Scroll Chillers, Reciprocating Chillers), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Proposed legislation and funding initiatives aimed at cold storage facilities by governments are expected to have a positive impact on market growth. Cold storage represents a crucial application area for chillers, involving the preservation of various goods in a chilled environment to extend their shelf life, particularly for food and pharmaceuticals, while inhibiting bacterial growth. Cold storage facilities encompass a range of establishments from warehouses and research facilities to restaurants, breweries, and mobile transport units. Chillers play a pivotal role in cold storage by effectively transferring heat from one location to another.

Chillers play a crucial role in removing excess heat from residential, commercial, and industrial buildings to provide air conditioning, utilizing refrigerants to extract heat from condensers and evaporators. The Joint Center for Housing Studies forecasts that over the next decade, the construction and renovation demand in the United States will primarily be driven by baby boomers. This surge in construction activity is expected to have a positive impact on the expansion of the country's chillers market. For example, according to the United States Census Bureau, in May 2021, the seasonally adjusted annual rate of private housing authorized by building permits was 1,681,000, marking a 34.9% increase from May 2020.

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The Ministry of Electronics and Information Technology (MEITY) in India introduced the draft Data Centre Policy to facilitate the country's data center expansion efforts. This policy establishes criteria for the authorization and operation of data centers, along with outlining structural and regulatory guidelines. It sets timelines for constructing data centers and data center parks. Furthermore, the policy outlines regulations governing the establishment of joint ventures and partnerships for data center construction.

Chillers Market Report Highlights

• Medical segment expected to grow at the robust rate, as there is need cooler environment in storage and supply of key medicines
• Residential segment held the largest share, owing to rise in number of home owners in both developed and developing worlds.
• APAC will grow with the fastest growth rate, owing to huge demand of chillers in commercial buildings and perishable food products
• The global players include Carrier Corporation, Daikin Industries, Johnson Controls- Hitachi Air Conditioning, KKT Chillers, Reynold India, Smardt Chiller Group

Polaris Market Research has segmented the chillers market report based on product, application, compressor type, and region:

Chillers, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Water-Cooled
  • <50kW
  • 51-100kW
  • 101-500kW
  • 501-1000kW
  • 1001-1500kW
  • >1501kW
• Air -Cooled
  • <50kW
  • 51-100kW
  • 101-500kW
  • 501-1000kW
  • 1001-1500kW
  • >1501kW

Chillers, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Commercial
  • Corporate Offices
  • Data Centers
  • Public Buildings
  • Mercantile & Service
  • Healthcare
  • Others
• Industrial
  • Chemicals & Pharmaceuticals
  • Food & Beverage
  • Metal Manufacturing & Machining
  • Medical & Pharmaceutical
  • Plastics
  • Others
• Residential

Chillers, Compressor Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Screw Chillers
• Centrifugal Chillers
• Absorption Chillers
• Scroll Chillers
• Reciprocating Chillers

Chillers, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Chillers Market Report Scope