The global chillers industry was estimated at USD10.04bn in 2019 and is expected to hit USD12.67bnn by 2028, registering a CAGR of 3.7% from 2021 to 2028, according to a report titled, “Chillers Market: Global Opportunity Analysis and Industry Forecast, 2021–2028” by Allied Market Research.
Growth in the construction industry, rise in demand for chillers in the medical sector, and surge in consumption of frozen foods among individuals drive the growth of the global chillers market. On the other hand, rise in demand for VRF systems, high initial investment and setup costs, and fluctuations in raw material prices restrain the growth. However, technological advancements are expected to pave the way for new opportunities in the future, the report shows.
By type, the screw chiller segment accounted for nearly half of the total market share in 2019, and is anticipated to rule the roost by 2028, due to increased preference for district cooling systems in many industries and commercial buildings. The centrifugal chiller segment, on the other hand, would register the fastest CAGR of 6.9% throughout the forecast period. The growth in industrial and commercial sectors in economies such as South Korea, UK, Japan and others, has led to the use of HVAC systems to maintain the temperature of the buildings. This factor drives the growth of the segment. By product type, the water cooled chiller segment garnered nearly three-fifths of the total market revenue in 2019, and is expected to dominate by 2028, owing to rise in demand for low condensing chillers and water-cooled chillers. The air cooled chiller segment, however, would grow at the fastest CAGR of 4.0% during the forecast period, due to increased preference for district cooling systems in many industries and commercial buildings.