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Redding, California - October 7, 2024

Industrial Chillers Market to be Worth $16.5 Billion by 2031

Industrial Chillers Market Size, Share, Forecast, & Trends Analysis by Cooling Type (Air-cooled Chillers, Water-cooled Chillers), Compressor Type (Scroll Chillers, Absorption Chillers), Capacity, End User (Chemical & Petrochemical, Pharmaceuticals) and Geography - Global Forecast to 2031.

Meticulous Research^®—a leading global market research company, published a research report titled ‘Industrial Chillers Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research^®, the industrial chillers market is anticipated to reach $16.5 billion by 2031, at a CAGR of 4.4% from 2024 to 2031.

The growth of the industrial chillers market is primarily driven by the increasing demand for water-cooled chillers, a surge in the adoption of modular chillers, and the rising utilization of process cooling in industrial applications. However, the high setup costs associated with industrial chillers may restrain market growth.

Additionally, the rising demand for chillers in the chemicals and petrochemicals industries and the growing need for absorption chillers are expected to create growth opportunities for players operating in this market. However, high maintenance costs remain a significant challenge impacting the market’s growth.

The industrial chillers market is segmented by cooling type, compressor type, capacity, and end user. The report evaluates industry competitors and analyzes the market at the regional and country levels.

Based on cooling type, in 2024, the water-cooled chillers segment is anticipated to dominate the industrial chillers market, with a share of over 56.0%. The growing emphasis on energy-efficient systems, increasing demand for water-cooled chillers in chemical plants and manufacturing facilities, a rising need for reliable water-cooling solutions, and the growing need for effective temperature control in industrial facilities are factors contributing to the segment’s significant market share.

Based on compressor type, in 2024, the scroll chillers segment is anticipated to dominate the industrial chillers market, with a share of over 58.3%. The growing adoption of scroll chillers in manufacturing, food processing, and chemical industries, an increasing need for reliable and precise temperature control systems, and the rising utilization of process cooling in industrial applications are factors contributing to the segment’s significant market share.

Based on capacity, in 2024, the <501-1000kW segment is anticipated to dominate the industrial chillers market, with a share of over 29.1%. The increasing utilization of 501-1000 kW chillers in manufacturing, food processing, pharmaceuticals, and data centers and the growing need for high-capacity chillers are factors contributing to the segment’s significant market share.

Based on end user, in 2024, the chemical & petrochemical segment is anticipated to dominate the industrial chillers market, with a share of over 24.2%. The rising need for reliable cooling solutions in the chemicals and petrochemicals industries, the increasing adoption of air-cooled chillers in chemical plants, and the growing usage of scroll chillers within these industries are factors contributing to the segment’s significant market share.

Based on geography, in 2024, Asia-Pacific is anticipated to dominate the industrial chillers market, with a share of over 46.5%. The region’s significant market share can be attributed to the presence of major market players, including DAIKIN INDUSTRIES, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Reynold India Private Limited (India), and Senho Machinery Shenzhen Co. Ltd. (China). Additionally, rapid industrialization, increasing demand for energy-efficient cooling solutions, growth in the chemicals and petrochemicals industries, and a strong emphasis on energy efficiency and sustainability are significant factors supporting the region’s dominant position in the industrial chillers market.

Key Players

The major players operating in the industrial chillers market include DAIKIN INDUSTRIES, Ltd.(Japan), Carrier Global Corporation (U.S.), Trane Technologies plc (Ireland), Johnson Controls Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Chillmax Technologies Pvt Ltd. (India), Reynold India Private Limited (India), Drake Refrigeration Inc.(U.S.), Senho Machinery Shenzhen Co. Ltd.(China), Jiangsu Huazhao Refrigeration Equipment CO., Ltd. (China), Friulair S.r.l. (Italy), Atlas Copco Group (Sweden), Kirloskar Chillers Pvt Ltd. (India), Envisys Technologies Private Limited. (India), and SCY Chiller (China).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6015

Key Questions Answered in the Report-

What is the revenue generated by the sales of industrial chillers globally?
At what rate is the global demand for industrial chillers projected to grow for the next five to seven years?
What is the historical market size and growth rate for the industrial chillers market?
What are the major factors impacting the growth of this market at the global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which cooling type, compressor type, capacity, and end user segments are anticipated to create major traction in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the industrial chillers market?
Who are the major players in the industrial chillers market? What are their specific product offerings in this market?
What are the recent developments in the industrial chillers market? What are the impacts of these strategic developments on the market?

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Redding, California - October 7, 2024

Industrial Chillers Market to be Worth $16.5 Billion by 2031

Industrial Chillers Market Size, Share, Forecast, & Trends Analysis by Cooling Type (Air-cooled Chillers, Water-cooled Chillers), Compressor Type (Scroll Chillers, Absorption Chillers), Capacity, End User (Chemical & Petrochemical, Pharmaceuticals) and Geography - Global Forecast to 2031.

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