The Water Chillers Market valued for $6.00 Billion in 2022 and is estimated to reach $8.41 Billion by 2032, exhibiting a CAGR of 3.4% from 2023 to 2032. The water chiller (cooling water circulation device) is a general term for a device that controls the temperature by circulating a liquid such as water or heat medium. Water chillers provide air conditioning by eliminating the unwanted heat from commercial and industrial buildings. The demand for water chillers is Increasing due to various advantages such as portability and easy maintenance. Water chillers are used in restaurants, hotels, kitchens and dining rooms to maintain the level of temperature.
The Increase in demand for district cooling systems in many industries and high-rise buildings is expected to boost the water chillers market growth. District cooling is also known as centralized generation and distribution of cooling energy, which replaces traditional air-cooling systems as it is less expensive and more energy efficient. In addition, developments in the tourism industry boost the construction of hotels and public infrastructure where water chillers can be used on a large scale.
The water chillers market is segmented on the basis of type, capacity, end user industry, system and region. On the basis of type, the market is bifurcated into screw chiller, scroll chiller, centrifugal chiller, absorption chiller, reciprocating chiller and others. On the basis of capacity, the market is divided into 0-100 kW, 101-350 kW, 351-700 kW and >700 kW. On the basis of end user industry, the market is classified into chemicals and petrochemicals, food & beverage, plastics & rubber, healthcare and others. On the basis of system, the market is further bifurcated into water accumulation and continuous flow.
The report offers a thorough analysis of Water Chillers Market with detailed study of various aspects of the market such as market dynamics, vital segments, major geographies, key players, and competitive landscape. The report provides a clear picture of the current market situation and future trends of the Water Chillers Market based on the impact of various market dynamics and vital forces influencing the market. The drivers and opportunities in the market contributing to the market growth are acknowledged in the market dynamics. Besides, challenges and restraints that hold potential to hamper the market growth are also premeditated in the Water Chillers Market. Porter's five forces analysis is delivered through the report which precisely highlights the effects of key forces on the Water Chillers Market. The report offers market size and estimations analyzing Water Chillers Market through various segments.
In addition, the report Includes geographical market analysis of these segments. Each segment entailed in the report is studied at regional and country level as well to provide complete coverage of Water Chillers Market. The report categorizes the Water Chillers Market into four major geographies Including North America, Europe, Asia-Pacific, and LAMEA. These geographies are further sub-categorized into countries to cover Water Chillers Market scenario across in respective regions. Furthermore, the report covers competitive scenario of the Water Chillers Market. The key players operating in the Water Chillers Market are studied in the report to understand their current market position and competitive strengths in the industry.
The Increase in demand for district cooling systems in many industries and high-rise buildings is expected to boost the water chillers market growth. District cooling is also known as centralized generation and distribution of cooling energy, which replaces traditional air-cooling systems as it is less expensive and more energy efficient. In addition, developments in the tourism industry boost the construction of hotels and public infrastructure where water chillers can be used on a large scale.
The water chillers market is segmented on the basis of type, capacity, end user industry, system and region. On the basis of type, the market is bifurcated into screw chiller, scroll chiller, centrifugal chiller, absorption chiller, reciprocating chiller and others. On the basis of capacity, the market is divided into 0-100 kW, 101-350 kW, 351-700 kW and >700 kW. On the basis of end user industry, the market is classified into chemicals and petrochemicals, food & beverage, plastics & rubber, healthcare and others. On the basis of system, the market is further bifurcated into water accumulation and continuous flow.
The report offers a thorough analysis of Water Chillers Market with detailed study of various aspects of the market such as market dynamics, vital segments, major geographies, key players, and competitive landscape. The report provides a clear picture of the current market situation and future trends of the Water Chillers Market based on the impact of various market dynamics and vital forces influencing the market. The drivers and opportunities in the market contributing to the market growth are acknowledged in the market dynamics. Besides, challenges and restraints that hold potential to hamper the market growth are also premeditated in the Water Chillers Market. Porter's five forces analysis is delivered through the report which precisely highlights the effects of key forces on the Water Chillers Market. The report offers market size and estimations analyzing Water Chillers Market through various segments.
In addition, the report Includes geographical market analysis of these segments. Each segment entailed in the report is studied at regional and country level as well to provide complete coverage of Water Chillers Market. The report categorizes the Water Chillers Market into four major geographies Including North America, Europe, Asia-Pacific, and LAMEA. These geographies are further sub-categorized into countries to cover Water Chillers Market scenario across in respective regions. Furthermore, the report covers competitive scenario of the Water Chillers Market. The key players operating in the Water Chillers Market are studied in the report to understand their current market position and competitive strengths in the industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the water chillers market analysis from 2022 to 2032 to identify the prevailing water chillers market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the water chillers market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global water chillers market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Absorption Chiller
- Reciprocating Chiller
- Others
- Screw Chiller
- Scroll Chiller
- Centrifugal Chiller
By End User Industry
- Others
- Chemicals and Petrochemicals
- Food and Beverage
- Plastics and Rubber
- Healthcare
By Capacity
- 0-100 kW
- 101-350 kW
- 351-700 kW
- and700 kW
By System
- Water Accumulation
- Continuous Flow
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- UK
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Carrier Global Corporation
- Daikin Industries Ltd.
- Dimplex Thermal Solutions
- Hitachi, Ltd.
- Johnson Controls International PLC
- LG Electronics
- Midea Group Co., Ltd.
- Mitsubishi Electric Corporation
- Thermax Limited
- Trane Technologies plc
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WATER CHILLERS MARKET, BY TYPE
CHAPTER 5: WATER CHILLERS MARKET, BY CAPACITY
CHAPTER 6: WATER CHILLERS MARKET, BY END USER INDUSTRY
CHAPTER 7: WATER CHILLERS MARKET, BY SYSTEM
CHAPTER 8: WATER CHILLERS MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Water Chiller Market is likely to experience a significant growth rate of 3.4% from 2022-2032 owing to increasing market demand from Chemical & petrochemical sector.Water chillers are mechanical devices that are used to lower the temperature of water. Most water chillers employ a closed loop system where a refrigerant is used for the heat exchange process. The heat extracted from the water by the refrigerant is then transferred to the atmosphere. Water chillers use components such as compressors, condensers, and evaporators for the cooling process. Water chillers require small space and are noiseless and vibration-less in their operation as they do not need vents and ducts unlike air chillers. The feature of quiet operation of water chillers is a major advantage for it as water chillers find increased application in hospitals and schools. They also incur low energy and maintenance costs. The thermal conductivity of water is very high, in comparison to that of air and thus water chillers are more efficient than air conditioners. Water chillers also do not need parts replacement as often as air cooled chillers as they are installed inside buildings unlike air chillers which are exposed to the outdoor elements such as rain, snow, ice, and heat, as they require lots of fresh supply of air to operate.
Water chillers benefit by their advantages over air chillers such as noiseless operation and higher efficiency. Quiet operation of water chillers is an important feature for end users such as hospitals and schools, where any extra noise is unwanted. Since water chillers use water as a refrigerant instead of other toxic chemicals, they are safer for people who come in contact with them. The growing global population and rising disposable income levels are important factors that are expected to contribute to the growth of the global water chillers market. The rising urbanization and increased construction activity around the world is also a major driver for this market. However, the higher cost of water chillers is a major restraining factor. Air chillers are cheaper in comparison to water chillers as they do not need components such as cooling towers and condenser water pumps as part of their design. Also, water chillers are less efficient than air chillers in humid environments. This is because humidity increases the wet-bulb temperature, which indicates how efficiently water absorbs heat. Water chillers, however, have a longer lifespan and offer more savings on energy costs than air chillers. The opportunity for growth of the global water chillers market comes from the extensive use of water chillers in the global food & beverage, chemical & petrochemical and rubber & plastic industries. Petrochemicals that flow through pipes require cooling to reduce the heating of the product and water chillers are used in the plastic manufacturing industry to cool the hot plastic after extrusion or blowing molding process.
According to data from the United Nations (UN), more than 54% of the global population is living in urban areas. Due to the factors of growing population, urbanization, and increased standard of living of consumers around the world, the global air duct market is expected to expand. These factors are expected to aid the global water chillers market grow as the growth of the global HVAC industry is related to the growth of urbanization. With rising disposable income, consumers are increasingly looking for increased comfort in their living or working conditions. Rising number of nuclear families is resulting in increasing construction of buildings in urbanized and rural areas. With the increasing number of commercial spaces such as hotels, office spaces, airports, educational institutions, and hospitals, the water chillers market is expected to grow at a rapid pace. A water chiller system can provide the benefit of reducing energy and maintenance costs due to its higher efficiency and longer service life. The rising number of hospitals, individual clinics, schools, and colleges around the world is anticipated to accelerate the market growth for water chillers in the near future, as quiet operation is particularly important in such environments where unwanted noise caused by air conditioner operation can cause disturbance.
District cooling is a centralized system of producing chilled water which is supplied through an underground pipeline system to provide cooling energy. District cooling is proven as a more cost-effective cooling solution that generates less carbon footprint. District cooling is better than traditional decentralized air conditioning as it reduces the impact on the environment and climate while being more efficient. District cooling as an alternative to traditional air conditioning can reduce electricity consumption during peak demand period. Centralized district cooling systems are being implemented by the government of Dubai to reduce the current electricity consumption of air conditioning systems. Such environment-friendly and cost-effective initiatives and projects are expected to increase the popularity and adoption of water chillers.
However, during the COVID-19 pandemic, various manufacturers in the water chillers market had to stop their business in countries, such as China, the U.S., and India. This break directly impacted the sales of water chiller manufacturing companies. In addition, lack of manpower and raw materials also constricted supply of raw materials for manufacturing the water chillers, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are gradually leading the water chiller manufacturing companies to resume their regular manufacturing and services. This is expected to lead to re-initiation of companies at their full-scale capacities, that helped the market to recover by the end of 2021.
In addition, high initial investment and setup cost, fluctuation in raw material prices, and rise in demand for variable refrigerant flow (VRF) systems are anticipated to restrain the growth of the global water chiller market. On the contrary, technological innovation in chillers is expected to offer remunerative opportunities for the global chillers market.
The water chillers market is segmented on the basis of type, capacity, end user industry, system, and region. On the basis of type, the market is categorized into screw chiller, scroll chiller, centrifugal chiller, absorption chiller, reciprocating chiller, and others. On the basis of capacity, the market is divided into 0-100 kW, 101-350 kW, 351-700 kW and >700 kW. On the basis of end user industry, it is classified into chemicals and petrochemicals, food & beverage, plastics & rubber, healthcare, and others. On the basis of system, the market is further bifurcated into water accumulation and continuous flow. Region-wise, the market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key players profiled in the study include Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd., Dimplex Thermal Solutions, LG Electronics, Johnson Controls International PLC, Gree Electric Appliances, Inc. of Zhuhai, Thermax Limited, Midea Group Co., Ltd., and Trane Technologies plc
Key Market Insights
- By type, the screw chiller segment is expected to experience rapid growth in the market and is projected to grow at a CAGR of 2.7% from 2023 to 2032.
- By capacity, the >700 kW>700 kW segment is projected to grow at a CAGR of 2.6% during the forecast period.
- By end user industry, the chemicals & petrochemicals segment is projected to grow at a CAGR of 2.3% during the forecast period.
- By system, the continuous flow segment is projected to grow at a CAGR of 3.2% during the forecast period.
- Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 3.8% during the forecast period.
Companies Mentioned
- Carrier Global Corporation
- Daikin Industries Ltd.
- Dimplex Thermal Solutions
- Hitachi, Ltd.
- Johnson Controls International PLC
- LG Electronics
- Midea Group Co., Ltd.
- Mitsubishi Electric Corporation
- Thermax Limited
- Trane Technologies plc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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