Chillers Market 2024 Trend, Marketing Channels and Investment Feasibility
Chillers Industry Overview
The global chillers market was valued at approximately USD 9,928.3 million in 2023 and is anticipated to grow steadily, with a projected compound annual growth rate (CAGR) of 4.5% from 2024 to 2030. This growth is primarily fueled by the increasing demand for cost-effective and energy-efficient cooling solutions across commercial and industrial sectors. As businesses and facilities seek solutions that can effectively manage space cooling with minimized costs, the demand for chillers is expected to see a consistent rise over the forecast period.
In the U.S., factors such as a growing population, rising disposable income, and ongoing urbanization are projected to drive expansion in both the commercial and residential sectors, as reported by the U.S. Department of Agriculture (USDA). In residential applications, the demand for chillers is largely attributed to the need for efficient and reliable air conditioning systems. Homeowners are increasingly favoring chillers with advanced technologies and smart controls, focusing on energy efficiency and environmental sustainability. These smart systems ensure precise temperature control, catering to modern preferences for eco-friendly solutions. In the commercial sector, demand remains high in industries like hospitality, healthcare, and data centers, where maintaining optimal temperatures is critical.
Chillers play a vital role in achieving comfortable ambient temperatures, ensuring equipment reliability, and supporting critical operational processes. The trend toward sustainable building practices and compliance with strict energy efficiency standards further accelerates chiller adoption in both residential and commercial applications throughout the U.S.
On a global scale, the adoption of advanced technologies is reshaping the chillers market. Smart chillers, integrated with IoT capabilities, sensors, and predictive maintenance features, enable remote monitoring and system optimization. These innovations contribute to increased operational efficiency, reduced downtime, and cost savings, making them highly appealing for businesses. The combined effect of these factors is expected to drive the chillers market forward over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Chillers Market
Regional Insights:
Asia Pacific Market Dominance (2023)
- Asia Pacific held a leading revenue share of 45.5% in 2023 within the global market.
- The region ranks as the second-largest hub globally for data centers, experiencing significant growth that boosts revenue and opens new opportunities for sector development.
- Expansion of data centers in Asia Pacific is ongoing, with operators actively pursuing new markets for potential growth.
- This expansion is largely driven by:
- Rising demand from increased digitization across industries
- Broader adoption of artificial intelligence (AI), necessitating more advanced data infrastructure
- Factors contributing to market growth include:
- Improved economic conditions across the region
- Rapid industrialization, fostering demand for cooling solutions
- Increased commercialization, which requires reliable cooling technologies like chillers to maintain stable operations in commercial facilities
Growth of Chillers Market in Central & South America
- Expansion in Central & South America is supported by growing investments from both public and private sectors.
- Anticipated growth is expected to continue over the forecast period due to these rising investments.
- For example, Colombia, with improved security conditions in metropolitan areas and a market of approximately 51.8 million people, remains an attractive destination for foreign direct investments (FDIs) in Central & South America.
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- The global data center market size was valued at USD 194.81 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 10.9% from 2023 to 2030.
- The global Internet of Things (IoT) market size was valued at USD 1.18 billion in 2023 and is projected to grow at a CAGR of 11.4% from 2024 to 2030.
Key Chillers Company Insights
The global market is highly competitive on account of the presence of global and local manufacturers. Companies are engaged in expansion through mergers & acquisitions and joint ventures. These companies offer a wide range of systems that are sold through multiple channels, including distributors, company-owned websites, retailers & their websites, and e-commerce websites. For instance, in May 2023, Trane acquired MTA, an Italian manufacturer and distributor specializing in industrial refrigeration and air conditioning equipment. This strategic acquisition is expected to enhance Trane's commercial HVAC capabilities, particularly in key markets, by incorporating MTA's process chillers and expanding the rental and services business. With manufacturing sites located in Tribano and Conselve and a workforce of approximately 500 employees, MTA has an annual production capacity of 13,500 systems.
Key Chillers Companies:
The following are the leading companies in the chillers market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these chillers companies are analyzed to map the supply network.
- Trane
- Cold Shot Chillers
- Tandem Chillers
- Drake Refrigeration, Inc
- Refra
- Carrier
- FRIGEL FIRENZE S.p.A.
- Midea
- Daikin Industries, Ltd.
- Johnson Controls
- Rite-Temp
- General Air Products
- ClimaCool Corp.
- Fluid Chillers, Inc.
- Multistack International Limited
- Honeywell International, Inc.
Order a free sample PDF of the Chillers Market Intelligence Study, published by Grand View Research.
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