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Europe Industrial Chillers Market is expected to reach US$ 700.98 million by 2028

Europe Industrial Chillers Market is growing at a CAGR of 5.0% to reach US$ 700.98 million by 2028 from US$ 507.35 million in 2021 by Type, Process, and Application.

By The Insight Partners

Increasing Adoption from Manufacturing Industry Boosts Industrial Chillers Market Growth

According to our latest study on “Europe Industrial Chillers Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type, Process, and Application,” the market is projected to grow from US$ 507.35 million in 2021 to US$ 700.98 million by 2028; it is expected to record a CAGR of 5.0% from 2021 to 2028.

Industrial chillers are used for cooling, exhaust, material handling, air conditioning, chemical processing, combustion, and ventilation. Industrial chillers are crucial and mandatory for any industrial process. They are widely used in the chemical, manufacturing, engineering, plastic, pharmaceutical & medical, mining, and other industries. These industrial chillers provide a safe, secure, comfortable, and productive working environment for long hours and days and keep the production equipment cool by drawing heat away from the equipment during production. Machinery generates excess heat, due to which there is always a risk of becoming overheated, which can lead to potential fire or breakdown hazards. More thermal energy is produced by manufacturing machines if they are located in direct heat from the sun or if there’s a lot of equipment in one compact space. Industrial chillers help maximize the components' lifespan, keep production moving efficiently, and prevent overheating hazards. Therefore, chillers are widely used in manufacturing plants to mitigate the risk of machine failure. The effects of excess heat by machinery drives the industrial chillers market growth.

The Europe industrial chillers market is segmented on the basis of type, process, application, and geography. Based on type, the market is segmented into water-cooled chillers and air-cooled chillers. Based on process, the market is bifurcated into continuous flow chillers and immersion chillers. Based on application, the industrial chillers market is segmented into food and beverage processing, medical equipment, industrial manufacturing, and others. By geography, the industrial chillers market is segmented into Germany, France, and the rest of Europe.

Impact of COVID-19 Pandemic on Europe Industrial Chillers Market Growth

The impact of COVID-19 pandemic on European industries was severe. Lockdowns imposed by the governments resulted in the shutdown of several manufacturing industries. This led to a drastic decline in production across the manufacturing plants, severely affecting the region's industrial chillers market growth. As per the European Parliament report, the automotive industry in EU member states suffered production losses of 3.6 million vehicles, which reflects a loss of US$ 105.22 billion in the first half of 2020. All these factors dropped the demand for industrial chillers in the automotive manufacturing industry. The industrial manufacturing sector has an immense impact on the entire European economy. Industrial groups weakened by COVID-19 pandemic are under pressure to divest unprofitable business units and operations. According to Eurostat, Europe experienced a 7 % fall in industrial production in 2020.

Drake Refrigeration Inc.; HYFRA Industriekühlanlagen GmbH; All Kote Lining, Inc.; Thermal Care; Dimplex Thermal Solution; Cold Shot Chillers; Delta T Systems; KKT Chillers; Carmichael; and Legal Chillers Inc are a few players operating in the industrial chillers market.

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