Philippines HVAC Chillers Market is expected to reach US$ 165.35 million by 2030

Rapid Growth of Manufacturing Sector to Boost Philippines HVAC Chillers Market Growth During 2022–2030

According to a new market study on "Philippines HVAC Chillers Market Forecast to 2030 – COVID-19 Impact and Country Analysis – by Sector and End User," the market was valued at US$ 120.24 million in 2022 and is projected to reach US$ 165.35 million by 2030; it is estimated to register a CAGR of 4.2% from 2023 to 2030. The report provides trends prevailing in the market along with drivers and restraints.

The manufacturing sector plays an essential role in the national economy and socioeconomic development of the Philippines. HVAC chillers are crucial and mandatory for any industrial process. They are widely used in the chemical, manufacturing, engineering, plastic, pharmaceutical and medical, and mining industries, among others. HVAC chillers are essential for cooling, exhaust, material handling, air conditioning, chemical processing, combustion, and ventilation operations. These systems 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, which subjects them to the risk of overheating. Overheating can lead to potential fire or breakdown hazards. More thermal energy is produced by manufacturing machines if they are placed in a position that receives direct heat from the sun or if there are multiple units of equipment in one compact space. Chillers ensure safe operations in commercial buildings, further maximizing the components' lifespan and keeping production moving efficiently. Most industries that rely on heavy use of machinery require industrial chillers to maintain their efficiency and productivity. Chillers are widely used in manufacturing industries to mitigate the risk of machine failure, mitigating the effects of excess heat by enabling the cooling of machineries and operating spaces. Thus, the rapid growth of the manufacturing sector is boosting the Philippines HVAC chillers market growth.

Philippines HVAC Chillers Market Revenue and Forecast to 2030 (US$ Million)

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HVAC chillers are used by various end users from the commercial, industrial, and residential sectors. With an upsurge in industrial production, the use of HVAC chillers is increasing in industries such as beer brewing, food processing, dairy milk processing, food processing, and industrial manufacturing. These industrial facilities need immense temperature control to maintain the quality of final products. Additionally, industries such as power generation, industrial equipment cooling, plastic manufacturing, metal planting, industrial welding, biogas process, food production and storage capacity, pharmaceutical, and storage also need temperature control. Increasing demand for district cooling and an upsurge in the count of skyscrapers are among the factors driving the growth of HVAC chillers. Further, an increasing number of data centers provide lucrative growth opportunities for the market growth. Smart, connected, and eco-friendly HVAC chillers are likely to emerge as a significant trend in the Philippines HVAC chillers market during the forecast period of 2022–2030.

LG Electronics and Daikin Industries LTD, Mitsubishi Electric Corporation, Johnson Controls, Honeywell International Inc, Trane, Siemens, Panasonic Corporation, Midea, and Carrier are a few key Philippines HVAC chillers market players profiled in the research study. The mentioned Philippines HVAC chillers market players adopt organic growth strategies such as product launches and expansions to sustain their position in the Philippines HVAC chillers sector.

The Philippines HVAC chillers market is segmented on the basis of technology, product, and application. Based on technology, the market is divided into air-cooled, water-cooled, and steam-fired. By type, the Philippines HVAC chillers market is categorized into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. In terms of application, the Philippines HVAC chillers market is segmented into commercial, industrial, and residential. 

The screw chillers segment held the largest share of the Philippines HVAC chillers market, by type, in 2022. Screw chillers are highly powered circulating chillers used in the chemicals industry, automobile manufacturing, printing, and central air conditioning systems. These chillers can be adventitious in several ways. Its most important feature is the effectiveness with which a screw chiller cools a procedure or building. Screw chillers function and adapt without overcooling as per the needs and capacity of the application. They use less energy and offer the best cooling possible without overcooling. Due to the helical rotor design and the tight seal on the compression cylinder, the operation of screw compressors minimizes energy loss.

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