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Thursday, 18 April 2024
Tuesday, 10 Oct 2023 12:00 am

Chillers Market is expected to reach US$ 14,870.70 million by 2030

The global chillers market was valued at US$ 9,972.06 million in 2022; the market is registering at a CAGR of 5.1% during 2022-2030.

By The Insight Partners

Increasing Number of Data Centers to Boost Chillers Market Growth

According to our latest market study on "Chillers Market Forecast to 2030 – Global Analysis – by Chiller Technology, Technology, and Application," the market is expected to grow from US$ 9,972.06 million in 2022 to US$ 14,870.70 million by 2030; it is anticipated to register a CAGR of 5.1% from 2022 to 2030. 

A rise in the number of data centers is anticipated to drive the chillers market globally in the near future. Data centers need a lot of energy. Hence, data center design engineers need to offer reliable, energy-efficient, and cost-effective HVAC systems. The newest commercial chiller equipment provides proven reliability, competitive energy performance, and integral controls in a modular package without the requirement for water. Efficiency is a crucial factor when selecting the chiller for the data center. So, when it comes to finalizing the chiller for this application, the selection of a unit with the right compressor is a primary task. In data centers, free cooling does not always need an extremely cold climate. Whenever the outdoor temperature is sufficiently cold, these chillers turn off the compressors and take advantage of the favorable outdoor temperature. Nowadays, many companies are outsourcing their data operations to third-party providers that have expertise in data center operations. Colocation data centers are particularly famous because they offer power, physical space, and cooling systems for local communication systems.

Chillers Market Share — by Region, 2023

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00005476

Source: The Insight Partners Analysis

Based on application, the chillers market share is segmented into industrial, commercial, and residential.

Commercial chillers basically generate chilled water that is utilized for providing air conditioning in commercial buildings and complexes. Usually, commercial chillers can be rated between one and 1,000 tons of cooling energy. Commercial chillers are segmented into categories on the basis of how they can remove the heat. These chillers either use water, air, or evaporation to bring the refrigerant back down to temperature. Air-cooled chillers, water-cooled chillers, and evaporative chillers are well-known categories of commercial chillers. Reciprocating chiller, centrifugal chiller, absorption chiller, and screw-driven chiller are the subcategories of commercial chillers. These chillers are widely used in commercial spaces such as malls, showrooms, hotels, restaurants, motels, and cafeterias. Owing to the rapid growth in the commercial sector globally, the growth of chillers market is also anticipated to increase.

The government bodies in the US, such as DoE, have enforced the use of energy-efficient systems, which is driving the growth of the chillers market. DoE is adopting more stringent energy conservation standards for HVAC chillers. Also, the Energy Policy and Conservation Act of 1975 (EPCA) has amended and prescribed energy conservation standards for various consumer products and certain commercial and industrial equipment, including HVAC chillers. EPCA also requires the U.S. Department of Energy (DoE) to periodically determine whether more stringent standards would be technologically feasible and economically justified and would save a significant amount of energy. Moreover, technological advancements have led to a competitive market in the US as the population has been attracted to several technological developments owing to high spending power. With the increasing adoption of air conditioning, heating, and ventilation systems in commercial buildings in North America, the HVAC industry is constantly growing in the US. Moreover, rapid urbanization, changing environmental conditions, and an increase in the disposable income of individuals are anticipated to fuel the chillers market growth during the forecast period.

Danfoss; Carrier Global Corporation; DAIKIN Industries, LTD; Johnson Controls; Kaltra; LG Electronics; Mitsubishi Electric Corporation; SKM Air Conditioning; Trane Technologies Inc; and Thermal Care, Inc. are among the key chillers market players profiled during this study on the market. In addition, several other important chillers market players were studied and analyzed during this study to get a holistic view of the chillers market and its ecosystem.

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