Information Technology
Industrial Chillers Market to Be Worth $16.5 Billion by 2031--Exclusive Report by Meticulous Research
Industrial chillers are cooling systems designed to remove heat from industrial processes and maintain optimal temperatures for equipment and materials. They are essential in various sectors, including chemicals and petrochemicals, manufacturing, food & beverage, pharmaceuticals, and data centers.
This market's growth is driven by the growing demand for water-cooled chillers, the increasing use of process cooling for industrial applications, and an increase in the adoption of modular chillers. However, the substantial costs required for setting up industrial chillers restrain this market's growth.
Furthermore, the increasing need for chillers in the chemicals and petrochemicals sectors, along with an increased demand for absorption chillers, is anticipated to create growth opportunities for market players. However, the high maintenance costs continue to pose a significant challenge to the market's growth.
The industrial chillers market is segmented based on cooling type (water-cooled chillers, air-cooled chillers), compressor type (centrifugal chillers, screw chillers, scroll chillers, absorption chillers, reciprocating chillers, and other chillers types), capacity (<50kW,<51-100kW,<101-500kW,<501-1000kW, and>1001kW), end user (pharmaceuticals, food & beverage, chemical & petrochemical, metal finishing, plastic procession, steel processing, medical, and other end users). The report also provides a comprehensive analysis of the industrial chillers market in North America , Europe , Asia-Pacific , Latin America , and the Middle East & Africa .
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the air-cooled chillers segment is slated to register the highest CAGR during the forecast period. The segment's growth is driven by the increasing demand for advanced air-cooled chillers, a growing need for reliable air-cooling systems, and the rising adoption of energy-efficient air-cooled chillers across various industrial applications.
, the absorption chillers segment is slated to register the highest CAGR during the forecast period. The segment's growth is driven by the increasing use of absorption chillers for waste heat recovery or low-grade thermal energy, the rising adoption of absorption chillers in the pharmaceutical industry for precise temperature control, and the growing demand for efficient and low-emission cooling solutions.
, the <501-1000kW segment is slated to register the highest CAGR during the forecast period. The segment's growth is driven by the increasing demand for high-capacity and high-efficiency industrial chillers, as well as the rising need for precise temperature control across various sectors. Additionally, the benefits associated with the 501-1000 kW range of industrial chillers, such as high cooling capacity, energy efficiency, advanced control systems, and improved process efficiency, contribute to their increased adoption.
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, the chemical & petrochemical segment is slated to register the highest CAGR during the forecast period. The segment's growth is driven by the increasing adoption of industrial chillers in heat-sensitive processes, a rising demand for water-cooled chillers in chemical plants, the growing use of sustainable refrigerants, and the need to maintain optimal temperatures of processing equipment.
, the market in Asia-Pacific is slated to register the highest CAGR of during the forecast period. The growth of this regional market is driven by the increasing demand for chillers in the chemicals and petrochemicals industries, a growing need for air-cooled chillers in data centers, and the rising adoption of smart and connected industrial chillers. Additionally, infrastructural development in the region, particularly in China , South Korea , Japan , and India , along with rapid economic growth, industrialization, technological advancements, and increased investment by market players, are factors contributing to the market's growth in Asia-Pacific .
Some of the key players operating in the industrial chillers market are DAIKIN INDUSTRIES, Ltd.( Japan ), Carrier Global Corporation (U.S.), Trane Technologies plc ( Ireland ), Johnson Controls Inc. (U.S.), Mitsubishi Electric Corporation ( Japan ), Chillmax Technologies Pvt Ltd. ( India ), Reynold India Private Limited ( India ), Drake Refrigeration Inc.(U.S.), Senho Machinery Shenzhen Co. Ltd.( China ), Jiangsu Huazhao Refrigeration Equipment CO., Ltd. ( China ), Friulair S.r.l. ( Italy ), Atlas Copco Group ( Sweden ), Kirloskar Chillers Pvt Ltd. ( India ), Envisys Technologies Private Limited. ( India ), and SCY Chiller ( China ).
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