The "Chiller Market Research Report: By Type (Screw, Scroll, Centrifugal, Absorption, Reciprocating), Capacity (Water-Cooled, Air-Cooled), End-User (Commercial, Industrial, Residential) - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global chiller market generated a revenue of $7,330.7 million in 2019 and is now predicted to attain a value of $10,880.3 million in 2030, advancing at a CAGR of 5.0% between 2020 and 2030.
The key factors fueling the advancement of the market are the rising global temperature, increasing demand for cooling systems and devices from various end-use industries, and the ballooning investments being made in infrastructure development in several countries around the world.
The rise in global temperatures is a major factor propelling the expansion of the market. Because of the surging emission of greenhouse gases (GHG) such as nitrous oxides, carbon dioxide, and methane into the atmosphere, the average temperature across the world is rising at an alarming rate. The burning of fossil fuels such as natural gas and coal for energy generation and running vehicles is one of the biggest factors responsible for the soaring emission levels.
According to many reports and studies, the average global temperature in 2019 was 2.31 F (1.28 C) higher than in the late 19th century, which was the period between 1850 - 1900. With the rise in temperatures, the requirement for cooling systems is shooting-up, which is, in turn, fueling the surge in the sales of chillers all over the world. Besides this, the thriving construction sector is also driving the progress of the chiller market.
According to studies, the global construction industry is predicted to grow, in valuation, from $10.5 trillion to $12.8 trillion from 2017 to 2022, on account of the soaring development of residential buildings, offices, and manufacturing plants and the launch of massive metro rail and airport construction projects in many countries around the world. For example, Chicago had as many as 42 under-construction projects in 2019, whereas, in London, there were 115 under-construction high-rise buildings in 2018.
Similarly, in India, the government is planning to construct 100 airports over the next 15 years and in China, there are plans to build 136 airports by 2025. As chillers are extensively used in all these places, the completion of these infrastructural development projects will massively push-up the sales of chillers in the coming years. Furthermore, chillers are heavily deployed in factories and as a result, the development of manufacturing plants is boosting the global demand for chillers.
When type is taken into consideration, the chiller market is divided into screw, scroll, centrifugal, absorption, and reciprocating chillers. Out of these, the centrifugal category will exhibit the highest CAGR in the market in the future years. This would be because of the mushrooming requirement for industrial-grade chillers all over the globe. There are mainly two types of centrifugal chillers used in industries - water-cooled and air-cooled. Between them, the sales of air-cooled chillers will rise rapidly in the near future.
Geographically, the Asia-Pacific (APAC) chiller market would be very lucrative in the upcoming years, as per the estimates the publisher. This would be because of the skyrocketing sales of chillers in China, on account of the booming construction sector in the country, especially in Shanghai and Wuhan. Moreover, the country intends to lay down 4,225 miles (6,800 km) of railway lines in the coming years.
Growing popularity of smart, connected devices
Increasing adoption of R32 chillers
Rising preference for absorption chillers
Rising global temperature
Increasing number of construction projects
Surging requirement for cooling equipment in industrial applications
Impact analysis of drivers on market forecast
Rising penetration of variable refrigerant flow (VRF) systems
Impact analysis of restraints on market forecast
Major upcoming sports events
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Gree Electric Appliances Inc. of Zhuhai
Mitsubishi Electric Corporation
Zamil Air Conditioners
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201127005569/en/
Laura Wood, Senior Press Manager
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