Global chiller market is expected to reach $9.5 billion by 2024, citing a CAGR of 4.9% during the forecast period. The market is predominantly driven by a rising number of construction projects coupled with the growing demand for cooling equipment in industrial applications.
Rising preference for smart connected devices has been observed to be one of the key trends in the market. This has led manufacturers to incorporate connected solutions in chillers offering remote monitoring and preventive maintenance. Smart connected chillers incorporate remote monitoring and cloud-based analysis tools, that enable service providers to gather data from equipment, analyze it and then notify customers.
Growing demand for energy efficient cooling systems, including chillers across the globe would create opportunities for inverter-controlled chiller market during the forecast period. Inverter technology in chillers are highly efficient as compared to conventional AC systems.
Based on the type, the global chiller market growth is segmented into centrifugal, screw, scroll, absorption, and reciprocating, wherein the screw chiller category is projected to witness fastest growth during the forecast period. Sectors such as hospitals, small factories, retail stores, and hotels are registering the adoption of water-cooled screw chillers which are cost effective as well as environment-friendly.
The construction of new stadiums and game villages would drive the requirement of chillers. For instance, football stadiums in Qatar being developed are to be air-conditioned owing to the extreme environmental conditions. The air-conditioned stadiums would use high-end and heavy-duty chillers to maintain the air temperature inside the stadiums and would offer a comfortable environment for the audience.
Johnson Controls International PLC, Samsung Electronics Co. Ltd., Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Gree Electric Appliances, Inc. of Zhuhai, Zamil Air Conditioners, Thermax Limited, Mitsubishi Electric Corporation, Petra Engineering Industries Co, S.K.M Air Conditioning LLC, and Danfoss A/S are some the key players in the global chiller market.
Chiller Market Segmentation
Market Segmentation by Product