Process Chillers Market : Global Share, Size, Growth, Trends & Outlook ( 2022 – 2032 )
Process chillers are equipment's that are used in the maintenance of industrial applications and equipment's. They are required to maintain efficiency and are to ensure optimal performance of the equipment's and processes. They ensure that the process or equipment remains at a constant temperature throughout the day by removing heat from the process and transporting the unwanted heat from a location that is not wanted to another more appropriate location.
Process chillers comprise of different components depending on the design such as compressors, condensers, evaporators, pumps, pipes, high pressure refrigerant relief valves & cooling towers, tanks, filters, and fans. Process chillers use either an air or water condenser in their cooling process. A partially cooled liquid refrigerant performs the cooling process such as halocarbon or ammonia.
As such, they are preferred and widely accepted due to their high energy efficient properties. With this, the consumption of chillers has grown significantly in recent times and the global market is anticipated to grow at a healthy CAGR over the coming years.
The growth of this market is anticipated towards major relying factors including the increase in cooling process applications, growing industrialization, growing concern over energy efficiency, growing use of environment friendly products, progress in the manufacturing industries, the increasing trend towards frozen foods , developments of new products, mergers & acquisitions, and partnerships among players in the process chillers market etc.
Moreover, the global chillers market has been witnessing many developments over the past few years which have also resulted in the increasing use of chillers in solar cooling applications. These are further scaling the market for chillers, globally.
Furthermore, factors such as excellent cooling efficiency, low power consumption, and longer lifespan are inducing hospitals, large retails, offices, and theatres in commercial sector to use chillers. Additionally, plastic, baking, foods, pharmaceutical, and printing industries which are growing radically are the major industrial consumers that use chillers for various processes. These along with rising awareness also drive the process chillers market to grow.
However, increasing raw material prices, increasing competition and rising concerns regarding the efficacy of the machines are factors that restrain the global process chillers market.
PROCESS CHILLERS MARKET SEGMENTATION:
Based on Cooling Type:
- Air-Cooled Process Chiller
- Water-Cooled Process Chiller
Based on Capacity:
- Up to 20 Tons
- 20 - 150 Tons
- 150 - 300 Tons
- Above 300 Tons
Based on Type:
- Positive Displacement
- Absorption Chillers
Based on End-use Industry:
- Food & Beverages
- Engineering & Mechanical
Based on Region:
- North America
- Latin America
- Middle East and Africa
The Asia Pacific, North American, European, South American, and Middle East & African regions are currently the hotspots in the process chillers market.
The Asia Pacific with the highest share of the total global market is the largest market for chillers and is experiencing steady economic development and heavy investments across industries such as chemical & petrochemical, plastic, and food & beverage. Also, a large number of emerging manufacturers from the Asia Pacific are expected to reduce import dependence of various regions which is further expected to drive the chillers market in future in this region.
The chillers market is emerging in various countries such as China and Brazil due to increasing industrial activity, there is comparatively slower growth rate in mature markets such as The European and The North American markets.
FEW KEY PLAYERS IN PROCESS CHILLERS MARKET:
- Thermal Care Inc
- ICS Cool Energy Limited
- Filtrine Manufacturing Company
- Legacy Chiller Systems Inc
- Cooling Technology Inc
- General Air Products Inc
- United Technologies Corporation (Carrier)
- DAIKIN INDUSTRIES Ltd.
- Johnson Controls International plc.
- Blue Star Ltd.
- GEA Group AG
- Motivair Corporation
- Pfannenberg Inc
- Trane Inc.
- Advantage Engineering, Inc.
- Aqua Cooling Solutions Ltd
- Thermonics Corporation
- MTA USA
- Carrier Global Corporation
- Dimplex Thermal Solutions
- Drake Refrigeration Inc.
- Parker-Hannifin Corporation
- Gardner Denver Inc
- Arctic Chiller Group
- JM Fluidics
- Airedale Air Conditioning
- Other Players
In September 2020, Engine Refrigeration added a heat recovery option to its Quantum range of air-cooled chillers which was said to enable up to 100% of the waste heat generated during the cold generation process to be re-used. To achieve this, the Quantum Air chiller incorporates an additional heat exchanger. This makes it possible to conduct the heat generated during the cold generation process to a defined heat process – such as production hall heating or warm water supply in offices.
In October 2020, German manufacturer Efficient Energy introduced a new chiller with a 120kW (34.1TR) cooling capacity suitable for industrial cooling and using only water (R718) as refrigerant. The new eChiller120 was said to be up to 82% more energy efficient than conventional chiller systems.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022: Estimated Year
- 2022 to 2027: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global process chillers market by the following segments:
- Cooling Type
- End-use Industry
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Process Chillers Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2027?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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