During the projected period (2023 to 2033), the global industrial chiller market is expected to grow at a CAGR of 8.8%. The industrial chiller market is projected to reach a valuation of USD 10,459.3 Million by 2033 from USD 4,500.0 Million in 2023. The market stood at USD 4,500.0 Million by the end of 2021.
Rising per capita income is set to enhance the standard of living across the globe, thereby resulting in high demand for leisure and comfort products such as air conditioners and refrigerators. Expansion of the healthcare and food industries is also expected to push the global industrial chiller market in the next ten years.
The rising consumption of frozen food with the growing adoption of busy lifestyles is another crucial factor that is anticipated to augment the market. Process cooling is extensively utilized in the food and beverage industry for food baking and pasteurization processes. It thus generates a high amount of heat.
Industrial chillers are also used in these significant processes to protect the equipment from overheating and maintain its temperature. In the pharmaceutical and healthcare industries, these chillers are projected to gain high popularity on the back of their rising usage for cooling down the temperature of laser treatment tools, CAT scanners, and X-ray machines.
Besides, various local and international companies are launching innovative industrial chillers for a wide range of end users. For instance, in March 2022, Carrier, an American multinational health solution manufacturing firm, AquaForce Vision 30KAV air-cooled chillers equipped with ultra-low global warming potential (GWP) refrigerant. It can optimize industrial processing such as metal, plastics, food manufacturing, chemicals, and pharmaceutical industries.
Daikin, a Japanese multinational air conditioning manufacturing company, on the other hand, unveiled the new generation of inverter-driven water-cooled and air-cooled screw chiller series with refrigerant R-1234ze(E) in February 2021. The new air-cooled chiller range (TZ series) is available in a cooling capacity ranging from 130 kW up to 830 kW, whereas the water-cooled chiller range (VZ series) is available from 340 kW up to 1600 kW cooling capacity.
Similarly, in July 2022, Modine Manufacturing Company, a thermal management organization based in the USA, announced that it has started full-scale production of chillers for the data center industry. The company has initiated production at its new production facility in Rockbridge, Virginia. Thus, the expansion of distribution channels and the development of new manufacturing facilities by key companies are some of the strategies that would propel the industrial chiller market in the next decade.
| Attributes | Key Insights |
|---|---|
| Global Industrial Chiller Market Estimated Size (2023E) | USD 4,500.0 Million |
| Projected Market Valuation (2033F) | USD 10,459.3 Million |
| Value-based CAGR (2023 to 2033) | 8.8% |
| Market Share of the USA | 68% |
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Increasing government spending on construction building activities due to rising demand for residential and commercial spaces would require chillers for temperature control. This factor pushed the global industrial chiller market during the historical period from 2018 to 2022 and it exhibited growth at a CAGR of 6.9%.
Growing temperatures owing to rapidly increasing global warming are anticipated to push the demand for industrial chillers in the next ten years. Also, the surging adoption of industrial chillers backed by their ability to eliminate heat from buildings and maintain internal temperature is expected to aid growth.
Pharmaceutical Companies to Look for Industrial Refrigeration Systems in the USA
The pharmaceutical, biotechnology, plastics & rubber, and chemical industries are growing at a fast pace in the USA All types of drugs, right from basic over-the-counter medications to sophisticated antibiotics, must be manufactured by using a cold water application.
Systems that are to be manufactured from stainless steel can be made to achieve temperatures as low as -75°F. They come with either air-cooled or water-cooled condensers. Companies can create a sturdy system to meet any size requirements based on their consumers’ unique needs. The novel system will be more adaptable and effective because of numerous additional features like dual compressors, hot gas bypass, and high-efficiency evaporator, which help to cut down on wasteful electricity use. These factors are expected to boost the USA industrial chiller market in the evaluation period.
The rising Supply of Medicines from India to Other Countries Will Push Sales of Industrial Water Chillers
In the Indian pharmaceutical sector, a pharmaceutical chiller is used to maintain a steady temperature and manage the same efficiently. When making biological pharmaceuticals, a water chiller is frequently employed. The quality of drug manufacturing can be raised by using a laser water chiller to assure the stability of drug ingredients during production.
Auxiliary water chillers for experimental medicines, refining Chinese and Western medicines, cooling tank reactors, and cooling plant medicines are a few of the uses for these devices. In India, the pharmaceutical market was predicted to be worth USD 42 Billion in 2021. With a 20% share of all pharmaceutical exports worldwide, India is the largest producer of generic medications by volume. This factor is estimated to bode well for the Indian industrial chiller market during the forecast period.
Presence of the German Chiller Manufacturer to Drive Demand for Industrial Cooling Equipment
The German Chiller Manufacturer (GCM) creates and develops natural refrigerant-based chillers that are very energy efficient. GCM concentrates on producing novel systems by using natural refrigerants, primarily R717, as a result of European Union (EU) Regulation No. 517/2014 and the EU's phase-out of F-gases (ammonia). GCM stands for custom, high-quality solutions, and adaptable design alternatives to meet the individual needs of its clientele.
The German Chiller Manufacturer (GCM) created the GS-1-KO-1-N-102-SP chiller, for instance, which unites three independently running machines into a single unit and runs on ammonia (R717). Therefore, the operator benefits from full redundancy because the other two machines continue to cool even if one of the three fails. A master control system links the three units that make up the GS-1-KO-1-N-102-SP, however, each machine has its own emergency control center.
Principal Consultant
Food and Beverage Industry to Extensively Utilize Industrial Water Chiller Machines
Based on end users, the food and beverage segment is projected to remain at the forefront in the global industrial chiller market during the assessment period. Increasing demand for glycol chillers in breweries and wineries to maintain the temperature of beverages is expected to drive the segment in the next ten years. Besides, industrial chillers can efficiently circulate chilled propylene glycol through innovative cooling coils to keep the cold temperature of the food storage units and beverages.
The global industrial chiller market is highly competitive in nature on the back of the presence of various global and local manufacturers. The majority of these companies are engaging in expansion through joint ventures, as well as mergers & acquisitions. A few other key players are focusing on broadening their distribution channels by offering their in-house products through multiple channels such as e-commerce websites, company-owned websites, retailers, and distributions.
For instance:
Coolest Guys in the Room: An Inside look at Industrial Chillers Offered by Daikin Industries, Carrier Corporation, and Johnson Controls
With more companies realizing that industrial chillers are key to their efficient manufacturing process, there has been a growing demand for these powerful units. The benefits of using an industrial chiller are numerous, from saving money on energy costs to increasing productivity. The efficiency of industrial chillers allows manufacturers to save money in three main ways: by reducing operating costs, eliminating downtime due to equipment failure, and improving production output.
Daikin is one of the leading manufacturers in Japan with a diverse product line, including refrigeration systems and air conditioning products. The company’s offerings include commercial, residential, and automotive vehicle air conditioning units, as well as heat pumps. The company introduced a new line of air-cooled scroll chillers. These R32 refrigerant-based variations have a 10% greater SEEP ratio than R410A-based ones.
In October 2022, Daikin Applied announced improvements to its award-winning Pathfinder air-cooled screw chiller. Already the most energy-efficient air-cooled screw chiller on the market, these upgrades will give even greater energy savings in the same footprint, as well as greater flexibility with the option to add factory-installed pump packages.
In January 2021, Daikin North America LLC acquired ABCO HVACR Supply + Solutions, which is a leading full-line distributor of HVAC and refrigeration systems. This approach lays the groundwork for Daikin's comprehensive array of equipment, parts, and accessories.
Carrier Global Corporation, on the other hand, is a global American corporation located in Palm Beach Gardens, Florida that manufactures heating, ventilation, and air conditioning (HVAC), refrigeration, and fire and security systems. Additionally, it provides packaged terminal air conditioners (PTACs), which are used primarily in hotels and motels; window AC units; furnaces; water heaters; ductless mini splits; thermostats; humidifiers; and controls and accessories.
In June 201, Carrier Corporation acquired China-based HVAC manufacturer Guangdong Giwee Group and its subsidiaries, including Guangdong Chigo Heating & Ventilation Co Ltd. The acquisition will provide Carrier Corporation with more access to the rapidly growing variable refrigerant flow (VRF) and light commercial sectors, which are expected to exceed USD 20 Billion by 2025.
Johnson Controls International is a global business based in Cork, Ireland that manufactures fire, HVAC, and security technology for buildings. The company offers a wide variety of products for both residential and commercial use. Whether the customer is interested in an air conditioning system for their home or an industrial-grade chiller capable of cooling thousands of square feet, the company delivers solutions for all types of uses.
In February 2019, Johnson Controls International plc expanded its YORK YLAA series with two additional air-cooled scroll models, namely, 041 and 048. Two different circuits would provide partial redundancy for these chillers, thereby increasing their chilling capacity from 40 tons to 230 tons.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 4,500.0 Million |
| Projected Market Valuation (2033) | USD 10,459.3 Million |
| Value-based CAGR (2023 to 2033) | 8.8% |
| Forecast Period | 2018 to 2022 |
| Historical Data Available for | 2023 to 2033 |
| Market Analysis | Value (USD Million) |
| Key Regions Covered |
North America; Europe; Asia Pacific; South America; Middle East and Africa (MEA) |
| Key Countries Covered |
USA, Canada, Germany, UK, France, Italy, Russia, Turkey, Spain, China, Japan, Korea, India, Indonesia, Thailand, Philippines, Malaysia, Vietnam, South Korea, Australia, Brazil, Argentina, Colombia, South Africa, UAE, Egypt, Nigeria, South Africa |
| Key Segments Covered |
Product Type, End User, Region |
| Key Companies Profiled |
Daikin Industries; Carrier Corporation; Trane Technology; Johnson Controls- Hitachi Air Conditioning; Mitsubishi Electric Corporation; Smardt Chiller Group Inc.; KKT Chillers; MTA S.P.A; Friulair S.R.L; HYDAC International; Reynold India Pvt. Ltd; Ingersoll-Rand Company; Paul Mueller Company; Mueller Streamline Co.; PolyScience; Sentry Equipment Corp |
| Report Coverage | Market Forecast, Company Share Analysis, Competitive Landscape, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global industrial chiller market size is projected to reach USD 4,500.0 Million by the end of 2023.
The industrial chiller market is expected to rise at a CAGR of 8.8% during the forecast period.
The North America industrial chiller market is expected to register 38% of share between 2023 and 2033.
The USA, India, France, the UK, Germany, and China are the major countries driving demand in the industrial chiller market.
The China industrial chiller market is projected to generate around 32% of share in Asia Pacific.
The Europe industrial chiller market is projected to have around 32% of share in the next ten years.
Daikin Industries, Carrier Corporation, Trane Technology, Johnson Controls- Hitachi Air Conditioning, and Mitsubishi Electric Corporation are expected to be the top players driving the industrial chiller market.
The industrial chiller market is projected to surpass USD 10,459.3 Million by the end of 2033.
1. Executive Summary | Industrial Chiller Market 2. Market Overview 3. Market Background 4. Global Analysis 2018 to 2021 and Forecast, 2023 to 2033 5. Global Analysis 2018 to 2021 and Forecast 2023 to 2033, By Product Type 5.1. Absorption Chillers 5.2. Reciprocating Chillers 5.3. Scroll Chillers 5.4. Screw Chillers 6. Global Analysis 2018 to 2021 and Forecast 2023 to 2033, By End User 6.1. Food & Beverage Industries 6.2. Restaurants 6.3. Pharmaceuticals Industries 6.4. Chemical Industries 6.5. Cosmetic Industries 6.6. Rubber Industries 6.7. Plastics Industries 7. Global Analysis 2018 to 2021 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Oceania 7.7. Middle East and Africa (MEA) 8. North America Analysis 2018 to 2021 and Forecast 2023 to 2033, By Country 9. Latin America Analysis 2018 to 2021 and Forecast 2023 to 2033, By Country 10. Europe Analysis 2018 to 2021 and Forecast 2023 to 2033, By Country 11. East Asia Analysis 2018 to 2021 and Forecast 2023 to 2033, By Country 12. South Asia Analysis 2018 to 2021 and Forecast 2023 to 2033, By Country 13. Oceania Analysis 2018 to 2021 and Forecast 2023 to 2033, By Country 14. MEA Analysis 2018 to 2021 and Forecast 2023 to 2033, By Country 15. Key Countries Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Daikin Industries 17.2. Carrier Corporation 17.3. Trane Technology 17.4. Johnson Controls- Hitachi Air Conditioning 17.5. Mitsubishi Electric Corporation 17.6. Smardt Chiller Group Inc. 17.7. KKT Chillers 17.8. MTA S.P.A 17.9. Friulair S.R.L 17.10. HYDAC International 17.11. Reynold India Pvt. Ltd 18. Assumptions & Acronyms Used 19. Research Methodology
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Industrial Chiller Market
