Chillers Market Top Factors Responsible for the Rapid Growth to Reach $14.5 Bn
Chillers Market Expected to Reach $14.5 Billion by 2032
WILMINGTON, DELAWARE, January 19, 2024 /EINPresswire.com/ — The chillers market size was valued at $9.8 billion in 2021, and is estimated to reach $14.5 billion by 2032, growing at a CAGR of 3.5% from 2023 to 2032.
The increasing global population and urbanization are driving the need for fuel and electricity in both residential and commercial settings. This heightened demand, in turn, is fueling the requirement for chillers within the energy sector. Various industries within this sector, including petrochemical processing plants and electricity power plants, rely on chillers to cool and absorb heat from their operational processes.
Petrochemical industries, for instance, utilize high temperatures to separate constituents of crude oil. Additionally, to address the growing demand in the energy sector, both public and private entities are constructing petrochemical processing plants and power plants.
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Furthermore, chillers play a crucial role in the meat and poultry processing industry, maintaining low temperatures during critical stages such as slaughter, evisceration, and chilling. This is essential to prevent bacterial growth and ensure food safety.
The modern, hectic lifestyles of consumers have led to an increased preference for frozen fruits and vegetables, offering convenience and a healthy meal option. Moreover, in countries like India, China, the U.S., Italy, and others, there is a significant reliance on packaged food due to perceived hygiene benefits, contributing significantly to the global chillers market’s growth.
The food & beverage industry is experiencing a surge in demand for chillers, driven by increased adoption in areas such as breweries, distilleries, food & dairy processing units, as well as wineries and vineyards.
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Additionally, the versatility of chillers, with a wide range of cooling capacities and technologies, makes them suitable for application in both small and large industrial facilities. This diversity positively influences the market’s growth.
By Power range
Less than 50 kW
50-200 kW
More than 200 kW
By End user industry
Chemicals and Petrochemicals
Food and Beverages
Medical
Others
By Type
Screw Chiller
Scroll Chiller
Centrifugal Chiller
Others
By Product type
Air Cooled Chiller
Water Cooled Chiller
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Top Players:
Carrier Global Corporation, Midea Group Co., Ltd., Trane Technologies plc, Mitsubishi Electric Corporation, Daikin Industries Ltd., LG Electronics, Thermax Limited, Johnson Controls International plc, Gree Electric Appliances, Inc. of Zhuhai, Dimplex Thermal Solutions
David Correa
Allied Analytics LLP
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