[Latest] Global Water Chillers Market Size/Share Worth USD

Austin, TX, USA, July 06, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Water Chillers Market Size, Trends and Insights By Type (Absorption Chiller, Reciprocating Chiller, Screw Chiller, Scroll Chiller, Centrifugal Chiller, Others), By End User Industry (Chemicals and Petrochemicals, Food and Beverage, Plastics and Rubber, Healthcare, Others), By Capacity (0-100 kW, 101-350 kW, 351-700 kW, >700 kW), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand of global Water Chillers Market size & share was valued at approximately USD 5.2 Billion in 2022 and is expected to reach USD 5.4 Billion in 2023 and is expected to reach a value of around USD 7.8 Billion by 2032, at a compound annual growth rate (CAGR) of about 4.2% during the forecast period 2023 to 2032.”

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Water Chillers Market: Growth Factors and Dynamics

Rising Awareness of Indoor Air Quality: The importance of maintaining good indoor air quality (IAQ) has gained significant attention. Water chillers contribute to IAQ by providing effective cooling and ventilation systems. The demand for water chillers equipped with innovative air filtration and purification technology is increasing as awareness of the impact of IAQ on health and productivity grows.

Increasing Demand for Cooling Systems: The rising demand for cooling systems across various industries such as HVAC, food and beverage, pharmaceuticals, and data centres is a key growth factor for the water chillers market. Water chillers play a crucial role in providing efficient and reliable cooling solutions, driving their adoption.

Technological Advancements: The market has witnessed continuous technological advancements in water chillers, leading to improved efficiency, performance, and control capabilities. Advanced features like variable speed compressors, smart controls, and remote monitoring systems enhance the overall functionality and attractiveness of water chillers.

Urbanization and Industrialization: Rapid urbanization and industrialization in emerging economies have led to increased infrastructure development, including commercial buildings, manufacturing facilities, and data centres. The demand for water chillers in these sectors has surged to meet the cooling requirements, driving market growth.

Adoption of District Cooling Systems: The adoption of district cooling systems, especially in densely populated urban areas, has fuelled the demand for water chillers. District cooling systems provide centralized cooling solutions to multiple buildings, reducing energy consumption and operational costs. Water chillers play a crucial role in these systems, driving market growth.

Increasing Focus on Product Customization: The market is witnessing a growing trend towards product customization to meet specific customer requirements. Water chiller manufacturers are offering customized solutions tailored to the unique cooling needs of different industries and applications. This focus on customization enhances customer satisfaction, boosts the adoption of water chillers, and drives market growth.

Growing Focus on Renewable Energy: The increasing adoption of renewable energy sources such as solar and geothermal energy has positively influenced the water chillers market. Water chillers can be integrated with renewable energy systems, enabling sustainable and cost-effective cooling solutions.

Stringent Government Regulations: Stringent regulations aimed at energy efficiency and environmental protection have boosted the water chillers market. Governments worldwide have implemented energy efficiency standards and regulations that encourage the use of energy-efficient cooling systems, stimulating market growth.

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Report Scope

Feature of the Report	Details
Market Size in 2023	USD 5.4 Billion
Projected Market Size in 2032	USD 7.8 Billion
Market Size in 2022	USD 5.2 Billion
CAGR Growth Rate	4.2% CAGR
Base Year	2022
Forecast Period	2023-2032
Key Segment	By Type, End User Industry, Capacity and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Water Chillers report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Water Chillers report has been modified to include the COVID-19 impact study prior to delivery.)

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Water Chillers Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Water Chillers Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

Disrupted Supply Chains: The COVID-19 pandemic disrupted global supply chains, affecting the production and distribution of water chillers. Factory closures, restrictions on transportation, and shortage of raw materials led to delays in manufacturing and delivery, impacting the market negatively.

Reduced Construction Activities: The pandemic led to a slowdown in construction activities, including commercial buildings, industrial facilities, and infrastructure projects. As water chillers are primarily used in these sectors, the reduced construction activities resulted in decreased demand for water chillers during the pandemic.

Resumption of Construction Projects: With the easing of restrictions and resumption of construction activities, the demand for water chillers is expected to rebound. As construction projects resume, the need for cooling systems, including water chillers, will increase, driving the recovery of the market.

Emphasis on Indoor Air Quality: The COVID-19 pandemic has increased awareness about indoor air quality and the importance of proper ventilation and filtration systems. Water chillers, integrated with HVAC systems, contribute to maintaining optimal indoor air quality. The focus on indoor air quality improvement will drive the demand for water chillers as part of the recovery process.

Accelerated Digital Transformation: The pandemic has accelerated digital transformation across industries, including the water chillers market. Manufacturers are adopting digital technologies for remote monitoring, predictive maintenance, and optimization of chiller operations. This digital transformation enhances operational efficiency, reduces downtime, and drives the recovery of the market.

Adoption of Energy-Efficient Solutions: The economic impact of the pandemic has increased the focus on cost optimization and energy efficiency. Water chillers with high energy efficiency ratings are favoured by customers as they help reduce operating costs. As businesses strive for energy-efficient solutions to recover from the pandemic’s impact, the demand for energy-efficient water chillers will witness growth.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Water Chillers Market, with some challenges and opportunities arising from the pandemic. Manufacturers and retailers need to remain agile and adapt to the changing market conditions to overcome these challenges and capitalize on new growth opportunities.

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Key questions answered in this report:

What is the size of the Water Chillers market and what is its expected growth rate?
What are the primary driving factors that push the Water Chillers market forward?
What are the Water Chillers Industry's top companies?
What are the different categories that the Water Chillers Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Water Chillers market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2032
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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List of the prominent players in the Water Chillers Market:

Daikin Industries Ltd.
Carrier Global Corporation
Trane Technologies plc
Johnson Controls International plc
Mitsubishi Electric Corporation
Lennox International Inc.
York International Corporation
Thermotron Industries
Thermax Limited
Climaveneta S.p.A.
Others

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Browse the full “Water Chillers Market Size, Trends and Insights By Type (Absorption Chiller, Reciprocating Chiller, Screw Chiller, Scroll Chiller, Centrifugal Chiller, Others), By End User Industry (Chemicals and Petrochemicals, Food and Beverage, Plastics and Rubber, Healthcare, Others), By Capacity (0-100 kW, 101-350 kW, 351-700 kW, >700 kW), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” Report at https://www.custommarketinsights.com/report/water-chillers-market/

Water Chillers Market – Regional Analysis

The Water Chillers Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

North America: In North America, a prominent trend in the water chillers market is the increasing adoption of energy-efficient and sustainable cooling solutions. The region is witnessing a growing emphasis on green building certifications and environmental regulations, driving the demand for eco-friendly chillers. Smart and connected chillers with advanced monitoring capabilities are also gaining popularity in commercial and industrial sectors. Some of the dominating market players in North America’s water chillers market include Trane Technologies (now part of Ingersoll Rand), Carrier Global Corporation, and Johnson Controls International. These companies have a strong presence in the region, offering a wide range of chiller products with a focus on energy efficiency and technological innovations.

Europe: In Europe, the water chillers market is influenced by the increasing need for sustainable and low-carbon solutions. The region is witnessing a shift towards natural refrigerants, such as ammonia and CO2, to comply with stringent environmental regulations. Additionally, there is a growing demand for chillers with heat recovery capabilities, enabling simultaneous cooling and heating applications. Key players dominating the water chillers market in Europe include Daikin Industries, Mitsubishi Electric Corporation, and GEA Group AG. These companies have a strong market presence and offer a diverse portfolio of water chillers, including those with eco-friendly refrigerants and energy-efficient features.

Asia-Pacific: In the Asia-Pacific region, rapid industrialization and urbanization are driving the demand for water chillers. Increasing investments in infrastructure development, data centers, and commercial buildings contribute to the market’s growth. Moreover, there is a rising trend of integrating heat pumps with chillers to cater to both cooling and heating requirements. Some of the dominant market players in the Asia-Pacific water chillers market are Hitachi, Ltd., LG Electronics Inc., and Midea Group Co., Ltd. These companies are renowned for their technological advancements and provide a wide range of water chillers catering to various industries and applications.

LAMEA: The water chillers market in the LAMEA region is witnessing consistent growth driven by the rise in industrialization, commercialization, and construction projects. Sectors such as oil and gas, petrochemicals, and hospitality are showing a significant demand for water chillers. Moreover, there is an increasing emphasis on energy efficiency and the utilization of renewable energy for cooling purposes in the region. These trends are contributing to the expanding market opportunities for water chillers in LAMEA. Some of the leading market players in the LAMEA water chillers market include Johnson Controls International, Danfoss A/S, and Daikin Industries. These companies have a strong global presence and are actively expanding their footprint in the LAMEA region, offering reliable and efficient water chiller solutions to meet diverse market demands.

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The Water Chillers Market is segmented as follows:

By Type

Absorption Chiller
Reciprocating Chiller
Screw Chiller
Scroll Chiller
Centrifugal Chiller
Others

By End User Industry

Chemicals and Petrochemicals
Food and Beverage
Plastics and Rubber
Healthcare
Others

By Capacity

0-100 kW
101-350 kW
351-700 kW
>700 kW

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By Region

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Water Chillers Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Water Chillers Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Water Chillers Market? What Was the Capacity, Production Value, Cost and PROFIT of the Water Chillers Market?
What Is the Current Market Status of the Water Chillers Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Water Chillers Market by Considering Applications and Types?
What Are Projections of the Global Water Chillers Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Water Chillers Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Water Chillers Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Water Chillers Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Water Chillers Industry?

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Reasons to Purchase Water Chillers Market Report

Water Chillers Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Water Chillers Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Water Chillers Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Water Chillers Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Water Chillers market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Water Chillers market analysis.

The competitive environment of current and potential participants in the Water Chillers market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Water Chillers market should find this report useful. The research will be useful to all market participants in the Water Chillers industry.
Managers in the Water Chillers sector are interested in publishing up-to-date and projected data about the worldwide Water Chillers market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Water Chillers products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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