Due to the rising temperature, the demand for chillers is expected to surge across the world in the coming years. Since the last few decades, there has been a significant rise in the global temperature on account of global warming. Global warming is mainly caused by the greenhouse gas (GHG) emissions into the atmosphere. According to the National Aeronautics and Space Administration (NASA), the global average temperature increased by almost 0.90 ⁰Celsius from 1951—1980 to 2017. Due to the rising temperatures across the world, the demand for various cooling systems such as chillers will increase tremendously in future.
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The other major factor propelling the demand for chillers is the soaring requirement of cooling equipment in several industrial applications. Chillers are mainly used in industries for the controlled cooling of factory machinery and other products. This equipment is widely used in chemical processing, pharmaceutical formulation, food & beverage processing (including dairies and breweries), power supplies and power generation stations, welding, paper and cement processing, and X-ray diffraction. In the food processing industry, chillers are highly sought after on account of the huge requirement of efficient cooling systems in the various applications and processes of the food processing industry.
Due to the above-mentioned factors, the revenue generated from the sales of chillers around the world is expected to rise from $7.1 billion to $9.5 billion from 2018 to 2024. The global chiller market is predicted to advance at a CAGR of 4.9% during the forecast period (2019—2024). There are numerous types of chillers used in industries — screw, centrifugal, absorption, reciprocating, and scroll chillers. Amongst these the screw chiller recorded the highest usage in 2018, owing to the huge number of construction projects launched in North America and Asia-Pacific (APAC) in the last few years.
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The surging adoption of R32 refrigeration is one of the major trends presently being witnessed in the chiller market. The R32 refrigerant is being increasingly used in a plethora of industrial applications on account of its numerous advantages over the conventionally used R22 refrigerant such as its ability to reduce the energy consumption by almost 10% and its ability to convey heat more efficiently. Furthermore, the R32 chillers have much lower Global Warming Potential (GWP) than the R22 and R410A refrigerants-based chillers and thus, emit lower amounts of greenhouse gases into the atmosphere than the other chillers.
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