Over $9.0 Billion Revenue Expected in Global Chiller Market by 2024

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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How is Global Warming Contributing to Surge in Global Chiller Market?

Due to the surge in the global temperature, on account of air pollution, the demand for chillers is expected to increase significantly in the coming years. The increasing release of greenhouse gases into the earth’s atmosphere is causing a huge surge in the absorption of infrared energy released from the surface, by the atmosphere, which is, in turn, increasing the overall temperature.

According to the National Aeronautics and Space Administration (NASA), the global average temperature increased by 0.90 °Celsius from the 1951–1980 period to 2017.

Powered by the above-mentioned factors, the global chiller market generated revenue of $7.1 billion in 2018, and it is expected to attain a value of $9.5 billion by 2024. The market is also predicted to advance at a CAGR of 4.9% during the forecast period (2019–2024). 

Chillers are widely used in various residential, commercial, and industrial settings for cooling purposes. Amongst these, commercial spaces recorded the highest use of chillers in 2018, which was mainly due to the rising construction activities in the transportation and hospitality sectors.

The increasing demand for cooling equipment in various industrial applications is another factor boosting the need for chillers across the world. In industries, chillers are primarily used for the controlled cooling of factory machinery and products. 

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In addition to this, these devices are also used in chemical processing, pharmaceutical formulation, food and beverage processing, paper and cement processing, welding, power supplies, X-ray diffraction, and power stations. The increasing construction activities across the globe, on account of the rising infrastructural development projects and upcoming sporting events, are the other major factors pushing the demand for chillers throughout the world.

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How is Rising Demand for Energy-Efficient Cooling Systems Driving Chiller Market?

As the global population and economy continue to grow, the demand for high-end construction projects as well as affordable ones is rising. The construction sector takes into account projects ranging from residential buildings and commercial buildings to public spaces and transport facilities, such as railway stations and airports.

The global construction sector stood at $10.5 trillion in 2017, and is predicted to grow to $12.8 trillion by 2022. There are many such construction projects, which are in the pipeline. In Chicago, U.S., about 42 high-rise projects are under-construction, as of 2019.

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Further, the tourism sector is witnessing growth, which is resulting in the development of better airports across the world. One such example is of China, which plans to build around 136 new airports by 2025 in the country.

Such commercial spaces and residential projects require a centralized cooling system, for which chillers are used. These are compressor-based machines, which via an absorption-refrigeration or vapor compression cycle, remove heat from a liquid for cooling large facilities.

These machines generate chilled water, which is then used for cooling purposes. The growth of chiller market is predicted to advance at a 4.9% CAGR during the forecast period (2019–2024), as predicted in a P&S Intelligence study.

Chillers are of the following type: reciprocating, absorption, centrifugal, scroll, and screw. In 2018, the highest demand was for the screw type chillers, which are more efficient than centrifugal chillers; they work by a positive displacement compression technique.

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