The global HVAC chillers market revenue was around US$ 9.9 billion in 2021 and is estimated to reach US$ 16 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2022 to 2031.
HVAC chillers are refrigeration systems that offer to cool for commercial and industrial applications. These utilize liquids such as oil, water, or another refrigerant. They are essential for maintaining the desired temperature of any room, device, or machine. A wide variety of living places, including tiny to large rooms, garages, basements, and crawl spaces, can employ these chillers.
Factors Influencing Market Growth
Rise in demand for district cooling systems in numerous sectors and high-rise structures. Thus, they propel the market growth.
HVAC chillers are extensively employed in the cooling and ventilation of skyscrapers, the expansion of skyscrapers is anticipated to boost the growth of the market.
Rise in government spending on construction activities. Thus, more chillers are needed for temperature control. This in turn is predicted to create lucrative opportunities in the market.
An increase in industrial and residential development activity with the help of government programs like the "National Infrastructure Programme" and "Nation Programme on Strategies for Sustainable Smart Cities," among others is anticipated to fuel the market's expansion.
Increasing awareness of the need to install air conditioning, heating, and ventilation (HVAC) systems due to rising greenhouse gas emissions and global warming is a factor in the expansion of the HVAC chillers industry globally.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market. Due to the lockdown enacted by the government, several HVAC chiller manufacturers and sales halted operations in nations including China, the U.S., and India. Additionally, the supply of equipment was restricted due to a scarcity of labor and raw materials. It is projected that the development of coronavirus vaccinations and the reopening of manufacturing facilities lead to the reopening of the HVAC chillers industry.
Asia-Pacific dominated the HVAC chiller market in terms of the highest shares. The largest market contributors in this region are China and Japan. Skyscraper construction in these nations is receiving more attention, which has raised awareness of chilled water-cooled systems and created new prospects for the region to generate demand. Due to its robust economic growth, fast urbanization, and large population base. These factors boost the market growth.
The leading competitors in the global HVAC chillers market are:
Airedale International Air Conditioning Ltd
Carrier Global Corporation
Daikin Industries Ltd
Honeywell International Inc
Johnson Controls International plc
Shuangliang Eco-Energy Co Ltd
LG Electronics Inc
Mitsubishi Electric Corp
Samsung Electronics Co. Ltd
S.K.M Air Conditioning
Trane Technologies Plc
Thermal Care Inc
The global HVAC chillers market segmentation focuses on Operation Type, Condenser Type, Application and Region.
Segmentation based on Operation Type
Vapor Compression Chillers
Vapor Absorption Chillers
Segmentation based on Condenser Type
Segmentation based on Application
Segmentation based on Region
Rest of Western Europe
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America