November 29, 2022

Global “Centrifugal Chillers  study 2022, the industry landscape is covered from driving factors to upstream markets and the overall state of the market. An in-depth analysis of the overall growth prospects for the global and regional market was provided which was based on an in-depth analysis of key industry players, primary and secondary data.

Market Analysis and Insights: Global Centrifugal Chillers Market

Due to the COVID-19 pandemic, the global Centrifugal Chillers Market size is estimated to be worth USD million in 2022 and is forecast to a readjusted size of USD million by 2028 with an Impressive CAGR during the review period. Fully considering the economic change by this health crisis, Small Size accounting for % of the Centrifugal Chillers Market in 2022, is projected to value USD million by 2028, growing at a revised magnificent CAGR in the post-COVID-19 period. While Chemical Industry segment is altered to a magnificent CAGR throughout this forecast period.

 

Key Industry Developments

  • March 2020: DAIKIN APPLIED introduced two new chillers at AHR Expo. The Aptitude™ oil bearing centrifugal chiller and Magnitude® magnetic bearing centrifugal chiller are ultra-high efficiency chillers.
  • November 2019: Johnson Controls announced the acquisition of Synchrony. Synchrony develops Active Magnetic Bearing (AMB) technology for centrifugal chillers. This acquisition will enhance the performance and efficiency of the products sold by the company.

Centrifugal Chillers Market Regional Analysis:

Moreover, This report focuses on Centrifugal Chillers Market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application. Regional analysis is another highly comprehensive part of the research and analysis study of the global market presented in the report. This section sheds light on the sales growth of different regional and country-level markets. For the historical and forecast period to 2029, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global market.

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Top companies in the Global Centrifugal Chillers Market research report include:

  • Blue Star Limited
  • Aermec
  • JOHNSON CONTROLS – HITACHI AIR CONDITIONING
  • Carrier Corporation
  • Motivair
  • Klima-Therm Ltd. 
  • Arctic Chiller Group, Ltd.
  • Thermal Care, Inc.
  • Trane (Ingersoll Rand)
  • DAIKIN APPLIED

Booming Demand for Buildings & Construction to Aid Market Growth

The exponential growth of urban areas witnessed over the past few decades has surged the demand for buildings and construction projects in major parts of the world. A recent report by Oxford Economics predicts that global construction output is set to increase by 85% and reach an estimated value of USD 15.5 trillion by 2030. China, India, and the US will spearhead this growth, the report highlights, with India’s construction industry growing twice as fast as that of China. Expanding urban areas, characterized by a lack of green cover and rampant pollution, are experiencing an urgent need for energy-efficient cooling solutions for large spaces and structures. Centrifugal chillers have emerged as the optimal solution as these systems are optimized to produce a cooling effect much higher than the required energy input.

With the demand for high-load cooling escalating worldwide, the development of advanced chillers has gained momentum over the past few years. Several companies in the heating, ventilation, and cooling (HVAC) industry have been engineering centrifugal chillers to cater to the growing demand for energy-efficient air-conditioning solutions. For example, in December 2020, Danfoss announced that it has been expanding its Turbocor® portfolio to include the company’s maiden oil-free compressors for high-lift applications. These compressors are designed to bolster support for chillers and heat pumps and make them more efficient. Similarly, in March 2019, Trane introduced its high-speed magnetic centrifugal chillers in Mumbai, with a view to serve the country’s rising demand for sustainable solutions. The development and availability of such energy-efficient products are emerging as two of the most prominent growth drivers for this market.

Market Segmentation

Based on type, this market has been bifurcated into air-cooled and water-cooled. On the basis of tonnage, the market has been divided into less than 1000, 1000-2000, and more than 2000. In terms of industry, the market has been grouped into food & beverage, pharmaceutical, plastics, chemicals & petrochemicals, data centers, and others. By geography, the market has been segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

Market Segmentation-

Key Industry Developments

  • March 2020: DAIKIN APPLIED introduced two new chillers at AHR Expo. The Aptitude™ oil bearing centrifugal chiller and Magnitude® magnetic bearing centrifugal chiller are ultra-high efficiency chillers.
  • November 2019: Johnson Controls announced the acquisition of Synchrony. Synchrony develops Active Magnetic Bearing (AMB) technology for centrifugal chillers. This acquisition will enhance the performance and efficiency of the products sold by the company.

COVID-19 Outbreak Impact Analysis on Centrifugal Chillers Market

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

The COVID-19 outbreak has spawned widespread economic distress and uncertainty, with many industries, markets, and businesses undergoing tremendous stress. However, together, the global community can tide over these challenging times and at Fortune Business Insights™, we aim to provide precise market intelligence through extensive and intensive research into the impact of this pandemic on various businesses.

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Centrifugal Chillers Market Historical Data:

  • Industry Trends: Global Revenue, Status and Outlook.
  • Market segment: by types, by applications, by regions / geography.
  • Competitive landscape: for producers, development trends.
  • Revenue of the product for the best players: market share, growth rate, analysis of the current market situation.
  • Sales revenue: market share, growth rate, current market analysis.

Research Methodology:

We follow a robust research methodology that involves data triangulation based on top-down, bottom-up approaches, and validation of the estimated market numbers through primary research. The information used to estimate the market size and forecast for various segments at the global, regional, and country-level is derived from the most credible published sources and through interviews with the right stakeholders.

The Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.

Frequently Asked Question-

  • Which regional market will show the highest growth?
  • What are the drivers and restraints of the market?
  • What will be the CAGR and size?
  • Which are the five top players of the market

 

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