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Chillers Industry
The global chillers market was valued at an estimated USD 9,928.3 million in 2023, with projections indicating a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030. The growth of this market is primarily driven by the increasing need for cost-effective and energy-efficient cooling solutions across commercial and industrial sectors. As industries and businesses look for more efficient ways to cool spaces and manage energy consumption, the demand for chillers is expected to rise steadily over the forecast period.
According to the U.S. Department of Agriculture (USDA), factors such as a growing population, rising consumer disposable income, and ongoing urbanization are expected to support the expansion of both the commercial and residential sectors in the U.S. during the forecast period. In the residential sector, the demand for chillers is influenced by the need for efficient and reliable air conditioning systems. Homeowners are increasingly opting for chillers with advanced technologies and smart controls that ensure precise temperature regulation while reducing environmental impact. These energy-efficient chillers help balance comfort with sustainability, making them an attractive option for modern homeowners.
In the commercial sector, the demand for chillers remains robust, particularly in industries such as hospitality, healthcare, and data centers, where maintaining optimal temperatures is critical for both occupant comfort and equipment reliability. Chillers are essential for ensuring that critical processes operate smoothly, and they play a significant role in industries that require precise temperature control.
Moreover, the growing trend toward sustainable building practices and the implementation of stringent energy efficiency standards are accelerating the adoption of chillers in both residential and commercial applications. As energy efficiency becomes a priority in construction and renovation projects, chillers are seen as a vital component for achieving energy-saving goals while maintaining comfort and operational reliability across a range of industries and sectors in the U.S.
Gather more insights about the market drivers, restrains and growth of the Chillers Market
Product Insights
Water-Cooled Chillers Dominating the Market (2023):
- In 2023, the water-cooled chillers segment captured the largest revenue share of 59.8%.
- This dominance is attributed to the compact size, high energy efficiency, and long lifespan of water-cooled chillers.
- These chillers offer a broad cooling capacity range of 10-4,000 tons, making them ideal for indoor applications.
- Water-cooled chillers are particularly suited for industrial applications with high thermal output, such as chemical plants, manufacturing facilities, and medical settings like laboratories and cleanrooms.
- They are capable of handling wide cooling loads, which are essential for industries requiring stable, large-scale cooling solutions.
Growing Demand for Air-Cooled Chillers:
- The demand for air-cooled chillers is expected to rise globally during the forecast period due to their ability to operate smoothly at extremely low temperatures.
- Air-cooled chillers do not face the operational issues that cooling towers typically encounter during the winter season, enhancing their performance in cold environments.
- Additionally, increasing global water scarcity is anticipated to drive demand for air-cooled chillers, as they do not require water for operation, making them an environmentally favorable option.
Order a free sample PDF of the Chillers Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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