HVAC Chillers Market Analysis and Forecast to 2031: By Technology (Air-Cooled, Water-Cooled, Steam-Fired), Type (Process Chillers, Scroll Chillers, Screw Chillers, Centrifugal Chillers, Absorption Chillers), Application (Industrial, Commercial, Residential), and Region
The global HVAC chillers market was valued at US$ 9.4 billion in 2021 and it is anticipated to grow up to US$ 14.3 billion by 2031, at a CAGR of 4.2% during the forecast period.
HVAC chillers transfer heat away from a space that requires climate control much like a traditional split system or package unit does, but they use water (or a water solution) to do so instead of air. There are three types of HVAC chillers: water-cooled, air-cooled, and steam-fired. They work similarly throughout most of the process until the refrigerant reaches the condenser.
Global HVAC Chillers Market Scope and Report Structure
| Report Attribute | Details |
|---|---|
| Market Size in 2021 | US$ 9.4 Billion |
| Market Size in 2031 | US$ 14.3 Billion |
| CAGR % | 4.2% |
| Historic Period | 2015-2020 |
| Forecast Period | 2022-2031 |
| Base Year | 2021 |
| Segments Covered | Technology, Type, Application, and Region |
| Key Companies | Airedale International (U.K.), Carrier Global Corporation (U.S.), Daikin Industries, Ltd. (Japan), Johnson Controls (U.S.), Kaltra GmbH (Germany), LG Electronics (South Korea), Mitsubishi Electric Corporation (Japan), SKM Air Conditioning (UAE), Thermal Care, Inc. (U.S.), and Trane Technologies Company, LLC (U.S.) |
| Regional Scope | North America, Europe, Asia Pacific, Central & South America, Middle East & Africa |
| Analysis Coverage | Market Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments |
Market Drivers and Trends
The improving economic conditions across the globe coupled with urbanization has led to the growth in the industrial sector. There has been a rise in the construction of medical centers, malls, complexes, hotels, commercial buildings and manufacturing facilities, which propels the demand for HVAC chillers. Urbanization has changed the lifestyle of the people and increased the inclination towards safety and security. Technological developments along with the modifications in government and organizational regulations for temperature control contributes towards the growth of the HVAC chiller market. Urbanization and growing population in European countries are driving factors for growth of chillers market in this region. Surging disposable income, temperature concerns, and spending on comfort and luxury are a few factors that drive the growth of the global HVAC chillers market.
Market Restraints and Challenges
HVAC chillers require high maintenance as chilled water-cooled systems use water for transferring heat that exposes the water to a range of conditions creating scaling. Scaling is a process of accumulation of deposits on metal. It can cause corrosion as well as decrease system efficiency. Additionally, chillers are less efficient in humid conditions. To address these situations, more advanced chillers are necessary, which come at a cost. This is expected to hamper the HVAC chillers market in the coming years.
Global HVAC Chillers Market Segmental Overview
The report analyses the global HVAC chillers market based on technology, type, application, and region.
Global HVAC Chillers Market by Technology
Based on technology, it is segmented into air-cooled, water-cooled, and steam-fired. The air-cooled segment is expected to have the largest HVAC chillers market share in 2021. Air-cooled chiller utilizes the mechanical refrigeration cycle to produce chilled water and antifreeze mixture. Air-cooled chillers are common in modern systems and have growing popularity since 1980s. It can be used in various residential, commercial, and industrial application. Industrial chillers are often used in large buildings such as hotels, indoor malls, hospitals, and large industrial buildings, as well as locations that may have multiple buildings that require cooling such as outdoor malls and theme parks. Air cooled chiller cost less to install and require less maintenance compared to water cooled chiller because they have less equipment. Due to this, the air-cooled segment is expected to receive the main market attraction resulting in market growth.
Global HVAC Chillers Market by Type
Based on type, it is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. The screw chillers segment is expected to dominate the market during the forecast period. Screw chillers has a simple structure, fewer moving parts, less wearing parts, only 1/10 of the piston type, low failure rate, and long life screw compressor. Further, screw compressors screw chiller has a smooth circular motion, no surge phenomenon during the low load operation, low noise, and low vibration. Due to the abovementioned factors, the screw chillers segment is expected to dominate the market during the forecast period.
Global HVAC Chillers Market by Application
Based on application, it is segmented into industrial, commercial, and residential. The industrial segment is expected to be the largest segment in the HVAC chillers market in 2021. In industrial sector, industrial water chillers are utilized in a broad range of applications where chilled liquid or water are circulated through a process equipment. Generally, these chillers are utilized for cooling machinery and products. Water chillers are used in different applications with respect to tool and die cutting, injection molding, food and beverage, lasers, chemicals, semi-conductors, machine tool and more. With heat being the most common byproduct, no industrial machine, motor or process is 100% efficient. Removal of the heat is very important in industrial processes otherwise, it can accumulate over time and lead to reduced production times, premature equipment failure and equipment shutdowns. Thus, the industrial segment will likely hold a major market share in 2021.
Geographical Analysis of Global HVAC Chillers Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share in 2021. The U.S. and Canada contribute the most to the HVAC chillers market. Growing focus on construction of skyscrapers in Canada and Mexico has increased awareness about chilled water-cooled systems and is offering new opportunities to drive demand in the region. This, in turn, boosts the demand for HVAC chillers in the North America region.
Major Players in the Global HVAC Chillers Market
The key players studied in the global HVAC chillers market are Airedale International (U.K.), Carrier Global Corporation (U.S.), Daikin Industries, Ltd. (Japan), Johnson Controls (U.S.), Kaltra GmbH (Germany), LG Electronics (South Korea), Mitsubishi Electric Corporation (Japan), SKM Air Conditioning (UAE), Thermal Care, Inc. (U.S.), and Trane Technologies Company, LLC (U.S.).
COVID-19 Impact
In 2020, the COVID-19 pandemic resulted in economic challenges owing to subsequent lockdowns. In 2020, the manufacturing industry was severely affected due to a drastic decrease in material demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities had limited the expenditure on the production of HVAC chillers worldwide. Thus, the COVID-19 pandemic negatively affected the global HVAC chillers market in 2020.
However, in 2021, the manufacturing industry started recovering from the significant labor and supply chain challenges that triggered the production of HVAC chillers.
Recent Developments
- October 2022, Daikin Applied announced upgrades to its award-winning,100%-configurable Pathfinder air-cooled screw chiller. Already the most efficient air-cooled screw chiller on the market, these upgrades will deliver even greater energy savings in the same footprint, as well as additional flexibility with the option to add factory-installed pump packages.
- July 2022, Carrier Global Corporation has entered into an agreement with Office Partners XXIII Block G1 LLC (Office Partners) to design, build, own and operate the heating and air conditioning plant at the new FNB Financial Center in Pittsburgh. Carrier will provide a turnkey high-efficiency heating and cooling plant for the new building that will contribute to the building’s targeted LEED Silver rating. Carrier will offer cooling-as-a-service for the FNB Financial Center.
Frequently Asked Questions
Q1. How big is the HVAC chillers market?
Ans. The global HVAC chillers market size was US$ 9.4 billion in 2021 and is anticipated to reach US$ 14.3 billion in 2031, growing at a rate of 4.2% from 2022 to 2031.
Q2. What is the HVAC chillers market growth rate?
Ans. The growth rate of the HVAC chillers market is 4.2% from 2022 to 2031.
Q3. Which region holds a major market share for the HVAC chillers market?
Ans. North America holds a major market share of the HVAC chillers market in 2021.
Q4. Which segment accounted for the largest HVAC chillers market share?
Ans. Based on technology, it is segmented into air-cooled, water-cooled, and steam-fired. The air-cooled segment is expected to have the largest HVAC chillers market share in 2021.
Q5. Who are the key players in the HVAC chillers market?
Ans. The global HVAC chillers market report includes players such as Airedale International (U.K.), Carrier Global Corporation (U.S.), Daikin Industries, Ltd. (Japan), Johnson Controls (U.S.), Kaltra GmbH (Germany), LG Electronics (South Korea), Mitsubishi Electric Corporation (Japan), SKM Air Conditioning (UAE), Thermal Care, Inc. (U.S.), and Trane Technologies Company, LLC (U.S.).
Q6. What are the factors driving the HVAC chillers market growth?
Ans. The major factor driving the growth of the market is surging disposable income, temperature concerns, and spending on comfort and luxury.
Q7. What are the key growth strategies of HVAC chillers market players?
Ans. The key growth strategies of HVAC chillers market players are product launch, partnerships, and government initiatives.
Q8. Which region will provide more business opportunities for the HVAC chillers market during the forecast period?
Ans. The Asia Pacific region will provide more business opportunities for the HVAC chillers market during the forecast period.
Table of Contents
Chapter 1. HVAC Chillers Market Overview
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Limitations
1.4. Research Methodologies
1.4.1. Secondary Research
1.4.2. Market Size Estimation Technique
1.4.3. Forecasting
1.4.4. Primary Research and Data Validation
Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market
Chapter 3. Premium Insights on the Market
3.1. Market Attractiveness Analysis, by Region
3.2. Market Attractiveness Analysis, by Technology
3.3. Market Attractiveness Analysis, by Type
3.4. Market Attractiveness Analysis, by Application
Chapter 4. HVAC Chillers Market Outlook
4.1. HVAC Chillers Market Segmentation
4.2. Market Dynamics
4.2.1. Market Drivers
4.2.1.1. Driver 1
4.2.1.2. Driver 2
4.2.1.3. Driver 3
4.2.2. Market Restraints
4.2.2.1. Restraint 1
4.2.2.2. Restraint 2
4.2.3. Market Opportunities
4.2.3.1. Opportunity 1
4.2.3.2. Opportunity 2
4.3. Porter’s Five Forces Analysis
4.3.1. Threat of New Entrants
4.3.2. Threat of Substitutes
4.3.3. Bargaining Power of Buyers
4.3.4. Bargaining Power of Supplier
4.3.5. Competitive Rivalry
4.4. PESTLE Analysis
4.5. Value Chain Analysis
4.5.1. Raw Material Suppliers
4.5.2. Manufacturers
4.5.3. Wholesalers and/or Retailers
4.6. Impact of COVID-19 on the HVAC Chillers Market
4.7. Impact of the Russia and Ukraine War on the HVAC Chillers Market
Chapter 5. HVAC Chillers Market by Technology
5.1. Market Overview
5.2. Air-Cooled
5.2.1. Key Market Trends & Opportunity Analysis
5.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
5.3. Water-Cooled
5.3.1. Key Market Trends & Opportunity Analysis
5.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
5.4. Steam-Fired
5.4.1. Key Market Trends & Opportunity Analysis
5.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 6. HVAC Chillers Market by Type
6.1. Market Overview
6.2. Process Chillers
6.2.1. Key Market Trends & Opportunity Analysis
6.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
6.3. Scroll Chillers
6.3.1. Key Market Trends & Opportunity Analysis
6.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
6.4. Screw Chillers
6.4.1. Key Market Trends & Opportunity Analysis
6.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
6.5. Centrifugal Chillers
6.5.1. Key Market Trends & Opportunity Analysis
6.5.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
6.6. Absorption Chillers
6.6.1. Key Market Trends & Opportunity Analysis
6.6.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 7. HVAC Chillers Market by Application
7.1. Market Overview
7.2. Industrial
7.2.1. Key Market Trends & Opportunity Analysis
7.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
7.3. Commercial
7.3.1. Key Market Trends & Opportunity Analysis
7.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
7.4. Residential
7.4.1. Key Market Trends & Opportunity Analysis
7.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
Chapter 8. HVAC Chillers Market, by Region
8.1. Overview
8.2. North America
8.2.1. Key Market Trends & Opportunity Analysis
8.2.2. North America HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.2.3. North America HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.2.4. North America HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.2.5. North America HVAC Chillers Market Size and Forecast by Country, 2021-2031, ($Million)
8.2.6. The U.S.
8.2.6.1. The U.S. HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.2.6.2. The U.S. HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.2.6.3. The U.S. HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.2.7. Canada
8.2.7.1. Canada HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.2.7.2. Canada HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.2.7.3. Canada HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.2.8. Mexico
8.2.8.1. Mexico HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.2.8.2. Mexico HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.2.8.3. Mexico HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.3. Europe
8.3.1. Key Market Trends & Opportunity Analysis
8.3.2. Europe HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.3. Europe HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.3.4. Europe HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.3.5. Europe HVAC Chillers Market Size and Forecast by Country, 2021-2031, ($Million)
8.3.6. Germany
8.3.6.1. Germany HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.6.2. Germany HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.3.6.3. Germany HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.3.7. France
8.3.7.1. France HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.7.2. France HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.3.7.3. France HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.3.8. U.K.
8.3.8.1. U.K. HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.8.2. U.K. HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.3.8.3. U.K. HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.3.9. Spain
8.3.9.1. Spain HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.9.2. Spain HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.3.9.3. Spain HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.3.10. Italy
8.3.10.1. Italy HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.10.2. Italy HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.3.10.3. Italy HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.3.11. Rest of Europe
8.3.11.1. Rest of Europe HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.3.11.2. Rest of Europe HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.3.11.3. Rest of Europe HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.4. Asia-Pacific
8.4.1. Key Market Trends & Opportunity Analysis
8.4.2. Asia-Pacific HVAC Chillers Market Size and Forecast by Country, 2021-2031, ($Million)
8.4.3. Asia-Pacific HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.4.4. Asia-Pacific HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.5. Asia-Pacific HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.4.6. China
8.4.6.1. China HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.6.2. China HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.4.6.3. China HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.4.7. India
8.4.7.1. India HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.7.2. India HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.4.7.3. India HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.4.8. Japan
8.4.8.1. Japan HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.8.2. Japan HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.4.8.3. Japan HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.4.9. South Korea
8.4.9.1. South Korea HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.9.2. South Korea HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.4.9.3. South Korea HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.4.10. Rest of APAC
8.4.10.1. Rest of APAC HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.4.10.2. Rest of APAC HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.4.10.3. Rest of APAC HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.5. Rest of the World
8.5.1. Key Market Trends & Opportunity Analysis
8.5.2. Rest of the World HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.5.3. Rest of the World HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.5.4. Rest of the World HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.5.5. Rest of the World HVAC Chillers Market Size and Forecast by Country, 2021-2031, ($Million)
8.5.6. Latin America
8.5.6.1. Latin America HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.5.6.2. Latin America HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.5.6.3. Latin America HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.5.7. Middle East
8.5.7.1. Middle East HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.5.7.2. Middle East HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.5.7.3. Middle East HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
8.5.8. Africa
8.5.8.1. Africa HVAC Chillers Market Size and Forecast by Technology, 2021-2031, ($Million)
8.5.8.2. Africa HVAC Chillers Market Size and Forecast by Type, 2021-2031, ($Million)
8.5.8.3. Africa HVAC Chillers Market Size and Forecast by Application, 2021-2031, ($Million)
Chapter 9. Competitive Landscape
9.1. Market Overview
9.2. Market Share Analysis/Key Player Positioning
9.3. Vendor Benchmarking
9.4. Developmental Strategy Benchmarking
9.4.1. New Product Development
9.4.2. Product Launches
9.4.3. Business Expansions
9.4.4. Partnerships, Joint Ventures, and Collaborations
9.4.5. Mergers and Acquisitions
Chapter 10. Company Profiles
10.1. Airedale International (U.K.)
10.1.1. Company Snapshot
10.1.2. Financial Performance
10.1.3. Product Offerings
10.1.4. Key Strategic Initiatives
10.1.5. SWOT Analysis
10.2. Carrier Global Corporation (U.S.)
10.2.1. Company Snapshot
10.2.2. Financial Performance
10.2.3. Product offerings
10.2.4. Key Strategic Initiatives
10.2.5. SWOT Analysis
10.3. Daikin Industries, Ltd. (Japan)
10.3.1. Company Snapshot
10.3.2. Financial Performance
10.3.3. Product offerings
10.3.4. Key Strategic Initiatives
10.3.5. SWOT Analysis
10.4. Johnson Controls (U.S.)
10.4.1. Company Snapshot
10.4.2. Financial Performance
10.4.3. Product offerings
10.4.4. Key Strategic Initiatives
10.4.5. SWOT Analysis
10.5. Kaltra GmbH (Germany)
10.5.1. Company Snapshot
10.5.2. Financial Performance
10.5.3. Product offerings
10.5.4. Key Strategic Initiatives
10.5.5. SWOT Analysis
10.6. LG Electronics (South Korea)
10.6.1. Company Snapshot
10.6.2. Financial Performance
10.6.3. Product offerings
10.6.4. Key Strategic Initiatives
10.6.5. SWOT Analysis
10.7. Mitsubishi Electric Corporation (Japan)
10.7.1. Company Snapshot
10.7.2. Financial Performance
10.7.3. Product offerings
10.7.4. Key Strategic Initiatives
10.7.5. SWOT Analysis
10.8. SKM Air Conditioning (UAE)
10.8.1. Company Snapshot
10.8.2. Financial Performance
10.8.3. Product offerings
10.8.4. Key Strategic Initiatives
10.8.5. SWOT Analysis
10.9. Thermal Care, Inc. (U.S.)
10.9.1. Company Snapshot
10.9.2. Financial Performance
10.9.3. Product offerings
10.9.4. Key Strategic Initiatives
10.9.5. SWOT Analysis
10.10. Trane Technologies Company, LLC (U.S.)
10.10.1. Company Snapshot
10.10.2. Financial Performance
10.10.3. Product offerings
10.10.4. Key Strategic Initiatives
10.10.5. SWOT Analysis
*The list of company is subject to change during the final compilation of the report
Key Players
- Airedale International (U.K.)
- Carrier Global Corporation (U.S.)
- Daikin Industries, Ltd. (Japan)
- Johnson Controls (U.S.)
- Kaltra GmbH (Germany)
- LG Electronics (South Korea)
- Mitsubishi Electric Corporation (Japan)
- SKM Air Conditioning (UAE)
- Thermal Care, Inc. (U.S.)
- Trane Technologies Company, LLC (U.S.)
Global HVAC Chillers Market Segmentation
By Technology
- Air-Cooled
- Water-Cooled
- Steam-Fired
By Type
- Process Chillers
- Scroll Chillers
- Screw Chillers
- Centrifugal Chillers
- Absorption Chillers
By Application
- Industrial
- Commercial
- Residential
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East
- Africa