Market Size –
The industrial air chiller market size has grown strongly in recent years. It will grow from <b>$4.77 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. </b> The growth in the historic period can be attributed to incentives and rebates, geopolitical factors, maintenance practices, industry demand shifts, refrigerant regulations.
The industrial air chiller market size is expected to see strong growth in the next few years. It will grow to <b>$6.17 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. </b> The growth in the forecast period can be attributed to adoption of renewable energy, after-sales services, resilience to climate change, investment in r&d, replacement cycle, urbanization and infrastructure development. Major trends in the forecast period include energy efficiency, environmental regulations, demand from end-use industries, urbanization and infrastructure development, focus on precision cooling.
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Scope Of Industrial Air Chiller Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Industrial Air Chiller Market Overview
Market Drivers –
The rising growth of the pharmaceutical industry is expected to propel the industrial air chiller market growth going forward. Pharmaceuticals are the companies that are involved in the manufacture and sale of drugs used for medical use. Industrial air chillers are used for the safe storage of medicines, drugs, and other chemicals in the pharmaceutical industry, so the growth of pharmaceuticals would propel the market. For instance, in August 2021, according to Office For National Statistics, a UK-based government department, in the UK, the manufacture of pharmaceuticals increased by US$1.12 billion (8%) to a total of US$15.25 billion in 2020. Therefore, the rising growth of the pharmaceutical industry is driving the growth of the industrial air chiller market.
Market Trends –
Product innovation is a key trend gaining popularity in the industrial air chiller market. Major companies operating in the industrial air chiller market are focused on developing innovative products to strengthen their position. For instance, in March 2021, Mitsubishi Electric, a Japan-based manufacturer of electronic products launched the R32 version of e-series air-cooled chillers. They are available in 150kW and 180kW units and it is expected to allow connection to six units to provide a total capacity of 1080kW. It has unique properties including internal headers and low-temperature ambient loop heat network solutions. The cooling version has been employed with high-efficiency inverter compressors and is expected to improve aluminum microchannel and heat exchange coils.
The industrial air chiller market covered in this report is segmented –
1) By Type: Centrifugal Chillers, Reciprocating Chillers, Scroll Compressor Chillers, Screw Driver Chillers
2) By Function: Stationary, Transport
3) By End User Industry: Food And Beverage, Pharmaceutical, Utility And Power, Oil And Gas, Other End User Industries
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Regional Insights –
North America was the largest region in the industrial air chiller market in 2023. The regions covered in the industrial air chiller market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the industrial air chiller market report are Johnson Controls International PLC, Mitsubishi Electric Corporation, Daikin Industries Ltd., Trane Technologies Company LLC, Carrier Global Corporation, Blue Star Limited, Airedale International Air Conditioning Ltd., Hiver Aircon Pvt. Ltd., GEM Orion Machinery Private Limited, Jiangsu Huazhao Refrigeration Equipment Co. Ltd., Fujitsu General Limited, Haier Group Corporation, Midea Group, Ingersoll Rand Inc., Panasonic Holdings Corporation, Hitema International S.r.l., HYDAC Technology GmbH, KKT chillers Inc., Lennox International Inc., LG Electronics Inc., MTA S.p.A., Multistack LLC, Parker-Hannifin Corporation, Process Cooling Systems Inc., Reynold India Pvt. Ltd., Rittal GmbH & Co. KG, Shanghai Shenglin M&E Technology Co. Ltd., Sterling HVAC Products, Thermal Care Inc., YORK International Corporation
Table of Contents
1. Executive Summary
2. Industrial Air Chiller Market Report Structure
3. Industrial Air Chiller Market Trends And Strategies
4. Industrial Air Chiller Market – Macro Economic Scenario
5. Industrial Air Chiller Market Size And Growth
…..
27. Industrial Air Chiller Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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