Industrial Air Chiller Market 2024 : Size, Growth Rate, Business Module, Product Scope, Regional Analysis And Expansions 2033

The Industrial Air Chiller Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Industrial Air Chiller Global Market Report 2024, The industrial air chiller market size has grown strongly in recent years. It will grow from $4.77 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. 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 $6.17 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. 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..

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.

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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

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 report table of contents includes: