Green building projects and third-party data centers are among the significant trends creating promising opportunities for the chiller market players. Also, the growing investments in various developing countries of the Middle East & Africa creates immense scope for specific HVAC chillers required in commercial, industrial, and residential spaces. Concerns such as global warming and climatic changes are also contributing to the chiller market growth. In Europe, hotels, restaurants, resorts, cafeterias, food and beverage processing plants, multiplexes, etc., are expected to be major consumers of HVAC chillers in the coming years.

Considering summer heat, long sticky days, high humidity, nighttime temperatures, and mold, Japan generates a high demand for chillers. Australia’s changing weather represents a considerable challenge to communities, individuals, businesses, governments, and the industrial sector. The country has already witnessed a rise in average temperatures for the past 60 years. These conditions drive the sales of residential and commercial chillers in Australia. Malaysia, Singapore, the Philippines, Thailand, and Bangladesh are among the major countries contributing to the chiller market growth in Asia Pacific.

Considering climate conditions, the UAE is the country that will need a high count of chillers in the coming years.

The chiller market share is segmented based on technology, type, application, and geography. The market, based on technology, is sub segmented into air-cooled, water-cooled, and steam-fired. On the basis of type, the market is sub segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. The chiller market share, by application, is sub segmented into commercial, industrial, and residential.

Chiller Market Analysis: Type Overview

Compared to other chillers, screw chillers have excellent part-load and full-load kW/ton efficiencies. Generally, with higher noise levels in the lower frequency octave bands, screw compressors are louder compared to scroll compressors. The screw chiller functions on screw compressors, and generally, very less space is needed to install them in residential and commercial buildings. The screw chiller is very efficient with regard to function as per the building capacity, and it never overcools the internal building space or internal environment. Usually, the source of coolant is water, and it has higher efficiency of cooling as compared to the air. The water which is there inside the compressor reduces the vibration effects of the plant. The functioning of the screw chiller does not create much noise within the long run or short run functioning. Screw chiller compressor has very a much smaller number of spare parts, and owing to this, maintenance work is significantly less. These chillers are perfect for high-rise buildings.

Chiller Market: Competitive Landscape and Key Developments

Danfoss; Carrier Global Corporation; DAIKIN Industries, LTD; Johnson Controls; Kaltra; LG Electronics; Mitsubishi Electric Corporation; SKM Air Conditioning; Trane Technologies Inc; and Thermal Care, Inc. are among the key chiller market players profiled during this study. In addition, several other important chiller market players have been studied and analyzed during the study to get a holistic view of the chiller market and its ecosystem.

Year	News	Region
November 2022	Drake Refrigeration, Inc. introduced its new Cannabis extraction chillers at the 11th Annual MJBizCon event at the Las Vegas Convention Center. The new chillers help maintain fluid temperatures as low as -20°F to -40°F.	North America
October 2022	Mitsubishi Electric Corp announced that it had launched a new air-source chiller, which was developed in the Italian factory. This new R32 air-cooled chiller is highly efficient and operates using R32 refrigerant, which has a lower GWP of 677.	Asia Pacific
February 2022	LG Electronics Inc announced the launch of the LG Inverter Scroll Heat Pump Chiller (ISHPC). It provides high performance and increased efficiency in the heat pump air-cooled chiller category.	Asia Pacific
Jan-2022	Thermal Care, Inc. announced the launch of a new chiller, the Accuchiller TCFW375. It is specifically designed for ice rink applications and has efficiencies of both hybrid film evaporator and Turbocor TTH375 high lift variable speed centrifugal compressor.	North America