Europe Industrial Chillers Market
Growing Demand for Industrial Chillers from Pharmaceutical and Food & Beverages Industries to Fuel Industrial Chillers Market Growth During Forecast Period
Europe continues to be the largest exporter of food and beverages in the world. As per the data from FoodDrinkEurope 2023, the food & beverages industry generated a turnover of US$ 1.2 trillion, making the industry one of the largest manufacturing industries in the European Union. The demand for food products is increasing with the rise in population, which boosts the requirement for industrial machinery in Europe. Such machinery requires industrial chillers to maintain the temperature within the desired limit as well as help minimize energy consumption.
The pharmaceutical sector growth is growing with the rise in investment and expansion of the industry across different countries in Europe. As per the data from the European Commission, in the last quarter of 2023, numerous investments have been made in pharmaceutical production facilities. While the European economy lost momentum in 2023 due to high living costs, weak external demand, and monetary constrictions. However, there is significant potential for growth in the coming years. According to the European Commission, European Union GDP growth is expected to increase by 1.3% in 2024. As the economic outlook improves in 2024, major pharmaceutical companies are increasing their investments in European manufacturing infrastructure. For instance, in November 2023, Novo Nordisk, a Danish pharmaceutical company, announced that it plans to invest in expanding its production facilities in Denmark. Furthermore, Novo Nordisk invested US$ 2.3 billion to extend its manufacturing facility located in Chartres, France. Therefore, the developments in the pharmaceutical and food & beverages industry drives the Europe industrial chillers market growth.
Europe Industrial Chillers Market: Industry Overview
The Industrial Chillers market is segmented on the basis of chillers type, process, and application. By type, the market is divided into the air-cooled chillers and water-cooled chillers. Based on process, the Europe industrial chillers market is bifurcated into continuous flow chillers and immersion chillers. Based on application, the Europe industrial chillers market is segmented into food & beverage processing, medical equipment, industrial manufacturing, and others.
The Europe industrial chillers market is segmented into France, Germany, Italy, the UK, and the Rest of Europe. Western Europe is a highly developed region and is home to different types of companies. Europe has a well-established manufacturing industry that utilizes cutting-edge technologies, such as the Internet of Things (IoT), Industry 4.0, and the Industrial Internet of Things (IIoT). With a rise in technological advancements, Europe has become a highly competitive market. Europe is one of the most important chemical and food & beverage manufacturers across the globe. The presence of leading manufacturers across the region is driving the demand for industrial chillers in industrial operations.
Since Russia invaded Ukraine, the energy sector has gained significant importance in Europe due to the need for energy security and the EU’s commitment to achieving net zero emissions. To bolster energy security and meet emission reduction goals, the EU has proposed producing 10 million metric tons of renewable hydrogen domestically and importing an additional 11 million metric tons by 2030. Hence, to run the machineries required in producing hydrogen is expected to increase the need for cooling systems in the coming years. Thus, the rising need to reduce energy consumption by utilizing the industrial chillers in cooling down the machineries is anticipated to boost the Europe industrial chillers market growth during the forecast period.
The growth of manufacturing industries such as metal, plastics, rubber, chemicals, pharmaceuticals, oil & gas, food & beverages, etc. is expected to fuel the demand for industrial machinery, which will fuel the demand for heating and cooling systems. As per the data from the European Steel Association EUROFER, the European Union produces ~168 million tons of steel per year. In terms of plastics production, in 2023, the European Union accounted for nearly 14% of the total plastics production worldwide and ranked third in the world as per the data from Plastics Europe. Europe accounted for the second largest chemical producer in the world, generating a revenue of US$ 800 million in 2022, as per the data from Cefic Chemdata International. Similarly, the dominance of the European Union in exports of products such as chemicals, food & beverages and others, with an increase in investment towards the expansion of manufacturing plants, is anticipated to boost the Europe industrial chillers market growth during the forecast period.
Europe Industrial Chillers Market: Competitive Landscape and Key Developments
Cosmotec, Pfannenberg Group Holding GmbH, Daikin Industries Ltd, Aggreko, MTA SpA, Johnson Controls, HYFRA Industrial Cooling Systems GmbH, and Frigel Firenze SpA, among others are among the leading players profiled in the industrial chillers market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The industrial chillers market report provides detailed market insights, which help the key players strategize their market growth. As per the company press releases, a few key developments are mentioned below:
- The Glen Dimplex Group announces the acquisition of Hyfra Industriekühlanlagen GmbH. Founded in 1981, Hyfra is one of the most experienced providers of customized, reliable and high-quality process cooling. This further strengthens the Glen Dimplex Precision Cooling division of the Glen Dimplex Group and expands its global presence.
(Source: Glen Dimplex Group, Press Release, November 2023 2024)
- The energy-saving and F-gas-compliant DTFS series is anticipated to complement the Pfannenberg cooling equipment portfolio in the future. The DTFS cooling units are suitable for external installation on the door or side, as well as for full integration. The series is available in three performance classes and two sizes to cover a variety of customer needs. With their compact design, the units fit into narrow housing shapes with a door width of 400 mm, which enables space-saving machine planning and construction.
(Source: Pfannenberg Group Holding GmbH, Press Release, July 2024)
