The global industrial chiller market is expected to grow at a CAGR of 8.8%. The industrial chiller market is projected to reach a valuation of US$ 10,459.3 Million by 2033 from US$ 4,500.0 Million in 2023. The market stood at US$ 4,500.0 Million by the end of 2022.
Another important factor that is anticipated to boost the market is the growing adoption of busy lifestyles along with rising frozen food consumption. In the food and beverage industry, process cooling is widely used in the pasteurisation and baking of food. As a result, it produces a lot of heat.
These important procedures also make use of industrial chillers to regulate temperature and prevent overheating of the machinery. These chillers are expected to become very popular in the pharmaceutical and healthcare sectors as a result of an increase in their use for lowering the temperature of laser treatment equipment, CAT scanners, and X-ray machines.
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Global living standards are expected to improve as per capita income rises, which will increase demand for leisure and comfort goods like refrigerators and air conditioners. In the following ten years, growth in the healthcare and food industries is also anticipated to drive the global industrial chiller market.
Key Takeaways from the Industrial Chiller Market Study:
- Europe industrial chiller market is projected to have around 32% of share in the next ten years.
- China industrial chiller market is projected to generate around 32% of share in Asia Pacific.
- North America industrial chiller market is expected to register 38% of share between 2023 and 2033.
- The global industrial chiller market exhibited steady growth at a CAGR of 9% during the historical period from 2018 to 2022.
- The U.S. industrial chiller market is anticipated to generate a share of nearly 68% during the forecast period in North America.
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“Growing temperatures owing to rapidly increasing global warming is anticipated to push the demand for industrial chillers in the next ten years. Also, surging adoption of industrial chillers backed by their ability to eliminate heat from buildings and maintain internal temperature is expected to aid growth,” says a lead analyst at Future Market Insights.
Competitive Landscape: Industrial Chiller Market
Daikin Industries, Carrier Corporation, Trane Technology, Johnson Controls- Hitachi Air Conditioning, and Mitsubishi Electric Corporation are some of the leading companies in the global industrial chiller market. North America currently holds the largest market share, and this region is expected to continue to expand during the projection period. This can be mainly attributed to the rising technological enhancement in various industries.
Get Valuable Insights into Industrial Chiller Market
FMI, in its new offering, provides an unbiased analysis of the industrial chiller market presenting historical demand data (2018-2023) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for industrial chillers based on product type (absorption chillers, reciprocating chillers, scroll chillers, screw chillers), by end-users (food & beverage industries, restaurants, pharmaceuticals industries, chemical industries, cosmetic industries, rubber industries, plastics industries) across five major regions.
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Industrial Chiller Market Outlook by Category
By Product Type:
- Absorption Chillers
- Reciprocating Chillers
- Scroll Chillers
- Screw Chillers
By End User:
- Food & Beverage Industries
- Restaurants
- Pharmaceuticals Industries
- Chemical Industries
- Cosmetic Industries
- Rubber Industries
- Plastics Industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
About Us:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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