The global HVAC chillers market was valued at US$ 9.4 billion in 2021 and it is anticipated to grow up to US$ 14.3 billion by 2031, at a CAGR of 4.2% during the forecast period.
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HVAC chillers transfer heat away from a space that requires climate control much like a traditional split system or package unit does, but they use water (or a water solution) to do so instead of air. There are three types of HVAC chillers: water-cooled, air-cooled, and steam-fired. They work similarly throughout most of the process until the refrigerant reaches the condenser.
Market Drivers and Trends
The improving economic conditions across the globe coupled with urbanization has led to the growth in the industrial sector. There has been a rise in the construction of medical centers, malls, complexes, hotels, commercial buildings and manufacturing facilities, which propels the demand for HVAC chillers. Urbanization has changed the lifestyle of the people and increased the inclination towards safety and security.
Technological developments along with the modifications in government and organizational regulations for temperature control contributes towards the growth of the HVAC chiller market. Urbanization and growing population in European countries are driving factors for growth of chillers market in this region. Surging disposable income, temperature concerns, and spending on comfort and luxury are a few factors that drive the growth of the global HVAC chillers market.
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Major Players in the Global HVAC Chillers Market
The key players studied in the global HVAC chillers market are Airedale International (U.K.), Carrier Global Corporation (U.S.), Daikin Industries, Ltd. (Japan), Johnson Controls (U.S.), Kaltra GmbH (Germany), LG Electronics (South Korea), Mitsubishi Electric Corporation (Japan), SKM Air Conditioning (UAE), Thermal Care, Inc. (U.S.), and Trane Technologies Company, LLC (U.S.).
In 2020, the COVID-19 pandemic resulted in economic challenges owing to subsequent lockdowns. In 2020, the manufacturing industry was severely affected due to a drastic decrease in material demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities had limited the expenditure on the production of HVAC chillers worldwide. Thus, the COVID-19 pandemic negatively affected the global HVAC chillers market in 2020.
However, in 2021, the manufacturing industry started recovering from the significant labor and supply chain challenges that triggered the production of HVAC chillers.
Global HVAC Chillers Market Segmentation
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