The water chiller market size is projected to reach USD 7.13 billion by 2026. It is set to grow remarkably stoked by the rising initiatives by the major players to bring about changes in the pre-existing models of chillers for enhancing their performances in terms of minimum sound emission and high output. Fortune Business Insights™ provided this information in a recently published report, titled, “Water Chiller Market Size, Share & Industry Analysis, By Type (Scroll, Screw, Centrifugal), By Capacity 0 – 100 Kw, 101 – 350 Kw, 351 – 700 Kw, >700 Kw), By Industry (Plastic & Rubber, Food & Beverage, Chemical & Petrochemical, Pharmaceuticals and other) and Regional Forecast, 2019-2026.” The report further mentions that the market stood at USD 5.07 billion in 2018. However, it is set to exhibit a CAGR of 4.4% during the forecast period between 2019 to 2026.
High Demand from Chemical & Petrochemical and Plastic & Rubber Industries to Fuel Growth
Water chillers consist of numerous components, namely, refrigerants such as R-22, evaporators, compressors, and condensers. They help in keeping the industrial processes in a systematic flow and prevent any disturbance in the cooling process. Additionally, water chillers are required on a large scale in the plastic & rubber industry. They aid in cooling the hot plastic that has either been blown away or extruded. The chillers are also a vital part of the chemical & petrochemical industry as they help in cooling the chemicals that flow through the pipes to eliminate the heating pressure. These factors are set to accelerate the Water Chillers Market growth in the coming years.
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Key Segments of Water Chiller Market
- Type: The market is fragmented into centrifugal, screw, and scroll water chillers. The centrifugal segment would grow astonishingly throughout the forecast period. It is likely to occur as these chillers require low maintenance and their manufacturing cost is also low. Besides, they prevent the heat from entering the chilled water. The screw segment, on the other hand, had held 47.5% Water Chillers Market share in 2018 and is expected to remain in the second position because of its ability of positive displacement. This type of chillers is used the most in the chemical & petrochemical industries, as well as plastic & rubber industries.
- Capacity (In kW): The market is segregated into 0 – 100, 101 – 350, 351 – 700, and >700. Out of these, the 351 – 700 kW segment is expected to exhibit the highest growth fueled by the rising number of shipments. The 0 - 100 kW segment is likely to be in the second position because of the highest number of shipments. However,>700 and 101 – 350 kW segments would exhibit moderate and low growth, respectively.
- Industry: The market is divided into pharmaceuticals, plastic & rubber, chemical & petrochemical, food & beverage, and others (metal forming, etc). The plastic & rubber segment is anticipated to exhibit the highest growth stoked by the persistent demand for plastic products across the world. Apart from that, the rising adoption of water chillers in this industry would boost growth. The food & beverage segment would remain in the second position owing to the increasing utilization of low temperature to cool freezing food items immediately before storing. The chemical & petrochemical industry would exhibit moderate growth backed by the rising demand for chillers for cooling chemicals and hot oil. Lastly, the pharmaceuticals segment would experience a steady growth on account of the requirement of chillers for manufacturing and testing drugs.
- Region: The market is categorized into the Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. Asia Pacific is set to exhibit the highest CAGR because of the expansion of the industrial sector. This growth is attributable to the increasing consumption of frozen food and rising awareness programs regarding energy-efficient products. Europe is anticipated to showcase a rapid growth by gaining a considerable Water Chiller Market revenue because of the rising technological developments of the existing product line, as well as refined efficiency of chillers. North America would grow significantly because of the increasing adoption of water chillers in the petroleum and food & beverage sectors. Latin America and the Middle East and Africa are set to grow considerably because of the rising demand for water chiller products from the petroleum industry in Argentina and Brazil.
Key Players Focus on Unveiling New Chillers to Broaden Product Line
The market consists of various companies that are persistently focusing on expanding their product line, enhancing energy-saving performance, and reducing the cost. For that, they are keeping up with the latest Water Chillers Market trends and launching unique products.
Fortune Business Insights™ lists out all the reputed companies present in the Water Chiller Market. They are as follows:
- Daikin Industries, Ltd.
- Johnson Controls
- Thermax Global
- Hitachi, Ltd.
- Toshiba Machines Co Ltd.
- Carrier Corporation
- Panasonic Corporation
- Robert Bosch LLC
- Blue Star Limited
- Other key market players
Key Industry Developments
- March 2019: Trane launched Genyue5+, the advanced 5th generation full DC inverter variable refrigerant flow (VRF) systems. At the same time, it expanded its product portfolio by unveiling its high speed magnetic centrifugal chillers (HSWA).
- January 2018: Johnson Controls introduced YORK YZ magnetic bearing centrifugal chiller, the first fully optimized chiller for ultimate performance. It is equipped with low global warming potential refrigerant R-1233zd (E).
The Water Chiller Market can be segmented in the following manner:
Value (USD billion)
By Capacity (In Kw)
- 0 - 100
- 101 - 350
- 351 - 700
- Plastic & Rubber
- Food & Beverage
- Chemical & Petrochemical
- Other (Metal Forming, etc.)
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, and the Rest of Europe)
- Asia Pacific (China, India, South Korea, and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and the Rest of Latin America)