Industrial Air Chiller Market Research, 2031
The global industrial air chiller market was valued at $4.7 billion in 2021, and is projected to reach $7.3 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
The global industrial air chiller market size was valued at $ 4,669.1 million in 2021, and is projected to reach $ 7,252.9 million by 2031, registering a CAGR of 4.3% from 2022 to 2031. Industrial air chillers are used for eliminating heat from various industrial processes. This is achieved by blowing ambient air via a fan around the condenser containing the heated refrigerant or fluid. Industrial air chillers primarily comprise four basic parts, which include condenser, expansion valve, evaporator, and compressor.
A large number of industrial machineries are susceptible to failing, owing to their higher operating temperatures, especially, those use in manufacturing industries. Manufacturing industries use high temperatures in many of their processes and operations such as melting, casting, and welding. Therefore, for controlling temperature of such machines and preventing them from overheating, industrial air chillers are widely used. Furthermore, the pharmaceuticals industry is witnessing a notable growth, owing to rise in elderly population and increase in number of communicable and non-communicable diseases. It uses industrial air chillers for maintaining low temperature for safe storage of drugs and other chemicals. Hence, growth in the pharmaceutical industry is expected to boost demand for industrial air chiller industry. Moreover, rapid rise in the economic standards and global population propel demand of chillers in the energy sector, especially for fuel and electricity. This has led to rise in demand for industrial air chillers in the energy sector.
Major players in the industry offer a wide range of air-cooled chillers for applications in various industries. Furthermore, they have launched new and advanced air-cooled chillers to stay competitive in the market. For instance, in March 2022, Carrier Global Corporation (UK), launched AquaForce Vision 30KAV, a new line air-cooled chiller. This new line comes with R-1234ze, which is an ultra-low global warming potential (GWP) refrigerant. This can provide cooling up to -12degree Celsius, and is applicable in food manufacturing, pharmaceuticals, chemicals, plastics, and metal industries. Moreover, business expansion strategy plays a vital role in keeping manufacturers competitive. For instance, in August 2021, Blue Star Limited, established an air-cooled chillers testing facility at their R&D center at Maharashtra, India.
The novel coronavirus had spread rapidly across various countries and regions, causing an enormous impact on lives of people and the overall community. It began as a human health condition and later became a significant threat to global trade, economy, and finance. The COVID-19 pandemic had halted production of many components of industrial air chillers due to lockdown. The economic slowdown initially resulted in reduced spending on various industrial air chillers by industrial and commercial users. However, owing to introduction of various vaccines, the severity of COVID-19 pandemic has significantly reduced. As of mid-2022, the number of COVID-19 cases have significantly reduced. This has led to full-fledged reopening of industrial air chillers manufacturing companies at their full-scale capacities. Furthermore, it has been more than two years since the outbreak of this pandemic, and many companies have already shown notable signs of industrial air chiller market growth.
Furthermore, rise in globalization and increase in internet and other remote communication technologies have significantly contributed toward rapid growth of the IT sector. Computers, servers, and other electronic machineries of the IT sector produce a high amount of heat, which hampers efficiency of the machines. Therefore, the IT sector utilizes industrial air chillers for cooling their machines. In addition, availability of industrial air-cooled chillers in a wide range of capacities and sizes makes them useful for all large- and small-scale industries. These factors are expected to drive demand for industrial air chillers.
By Type
Screw Driven Chillers segment is expected to hold a majority share of the market throughout the study period.
The industrial air chiller market forecast report is segmented into type, function, end user, and region. By type, the market is categorized into centrifugal chillers, reciprocating chillers, scroll compressor chillers, and screw driven chillers. On the basis on function, it is divided into stationary and transport. On the basis of end user, it is categorized into foods & beverages, pharmaceuticals, utility & power, oil & gas and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2021, accounting for the highest industrial air chiller market share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to increase in manufacturing activities across the region.
Competition Analysis
Key companies profiled in the industrial air chiller market report include Airedale International Air Conditioning Ltd., Blue Star Limited, Carrier Global Corporation, Daikin Industries, Ltd., GEM Orion Machinery Private Limited, Hiver Aircon Pvt.Ltd, Jiangsu Huazhao Refrigeration Equipment CO., Ltd., Johnson Controls International PLC, Mitsubishi Electric Corporation, and Trane Technologies Company, LLC.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial air chiller market analysis from 2021 to 2031 to identify the prevailing industrial air chiller market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the industrial air chiller market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global industrial air chiller market trends, key players, market segments, application areas, and market growth strategies.
Industrial Air Chiller Market Report Highlights
| Aspects | Details |
 By End User Industry |
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 By Type |
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 By Function |
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 By Region |
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 Key Market Players | Mitsubishi Electric Corporation, Trane Technologies Company, LLC., GEM Orion Machinery Private Limited, daikin industries, ltd., Hiver Aircon Pvt. Ltd., Airedale International Air Conditioning Ltd., Johnson Controls International PLC, Blue Star Limited, Jiangsu Huazhao Refrigeration Equipment CO., Ltd., Carrier Global Corporation |
Analyst Review
The industrial air chiller market witnessed a significant growth in past few years, owing to surge in number of manufacturing facilities.Rise in manufacturing industries, especially in countries such as the U.S., Canada, India, China, and Germany has led to rise in demand for industrial air chillers. In addition, growth in the foods & beverages sector in countries such as South Korea, Germany, and the U.S. has increased demand for industrial air chillers. Furthermore, scroll industrial air chiller are extensively used in small and medium scale industries; thereby, leading to rise in number of small and medium scale industries, which propels demand for scroll industrial chillers. Moreover, the stationary segment is expected to show a promising future.Integration of digital technologies is expected to reduce operating cost of industrial air chillers. In addition, introduction of low-GWP (global warming potential) refrigerant in chillers is anticipated to reduce pollution. Furthermore, rapidly rising manufacturing sector in emerging economies such as Bangladesh, Vietnam, and Indonesia are anticipated to provide lucrative opportunities for the industrial air chiller market.
Growth of pharmaceutical manufacturing and food processing industry is a major trend of Industrial Air Chiller Market.
Industrial air chillers are extensively used for cooling industrial spaces and equipment in various various industries.
Asia-Pacific is the largest regional market for Industrial Air Chiller
The Industrial Air Chiller market size was valued at $4,669.1 Million in 2021.
Airedale International Air Conditioning Ltd., Blue Star Limited, Carrier Global Corporation, Daikin Industries, Ltd. and GEM Orion Machinery Private Limited are some of the top companies to hold the market share in Industrial Air Chiller.
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
Product Launch and acquisition are the key growth strategies of Industrial Air Chiller industry players
Foods & beverages, pharmaceuticals, utility & power and oil & gas are the major end users of Industrial Air Chiller market.
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