April 27, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, April 27, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the chillers market, the rise in new commercial construction buildings is expected to propel the growth of the chillers market. Commercial buildings use chillers to remove heat from the air and help in achieving proper temperature control. Smart commercial buildings are incorporating smart technologies such as occupancy sensors, smart thermostats, and HVAC and lighting controls to help reduce energy usage in unoccupied offices, conference rooms, and other spaces. For instance, according to the American Council for an Energy Efficient Economy (ACEEE), technologies used in smart buildings can reduce energy consumption by 18% for HVAC systems, 28% for plugged equipment, and 33% for lighting. Further, according to Invest India, there is an increase in the commercial space available for buildings, with the office space absorption across India's largest 6 cities at 31.9 million sq. ft. in 2020. Therefore, the rise in new commercial construction buildings is expected to create opportunities for various players involved in the chillers market.
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The global chillers market size is expected to grow from $8.15 billion in 2021 to $8.46 billion in 2022 at a compound annual growth rate (CAGR) of 3.81%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global chillers market growth is expected to reach $10.21 billion in 2026 at a CAGR of 4.80%.
Strategic collaboration between companies is gaining popularity among the chillers market trends. Companies manufacturing or supplying the chillers are undergoing various collaborations to develop new technologies and products. For instance, in 2019, Systemair, a Sweden-based company operating in chillers providing a range of HVAC products, signed a partnership with Panasonic, a major Japanese multinational conglomerate company that develops diverse electronic products, including chillers, to develop joint integrated and sustainable HVAC solutions for commercial and residential premises.
Major players in the chillers market are Carrier Corporation, Daikin Industries, Trane Technologies Plc., Hitachi Air Conditioning Company, Johnson Controls International PLC, Thermax Limited, Smardt Chiller Group Inc., Mitsubishi Electric Corporation, Midea, LG Electronics Inc., Reynold India Pvt. Ltd., Dimplex Thermal Solutions, Dunham Group, Frigel Firenze SpA, Friulair S.R.L, HYDAC International, Thermal Care Inc., SKM Air Conditioning, MTA S.P.A, and KKT Chillers.
TBRC’s global chillers market analysis is segmented by product type into air cooled chiller, water cooled chiller; by power range into less than 50 kW, 50-200 kW, more than 200 kW; by compressor type into screw chillers, centrifugal chillers, absorption chillers, reciprocating chillers; by end-user into commercial, industrial, residential.
Asia Pacific was the largest region in the chillers market in 2021. The regions covered in the global chillers market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Chillers Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide chillers market overviews, chillers market analyze and forecast market size and growth for the whole market, segments and geographies, chillers market trends, chillers market drivers, chillers market restraints, chillers market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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