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HVAC Chillers Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Type (Process Chillers, Scroll Chillers, Screw Chillers, Centrifugal Chillers, and Absorption Chillers), and Application (Commercial, Industrial, and Residential)
The HVAC chillers market is expected to grow from US$ 9,425.53 million in 2021 to US$ 12,878.92 million by 2028; it is estimated to grow at a CAGR of 4.56% during 2021–2028.
The “Global HVAC Chillers Market Analysis To 2028” is a specialized and in-depth study of the Manufacturing and Construction industry with a special focus on the global market trend analysis. The HVAC Chillers market report aims to provide an overview of the HVAC Chillers market with detailed market segmentation by product, application, and geography. The global HVAC Chillers market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading HVAC Chillers market players and offers key trends and opportunities in the market.
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HVAC Chillers play a crucial role in maintaining the required temperature of any space, machinery or equipment. HVAC Chillers remove the heat and transfer it somewhere else. These chillers can be utilized in numerous residential spaces, for example small to large size rooms, garages, basements and crawlspaces. Popularity of HVAC chillers is increasing owing to various advantages such a portability, convenience and quick and easy maintenance. Moreover, the adoption of HVAC chillers is rising in restaurants, hotels, kitchens and dining rooms to handle the concerns regarding temperature levels. Other industry verticals where these chillers are used are rubber, petrochemicals, medical, plastic, commercial office buildings, sports venues, and others.
Chillers from Arctic Chiller Group, Ltd. are installed in high-end residential complexes throughout North America, and serves as the primary air-conditioning system. The Arctic Chiller Group also serves skating facilities across the United States and Canada, through direct ice freezing, ice rink cooling and chiller maintenance. Growing aviation sector and increasing count of new commercial construction buildings drives the demand for respective chillers. According to Invest India, India’s food processing industry is one of the largest across the globe and its output is predicted to reach $535 billion by 2025-26. Thus, demand for respective chillers is also expected to increase. Screw Chillers are vapor compressor chillers that make use of a screw compressor for transporting the coolant through the system. These chillers are suitable for high rise buildings considering quiet operation, compact installation, high energy efficiency and lower maintenance costs. With growing real estate sector all over the world, requirement for screw chillers is forecasted to increase remarkably.
LG Electronics, Mitsubishi Electric Corporation, Carrier Global Corporation, DAIKIN INDUSTRIES, Ltd., Thermal Care, Inc., Trane, Kaltra, SKM Air Conditioning, Johnson Controls, Inc., and AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
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HVAC Chillers play a crucial role in maintaining the required temperature of any space, machinery or equipment. HVAC Chillers remove the heat and transfer it somewhere else. These chillers can be utilized in numerous residential spaces, for example small to large size rooms, garages, basements and crawlspaces. Popularity of HVAC chillers is increasing owing to various advantages such a portability, convenience and quick and easy maintenance. Moreover, the adoption of HVAC chillers is rising in restaurants, hotels, kitchens and dining rooms to handle the concerns regarding temperature levels. Other industry verticals where these chillers are used are rubber, petrochemicals, medical, plastic, commercial office buildings, sports venues, and others.
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.
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Impact of COVID-19 Pandemic on North America HVAC Chillers Market
The COVID-19 pandemic hit almost all industries across the world in FY 2020 due to lockdown measures imposed by various countries, which disrupted supply chain of different industries and generated a demand and supply gap in different industries. However, the HVAC chillers market is expected to regain its growth by the second quarter of 2022, according to the research study.
In North America, different industry verticals served by the HVAC and refrigeration sector have been hit at various levels by the COVID-19 pandemic. Hotels, hospitality, restaurants, and venues such as live entertainment and sports have been struggling due to concerns over contracting the virus, even after they could reopen. It is also expected that consumers will shift their spending toward alternatives such as durable goods, which, in turn, can have a positive effect on housing in the future.
The increasing number of infected individuals led governments of North American countries to close nation’s borders during Q2 of 2020. Manufacturing facilities are either temporarily shut or are operating with limited staff. Moreover, the supply chains of components and parts are disrupted. The US is the largest markets for HVAC chillers, especially due to its technologically advanced food & beverage and industrial manufacturing sectors. However, the outbreak has severely affected the production and revenue generation due to lowered production volumes across different industries. Thus, the COVID-19 pandemic continues to have a negative impact on the growth of the HVAC chillers market in North America.
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.
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