HVAC Chiller Market Size ($ 12,878.92M by 2028) Led by North America (4.56% CAGR) Impact of the Coronavirus Outbreak and Global Analysis and Forecast by TheInsightPartners.com

The HVAC cooler market is expected to reach $ 12,878.92 million by 2028, from $ 9,425.53 million in 2021 to grow at a CAGR of 4.56% between 2021 and 2028; while an increasing number of data centers will drive the growth of the market around the world in the near future, and the air-cooled segment had the largest market share in 2020.

New York, October 29, 2021 (GLOBE NEWSWIRE) – HVAC Coolers Market: Key Findings
According to our new research study on HVAC Coolers Market Size and Forecast to 2028 – Impact of COVID-19 and Global Analysis by Technology (Air-Cooled, Water-Cooled and Steam-Fired), Type (Process Cooler, Scroll Cooler, Screw Cooler), Centrifugal Cooler and Absorption Cooler), and Application (Commercial, industrial and residential).

Report coverage

details

Market size value in

$ 9,425.53 million in 2021

Market size value according to

$ 12,878.92 million by 2028

Growth rate

CAGR of 4.56% from 2021 to 2028

Forecast period

2021-2028

Base year

2021

number of pages

160

No tables

83

Number of diagrams & illustrations

84

Historical data available

Yes sir

Covered segments

Technology, type and application

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country area

USA, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Sales forecast, company ranking, competitive landscape, growth factors and trends

Get Exclusive Sample Pages on HVAC Coolers Market Size – COVID-19 Impact and Global Analysis with Strategic Insights at https://www.theinsightpartners.com/sample/TIPRE00014967/

HVAC Coolers Market: Competitive Landscape and Key Developments
LG electronics; Mitsubishi Electric Corporation; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd .; Thermal Care, Inc .; Tear; Kaltra; SKM air conditioning; Johnson Controls, Inc .; and AIREDALE INTERNATIONAL AIR CONDITIONING LTD. are among the main players that are profiled in this market study. Additionally, several other key market players have been studied and analyzed for a holistic view of the global HVAC Cooler market and its ecosystem.

The story goes on

In 2018, SKM Air Conditioning, one of the leading air conditioning manufacturers in the Gulf region, joined the Eurovent Middle East association. SKM is the 40th member company of the Eurovent Middle East association.

In 2019 Airedale International Air Conditioning Ltd. launched an innovative range of air conditioning chillers that are optimized for use with the R32 refrigerant with a lower GWP.

The improving global economic conditions combined with urbanization have led to the growth of the industrial sector. The construction of medical centers, shopping malls, complexes, hotels, commercial buildings, and manufacturing facilities has increased, fueling the demand for HVAC coolers. Urbanization has changed people’s lifestyles and increased the propensity for security and security. Technological developments, as well as changes in government and organizational regulations governing temperature control, are contributing to the growth of the HVAC cooler market. In 2018, health expenditure as a percentage of GDP in Japan was around 11%. The share of health expenditure in Japan’s GDP rose from 7.7% in 2004 to 11% in 2018 at an average annual rate of 2.69%. Therefore, it is expected that the demand for refrigeration machines required in the medical field will continue to increase. Urbanization and growing populations in European countries are the driving factors behind the growth of the chiller market in this region. According to the United Nations reports, urbanization in Europe is expected to increase by ~ 83.7% by 2050. According to the EEA, 75% of the EU population prefer to stay in urban areas. Rising disposable income, temperature concerns, and spending on comfort and luxury are some of the factors driving the growth of the global HVAC Cooler market.

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The Middle East and Africa is a major oil producing region around the world that includes countries such as South Africa, Saudi Arabia, and the United Arab Emirates. The COVID-19 pandemic has exposed the economies in this region to many additional challenges as most countries faced slowdowns in transportation, declines in demand for goods and disruptions in the supply chain in fiscal 2020. Additionally, the United Arab Emirates was the largest HVAC cooler market in the Middle East and Africa in FY2020, according to the research study.

The HVAC cooler market in the Middle East and Africa has been hard hit due to supply chain disruptions. In addition, as the borders of many countries across the region were closed, the supply chain of several industrial plants and components was disrupted. This has resulted in a decline in sales for HVAC cooler manufacturers and distributors who sell their products for industrial, commercial and residential applications. However, restrictions will be eased in 2021 and HVAC cooler manufacturing will gain in importance as the need for cooling in commercial and industrial facilities increases.

Developing IoT Enabled HVAC Chillers To Drive The Growth Of The HVAC Chiller Market In The Years To Come:
The initial phase of the IoT revolution is on the horizon and the IoT is leaving its mark on the heating, ventilation and air conditioning (HVAC) industries. IoT-enabled HVAC products help many customers maximize the efficiency of their HVAC systems. People in smart cities are transforming their homes into smart homes using the latest technologies and devices. The main reason for adopting advanced technologies in developed countries is the strong economic situation along with the supporting infrastructure.

In a short time, HVAC chillers will be able to tweak and change the settings themselves, with little or no human intervention. In simple terms, HVAC chillers will be able to make the required judgment by themselves according to the specific condition. TCS supports Voltas in the development of a remote monitoring system for coolers that will be able to prevent cooler failures. Intel provided its IoT gateway, TCS used its IoT framework and Voltas used its cooler expertise to jointly develop a centralized system that can remotely monitor coolers across different regions. End-to-end solutions from TCS help diagnose the real-time status of the chillers via a live dashboard, identify anomalies in the device parameters and provide notifications and warnings for the respective field technician and forecast device failures for proactive maintenance.

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HVAC Chillers Market: Overview of air-cooled HVAC chillers
The air-cooled chiller uses the mechanical refrigeration circuit to create a mixture of chilled water and antifreeze. These chillers are widely used in modern systems and have enjoyed increasing popularity since the 1980s. They can be used in a variety of residential, commercial, and industrial applications. Industrial chillers are widely used in large buildings such as hotels, shopping malls, hospitals and large industrial buildings. These chillers are also used in places such as outdoor shopping malls and theme parks where multiple buildings need cooling. Air-cooled water chillers are cheaper to install and require less maintenance than water-cooled water chillers because they have fewer equipment. The growing construction industry, along with the increasing implementation of stringent new building codes by governments around the world, particularly in China, Japan, the United States and South Korea, would drive demand for air-cooled HVAC chiller technology in the years to come. A major contribution of air-cooled HVAC chillers to reducing CO2 emissions, strict government regulations to increase energy efficiency, and increasing investments in the commercial and residential sectors are some of the factors driving market growth.

Important questions regarding the inquiry for the HVAC Cooler Market:

  • What are the reasons for the HVAC Cooler market growing?

  • What are the market opportunities for the HVAC Chiller Market?

  • Which application is likely to dominate the market in the forecast period?

  • Which technology is expected to dominate the market in the forecast period?

  • Which region is expected to dominate the HVAC cooler market during the forecast period?

  • What trends are likely to drive demand for various HVAC coolers?

About us:
The Insight Partners is a one-stop industry research provider for actionable information. We help our clients find solutions to their research needs through our syndicated and consultative research services. We specialize in industries such as semiconductors 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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