According to Future Market Insights (FMI), the global industrial chiller market will grow at an 8.8% CAGR. The industrial chiller market is expected to be worth US$ 10,459.3 million by 2033, up from US$ 4,500.0 million in 2023. By the end of 2022, the market was worth $4,500.0 million.
Another important factor that is expected to boost the market is the increase in frozen food consumption due to the growing adoption of busy lifestyles. Process cooling is widely used in the food and beverage industries for food baking and pasteurisation. As a result, it produces a lot of heat.
Industrial chillers are also used in these critical processes to keep the equipment cool and prevent it from overheating. These chillers are expected to gain popularity in the pharmaceutical and healthcare industries due to their increasing use in cooling down the temperature of laser treatment tools, CAT scanners, and X-ray machines.
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Rising per capita income is set to enhance the standard of living across the globe, thereby resulting in high demand for leisure and comfort products such as air conditioners and refrigerators. Expansion of the healthcare and food industries is also expected to push the global industrial chiller market in the next ten years.
Key Takeaways from the Industrial Chiller Market Study:
- Europe industrial chiller market is projected to have around 32% of share in the next ten years.
- China industrial chiller market is projected to generate around 32% of share in Asia Pacific.
- North America industrial chiller market is expected to register 38% of share between 2023 and 2033.
- The global industrial chiller market exhibited steady growth at a CAGR of 9% during the historical period from 2018 to 2022.
- The U.S. industrial chiller market is anticipated to generate a share of nearly 68% during the forecast period in North America.
“Growing temperatures owing to rapidly increasing global warming is anticipated to push the demand for industrial chillers in the next ten years. Also, surging adoption of industrial chillers backed by their ability to eliminate heat from buildings and maintain internal temperature is expected to aid growth,” says a lead analyst at Future Market Insights.
Competitive Landscape: Industrial Chiller Market
Daikin Industries, Carrier Corporation, Trane Technology, Johnson Controls- Hitachi Air Conditioning, and Mitsubishi Electric Corporation are some of the leading companies in the global industrial chiller market. North America currently holds the largest market share, and this region is expected to continue to expand during the projection period. This can be mainly attributed to the rising technological enhancement in various industries.
Get Valuable Insights into Industrial Chiller Market
FMI, in its new offering, provides an unbiased analysis of the industrial chiller market presenting historical demand data (2018-2023) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for industrial chillers based on product type (absorption chillers, reciprocating chillers, scroll chillers, screw chillers), by end-users (food & beverage industries, restaurants, pharmaceuticals industries, chemical industries, cosmetic industries, rubber industries, plastics industries) across five major regions.
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Industrial Chiller Market Outlook by Category
By Product Type:
- Absorption Chillers
- Reciprocating Chillers
- Scroll Chillers
- Screw Chillers
By End User:
- Food & Beverage Industries
- Restaurants
- Pharmaceuticals Industries
- Chemical Industries
- Cosmetic Industries
- Rubber Industries
- Plastics Industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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