The global water chiller market was valued at USD 5 billion in 2019 and is estimated to reach USD 7 billion by 2026, expanding at a CAGR of around 4 % during the forecast period, 2020–2026. Use of environment friendly products, increase in cooling process applications, growing industrialization, and increasing concern over energy efficiency are the main factors driving the growth of the market. Over the past few years global water chiller market has witnessed many advancements. Water chillers are widely accepted and preferred owing to their high energy efficiency. Globally growing use of water chillers in solar cooling applications is influencing the growth of the market. Recently, the consumption of water chillers has shown considerable growth and is in developing stage in many emerging countries.
Water chillers are mechanical devices that are used to cool water by removing heat from it. Water chillers consists of water-cooled condensers that are connected with the cooling tower. Where there is water available in abundance, water chillers are installed internally. Compared to the air conditioners, water chillers are more efficient. The main reason for this efficiency is that the thermal conductivity of water is 23 times more than air.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing adoption of energy efficient cooling systems in water chillers is fuelling the growth of the market.
- High thermal conductivity is the major factor driving the growth of the market.
- Demand for water chillers is growing due its low maintenance cost of operation.
- Increasing need to improve the industrial process for smooth functioning of the industry may propel the growth of the market.
- Continuous advancements in technology to make the water chillers more efficient is expected to contribute to growth of the market during the forecast period.
- Factors such as small space requirement and vibration less operation are influencing the growth of the market.
- Slow growth rate in developed market such as North America and Europe may act as a restrain to the growth of the market.
Major companies in the global water chiller market include Thermax Global, Trane, Toshiba Machines, Blue Star Limited, Hitachi, Panasonic Corporation, Daikin Industries, Johnson Controls, and Robert Bosch LLC. The competition in the global water chiller market is highly intense and competitors use strategies such as collaborations, ventures, partnerships, acquisitions, and agreements to gain new market share. Companies are using strategies such as enhanced energy saving performance, predatory pricing, and expansion of their product portfolio to remain competitive in the market.
The global water chiller market has been segmented on the basis of
- Chemical & Petrochemical
- Food & Beverage
- Medical & Pharmaceutical
- Asia Pacific
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Water Chiller Market Overview
- Global Water Chiller Market Analysis and Forecast by Type
- Global Water Chiller Market Analysis and Forecast by Application
- Global Water Chiller Market Analysis and Forecast by Sales Channel
- Global Water Chiller Market Analysis and Forecast by Region
- North Water Chiller Market Analysis and Forecast
- Latin Water Chiller Market Analysis and Forecast
- Europe Water Chiller Market Analysis and Forecast
- Asia Pacific Water Chiller Market Analysis and Forecast
- Middle East & Africa Water Chiller Market Analysis and Forecast
- Competition Landscape
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