The new report by Expert Market Research titled, ‘Global Centrifugal Chillers Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global centrifugal chillers market, assessing the market based on its segments like types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.7%
The global market is expected to be driven by the use of centrifugal chillers in HVAC systems. Centrifugal chillers have been quite prominent for cooling capacities over 1000 kW in the HVAC market. Centrifugal chillers are low maintenance, have fewer moving components, and are long-lasting. Centrifugal chillers have a smaller footprint and a higher cooling capacity. Centrifugal chillers are very popular due to these characteristics. They are used for indoor installation or weather protected spaces. Centrifugal chillers are widely used as the building stock in regions that comprise large buildings, such as hotels, commercial buildings, industrial plants, university campuses, airports, and hospitals. Over the forecast period, the requirement for a better price-to-performance ratio is expected to boost the demand for centrifugal chillers in the global market.
Industry Definition and Major Segments
The rotary action of an impeller wheel exerts a radial force on the refrigerant inside a volute in a centrifugal compressor. Centrifugal chillers, unlike reciprocating chillers, are well suited for most applications requiring a significant volume of refrigeration.
By type, the market is segmented into:
• <500T
• 500-1000T
• 1000-2000T
• >2000T
Based on application, the market is divided into:
• Commercial
• Industrial
• Others
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Centrifugal chillers supply chilled water for all applications requiring large-scale cooling capability; they are a cost-effective way to cool massive structures. While centrifugal chillers might be costly, they typically have customised configurations and nearly always provide a return on investment over time. The fast-paced urbanisation is one of the key factors fuelling the sales of centrifugal chillers. These factors are aiding the growth of the overall market. Players are investing heavily in R&D, experimenting with various technological integrations to improve the price-to-performance ratio of centrifugal chillers. Oil-free magnetic bearing technology combined with high-efficiency heat exchangers is expected to achieve widespread application in centrifugal chillers in the coming years. Centrifugal chillers are expected to develop significantly throughout the forecast period due to their numerous advantages over other varieties.
Key Market Players
The major players in the market are Johnson Controls International plc, Carrier Global Corporation, Daikin Industries Ltd, Haier Group, and Trane Technologies Company, LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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