Industrial Air Chiller Market Expected to Reach $7.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Industrial Air Chiller Market," The industrial air chiller market size was valued at $4.7 billion in 2021, and is estimated to reach $7.3 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031. 

Rise in demand in the foods and beverages sector has shown a noteworthy positive effect on demand for industrial air chillers. Furthermore, improved global economic standards and rise in the automotive sector positively influence industrial air chiller market growth.

Commonly observed types of industrial air chiller are centrifugal chillers, reciprocating chillers, scroll compressor chillers, and screw driven chillers. Among these, the screw driven chillers segment accounted for the highest market share in 2021, owing to surge in number of small- and large-scale manufacturing industries. The market is analyzed with respect to different end-users such as foods & beverages, pharmaceuticals, utility & power, oil & gas and others. By function, it is divided on stationary, and transport. The market is mainly driven by rise in manufacturing industries such as automotive and plastic industry. In addition, increase in demand from the energy sector has also contributed toward growth of the industrial air chiller market. However, high installation and maintenance cost of industrial air chiller  restrains the growth of the market.

In 2021, Asia-Pacific dominated the global industrial air chiller industry, in terms of revenue, followed by North America and Europe. Moreover, the market in Asia-Pacific has increased with high CAGR, owing to rise in the pharmaceutical industry and other small and medium scale manufacturing industries.

Furthermore, on the basis of function, the stationary industrial air chiller market share is anticipated to grow rapidly during the forecast period, owing to its advantages such as large size, high efficiency, capacity, and productivity.

Key manufacturers have launched many stationary industrial air chillers. For instance, in May 2021, Carrier Global Corporation, introduced AquaForce 30XV Variable-Speed line of air-cooled screw chillers with evaporative pre-cooling feature. As claimed by the company, this new feature is expected to reduce overall power consumption of chillers and increase life and reliability of the chiller. Moreover, manufacturers such as Daikin Industries and Blue Star Limited offer a wide range of stationary industrial air chillers.

However, during the pandemic lockdown, various manufacturers in the industrial air chiller market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of industrial air chillers manufacturing companies. In addition, lack of manpower and raw materials constricted supply of raw materials for industrial air chillers; and has negatively influenced growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.

Key companies profiled in the industrial air chiller market forecast report include Airedale International Air Conditioning Ltd., Blue Star Limited, Carrier Global Corporation, Daikin Industries, Ltd., GEM Orion Machinery Private Limited, Hiver Aircon Pvt.Ltd, Jiangsu Huazhao Refrigeration Equipment CO., Ltd., Johnson Controls International PLC, Mitsubishi Electric Corporation, and Trane Technologies Company, LLC.

KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging industrial air chiller market trends and dynamics. 
• Depending on type, the screw driven chillers segment dominated the industrial air chiller market, in terms of revenue in 2021, and is projected to grow at a significant CAGR during the forecast period.
• By end user, the scroll compressor chillers segment registered highest revenue in 2021.
• LAMEA is projected to register highest growth rate in the coming years.
• Key players in the industrial air chiller market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook and industrial air chiller market opportunities.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
• In-depth industrial air chiller market analysis is conducted by constructing estimations for the key segments between 2022 and 2031