Screw Chillers Market Expected to Reach $6.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Screw Chillers Market," The screw chillers market size was valued at $4.6 billion in 2021, and is estimated to reach $6.5 billion by 2031, growing at a CAGR of 3.4% from 2022 to 2031.

Screw chillers consists of two helical slotted rotors, a convex flap and concave groove. It is housed in a fixed casing and move simultaneously. It consists of and evaporator, expansion valve, refrigerant, internal piping and controls. It used for cooling solutions in air conditioning systems as well as industrial processes. They are compact and lightweight chillers available with a cooling capacity ranging from 20 tons to 1,000 tons.

Rise in demand for process cooling in industrial applications is one of the factors driving the demand of screw chillers, due to their variable speed, environment-friendly, compact size, and minimal maintenance cost, and high energy efficiency drives the growth of the screw chillers market. In addition, it is suitable for high-rise buildings and increasing adoption of screw chillers in commercial refrigeration, increasing use of external data sources, and rapid adoption of advanced analytics and visualization are the factors contributing toward the screw chillers market growth across the globe.

Major players have adopted product launch and acquisition as a key strategy to sustain the competition and improve the product portfolio. For instance, in May 2022, Carrier launched the innovative Aqua Edge 19MV oil-free water-cooled centrifugal chiller designed to deliver reliable performance, incredible efficiency, easy installation and a wide operating range. This launch will add enrichment to its product line.

Asia-Pacific registered highest share of the global screw chillers market share in 2021, owing to Increase in industrialization and rapid urbanization in countries such as China, India, Vietnam, and Indonesia boost the growth of construction activities, which in turn leads to rise in demand for screw chillers.

However, during the COVID-19 pandemic, various manufacturers in the screw chillers market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of screw chillers companies. In addition, lack of manpower and raw materials also constricted supply of equipment of screw chillers, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of screw chillers companies.

Key Findings of the Study 

• The report provides an extensive analysis of the current and emerging global screw chillers market trends and dynamics. 
• Depending on product type, the water-cooled chillers segment has dominated the screw chillers market, in terms of revenue in 2021 and air-cooled chiller is projected to grow at a significant CAGR during the forecast period.
• By end-user industry, the chemical and petrochemical segment has registered highest revenue in 2021.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the global screw chillers market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the screw chillers industry.
• The screw chillers market forecast analysis from 2022 to 2031 is included in the report
• In-depth global screw chillers market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.