According to our latest market study on " Chiller Market Forecast to 2030 –Global Analysis – by Chiller Technology, Technology and Application," the market is expected to grow from US$ 9,972.06 million in 2022 to US$ 1,4870.70 million by 2030; it is anticipated to grow at a CAGR of 5.1% from 2022 to 2030.

The initial stage of the IoT revolution is on the horizon, and IoT is making its mark on the heat, ventilation and air conditioning (HVAC) industry. IoT enabled HVAC products are helping many customers to maximize the efficiency of their HVAC systems. People in smart cities are transforming their houses into smart homes with latest technologies and devices. The crucial reason behind the adoption of advanced technology in developed countries is the strong economic condition along with supportive infrastructure, which is driving the chiller market growth.

In short period of time, HVAC chillers will be able to fine-tune and make changes in settings for themselves, with lesser or no human input at all. In simple words, HVAC chillers will be able to make the required judgment as per the specific condition on their own. TCS is helping Voltas in developing a remote chiller monitoring system which will be able to prevent the chiller breakdowns. Intel deployed their IoT gateway, TCS made use of their IoT framework and Voltas leveraged their chiller expertise for jointly developing a centralized system which can monitor chillers remotely across distinct geographies.

The top five global chiller market players included Daikin Industries, Ltd., Johnson Controls International plc, Trane, LG Electronics, and Mitsubishi Electric Corporation in 2021. The ranking of these companies is derived by giving weightage to the following key performance parameters: overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Various other notable chiller market players profiled in this report are Danfoss; Carrier Global Corporation; Kaltra; Mitsubishi Electric Corporation; SKM Air Conditioning; Thermal Care, Inc. etc.

Key Findings of Market Study:

The chiller market share in Europe is sub segmented into France, Germany, Russia, Italy, the UK, and the Rest of Europe. Western European countries are more developed and technologically advanced than Nordic and Eastern European countries. The chiller market growth in the region is largely attributed to the growing demand for HVAC chillers in hotels, restaurants, food and beverages industry, office buildings and medical centers. The rising adoption of green building technologies is further expected to fuel the chiller market growth in Europe. The green buildings are known to have energy-efficient operations, lower carbon footprints, and reduced environmental impact, which is encouraging residential and commercial developers, and governments to invest in this technology. Subsequently, the demand for HVAC systems is expected to increase with the rise in application of renewable energy for heating and ventilation of premises. The surge in demand for frozen food, increase in number of data centers, and high demand for district cooling, coupled with growing application areas of scroll chillers across the industrial sector, is further contributing to the chiller market growth in Europe. Furthermore, the rising consumption of wines in Europe such as Australian wines, growth in the number of grocery stores, and surge in food delivery services is expected to drive the chiller market share in Europe. Continuous proliferation of the tourism industry in Europe also adds to the demand for district cooling systems such as HVAC chillers in new hotels and public infrastructure construction projects.

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