HVAC Chillers Market to Grow at a CAGR of 4.56% to reach US$ 12,878.92 million from 2021 to 2028
According to our latest market study on “HVAC Chillers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Type, and Application,” the market is expected to grow from US$ 9,425.53 million in 2021 to US$ 12,878.92 million by 2028; it is estimated to grow at a CAGR of 4.56% from 2021 to 2028.
HVAC Chillers play a crucial role in maintaining the required temperature of any space, machinery or equipment. HVAC Chillers remove the heat and transfer it somewhere else. These chillers can be utilized in numerous residential spaces, for example small to large size rooms, garages, basements and crawlspaces. Popularity of HVAC chillers is increasing owing to various advantages such a portability, convenience and quick and easy maintenance. Moreover, the adoption of HVAC chillers is rising in restaurants, hotels, kitchens and dining rooms to handle the concerns regarding temperature levels. Other industry verticals where these chillers are used are rubber, petrochemicals, medical, plastic, commercial office buildings, sports venues, and others.
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Data centers need a lot of energy, and the main driver of data center design engineers’ work is to offer reliable, energy-efficient, and cost-effective HVAC systems. The newest commercial chiller equipment provides proven reliability, competitive energy performance, and integral controls in a modular package without the requirement for water. Efficiency is a crucial factor while selecting the chiller for the data center. So, when it comes to finalize the chiller for this application, the selection of a unit having the right compressor is a primary task. In data centers, free cooling doesn’t always need an extremely cold climate. Whenever the outdoor temperature is sufficient cold, the chillers turn off the compressors and take the advantage of favorable outdoor temperature. Now-a-days, many companies are outsourcing their data operations to the third-party providers, which have got expertise in data center operations. Colocation data centers are particularly famous because they offer power, physical space, and cooling systems for local communication systems. Thus, rise in the number of data centers is anticipated to drive the growth of the global HVAC chillers market in the future.
The HVAC chiller market in North America is further segmented into the US, Canada, and Mexico. Growing urbanization and ongoing economic growth have resulted in increased construction of hospitals, offices, large retails, and theaters. Governments of North American countries are encouraging the development of smart cities and expansion of airport facilities. Thus, increasing construction activities and smart city projects, and rising tourism industry are boosting the demand for HVAC chillers in the residential, industrial, and commercial sectors across the region. The US Department of Energy (DOE) is heavily investing in the improvement of energy efficiency standards throughout the country. The DOE’s mission is to ensure the security and prosperity of the US by addressing its environmental, energy, and nuclear challenges through transformative science and technology solutions. With the growing preference for adopting energy-efficiency standards, the adoption of modular chillers is also on rise in the country due to their low environmental impact. Further, continuous advancements in machine learning and the IoT are propelling the deployment of modular chillers in residential projects.