Heating, ventilation, and air conditioning (HVAC)Chiller Market, According to latest analysis by Publisher, the global hvac air chiller market is projected to climb to USD 6,910 million by 2027-end, progressing at a CAGR of 4.4% during 2021-2027. 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.
An increase in government spending on construction building activities, requires more chillers for temperature control. This in turn is anticipated to cater to the growth of the chillers market. For instance, in December 2018, the construction industry of Spain accounted for 5.8% of country’s GDP. Furthermore, an increase in the effect of greenhouse gases produces a global warming effect globally. For instance, the total global warming effect is increased by 37% from 1990 to 2015. An increase in urbanization and surge in disposable income of people are the factors anticipated to fuel the growth of the global chiller market. For instance, urbanization in Latin America increased by 0.3% from 2018 to 2019. Moreover, surge in industrial and residential construction activities with government initiatives such as “National Infrastructure Program”, and “Nation Program on Strategies for Sustainable Smart Cities”, and others, are expected to drive the growth of the market. Rise in tourism industry at the global level has enhanced the construction of hotels and public infrastructure, where HVAC chillers can be widely utilized. Moreover, growth in skyscrapers is anticipated to fuel the growth of the HVAC chillers market as these chillers are widely used in the cooling and ventilation of skyscrapers.
Rise in the count of data centers is anticipated to drive the growth of HVAC chillers market in near future all over the world. 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 finalizing 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, this chillers turn off the compressors and take advantage of the 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.
Chiller systems benefit from AI algorithms that can detect potential failures before they take place. Predictive maintenance supports the collection and analysis of chiller system operational data to determine when maintenance actions should be taken prior to catastrophic failure. As chiller systems represent the heart of most modern HVAC systems, the prevention of catastrophic failures that produce significant “downtime” will save on emergency repair costs as well as reputation. AI is likely to minimize downtime and maximize productivity, thus creating new opportunity for the HVAC chillers market globally.
China and Japan contribute the most to the HVAC chillers market. Growing focus on construction of skyscrapers in China and Japan has increased awareness about chilled water cooled systems and is offering new opportunities to drive demand in the region. Major players such as Daikin Industries Ltd., LG Electronics, and others are engaged in offering centrifugal chiller to the market. For instance, in 2018, Daikin Industries Ltd. launched a new centrifugal oil-free water-cooled chiller with magnetic bearing technology. It has features such as low noise level, 32% energy saving, and rapid restart. It is best suitable for data center.
HVAC chillers require high maintenance as chilled water cooled systems use water for transferring heat that exposes the water to a range of conditions creating scaling. Scaling is a process of accumulation of deposits on metal. It can cause corrosion as well as decrease system efficiency. Additionally, chillers are less efficient in humid conditions. To address these situations, more advanced chillers are necessary, which come at a cost. This is expected to hamper the HVAC chillers market in the coming years. High initial investment and setup cost, fluctuation in raw material prices, and rise in demand for variable refrigerant flow (VRF) systems are anticipated to restrain the growth of the global chiller market.
The COVID-19 pandemic has had an unprecedented impact on the global economy since the first case was reported in December 2019. In the first quarter of 2020, the pandemic adversely affected the global heating, ventilation, and cooling system market growth. This is attributable to the lockdown effect across countries, such as Ireland, Germany, the U.S., China, and others. The lockdown has not only halted the manufacturing process but also reduced the customer demand for the equipment. However, the demand for air filters across residential usage, purified air supply across commercial buildings, and minimization of suffocated air over industrial areas is expected to boost the penetration of heating, ventilation, and cooling systems in the forthcoming years. Additionally, governmental bodies, such as the Federation of European Heating, Ventilation and Air Conditioning Association, ASHRAE, and others, are employing mitigation tactics that can further reduce the possibility of the system becoming contaminated with the COVID-19 virus.
The industry insights report of the Global HVAC Chiller Market, 2021-2027 helps with the successful launch of a new product. This market report efficiently collects, analyses, and evaluates information about a product or service to be offered for sale in that market. This market research report makes it easy to attain customer demographics which form the core of any business. This report studies Potential clients for the product or service and their characteristics, spending habits, location, and needs of its target market.
The report provides in-depth analysis and insights regarding the current global market scenario, latest trends and drivers into global hvac air duct market. It offers an exclusive insight into various details such as market size, key trends, competitive landscape, growth rate and market segments.
The hvac chiller market is segmented on the basis of product, application, and region. The hvac air duct market is segmented as below:
- Single Split
- Variable Refrigerant
- Asia Pacific
- North America
- Rest of the World (RoW)
The report also provides analysis of the key companies of the industry and their detailed company profiles including ALAN Manufacturing Inc., CMS Group of Companies, Ductmann Ltd., DuctSox Corporation, Hennemuth Metal Fabricators, Inc, Imperial Manufacturing Group (IMG), KAD Air Conditioning L.L.C., Lindab International AB, M&M Manufacturing, Inc., Saudi Akhwan Ducting Factory Co., Ltd., SET Duct Manufacturing, Inc., Tin Man Sheet Metal Fabrication, LLC, ZEN Industries Inc., among others.
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Historical & Forecast Period
This research report provides analysis for each segment from 2017 to 2027 considering 2020 to be the base year.
Scope of the Report
- To analyze and forecast the market size of the global hvac air duct market.
- To classify and forecast the global hvac air duct market based on product, application, and region.
- To identify drivers and challenges for the global hvac air duct market.
- To examine competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., in the global hvac air duct market.
- To identify and analyze the profile of leading players operating in the global hvac air duct market.
Why Choose This Report
- Gain a reliable outlook of the global hvac air duct market forecasts from 2021 to 2027 across scenarios.
- Identify growth segments for investment.
- Stay ahead of competitors through company profiles and market data.
- The market estimate for ease of analysis across scenarios in Excel format.
- Strategy consulting and research support for three months.
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