Water Chillers Market Revenue, Top Companies, Report 2032

Water Chillers Market Revenue and Opportunity

The global water chillers market revenue was valued at USD 5.96 billion in 2023 and is poised to grow from USD 6.12 billion in 2024 to USD 7.91 billion by 2032, at a CAGR of 3.20% during the forecast period 2023 - 2032. The rising demand for centralized air conditioning in manufacturing companies to balance the optimum temperature is expected to drive the growth of the water chillers market.

Water Chillers Market Statistics

Market Overview

The water chillers market deals with the industry, which includes sales, distribution, and manufacturing of cooling systems such as water chillers. These systems are made to remove heat from a liquid and offer chilled water for several residential, commercial, and industrial applications. The market shows a competitive landscape with various players providing a good range of water chiller products.

The increasing focus on sustainability and energy efficiency, rising customization options, and technological advancements in water chillers are anticipated to enhance the market growth. In addition, increasing emphasis on remote monitoring and digitalization for enhanced maintenance and operational efficiency, increasing demand for energy-efficiency cooling solutions across industries, and increasing emphasis on green certifications and sustainable building practices are further attributed to the growth of the water chillers market during the forecast period.

  • The increasing growth in industrial applications such as pharmaceuticals, food and beverages, and manufacturing drives the growth of the market.
  • The rising demand for HVAC systems and the increasing growth of the construction industry are expected to drive market growth.
  • The growing infrastructure development and emerging markets are anticipated to enhance the water chillers.

The growing emphasis on sustainability and energy efficiency to fuel the market growth

Due to the increased focus on energy efficiency and sustainability, the market for water chillers is expanding rapidly. In recent times, environmental awareness and energy conservation have become paramount, and water chillers have become crucial tools for preserving cold in institutional, industrial, and commercial settings. These settings are becoming increasingly inviting to organizations and businesses because they offer perfect temperature control while reducing the carbon footprint, operating expenses, and environmental impact.

The significance of green certifications and sustainability, such as BREEAM and LEED, creates lucrative opportunities for water chillers. These systems help meet sustainability goals and contribute to energy-efficient building designs. These factors are expected to enhance the growth of the water chillers market.

However, economic uncertainty and downturn may restrain the market growth. The uncertainties and economic downturns can challenge the demand for water chillers. Consumers and businesses may reduce or delay investments in cooling systems during periods of economic instability, causing a decline in market growth. In addition, budget constraints and reduced construction activity can impact installment projects and new installations. Market players must negotiate uncertainties and economic fluctuations to explore strategies and maintain market stability to hinder the impact of economic downturns.

In addition, the implementation of strict environmental regulations, such as high global warming potential refrigerators and restrictions on ozone-depleting substances, are expected to restrain the growth and demand for the water chillers market.

Water Chillers Market Highlights

Report Attribute Key Statistics
Market Revenue in 2024 USD 6.12 Billion
Market Revenue by 2032 USD 7.91 Billion
Market CAGR 3.20% from 2023 to 2032
Quantitative Units Revenue in USD million/billion, Volume in units
Largest Market Asia-Pacific
Base Year 2023
Forecast Period 2024 to 2033
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

The Water Chillers Market Top Companies

  • Dimplex Thermal Solutions
  • Metso
  • Hitachi, Ltd.
  • Cooler Master
  • LG Electronics
  • Johnson Controls International PLC
  • Thermax Limited
  • Trane Technologies plc
  • Midea Group Co., Ltd.
  • Carrier Global Corporation
  • Daikin Industries Ltd.
  • Mitsubishi Electric Corporation

Recent Innovation in the Water Chillers Market by Cooler Master

  • In March 2024, a leading PC component manufacturer, Cooler Master, launched its first ATX ‘MAX’, the TD500 MAX. It provides high-end equipment and a thoughtful design to make it a lot easier to build a high-end Gaming PC with the cooling it needs. The aim behind this launch was to build cable management, power supply, and water cooling.

Recent Innovation in the Water Chillers Market by Metso

  • In February 2024, Metso launched a crossflow rotary cooler to improve energy efficiency and decrease water consumption in pyro-processing plants. The aim behind this launch was to tackle challenges such as infrastructure, utilities, and performance. Metso has been supplying and designing rotary equipment like coolers and dryers.

Regional Insights

Asia Pacific dominated the water chillers market in 2023. The increasing demand for cooling solutions in residential and commercial buildings and HVAC systems, rising sustainability in the region, and increasing focus on energy efficiency are expected to enhance the market growth in Asia Pacific. Some businesses and organizations are adopting eco-friendly and energy-efficient cooling solutions, which may enhance the demand for advanced water chillers. China, India, Japan, and South Korea are the major leading countries in the Asia Pacific region.

India and China are the major countries that sell water chillers and have the largest market share. India has various manufacturers and suppliers of water chillers, such as Dry Chill Industries India Pvt. Ltd. This is the leading ISO Certified manufacturer of moisture filters, refrigerated air dryers, air cool chillers, air cool water chillers, and industrial chillers in India, trusted brand since so many years.

EVR Power is also the leading water chiller manufacturer and builds the best water chillers in India. EVR Power’s water chillers offer various features, such as excellent performance, splendid design, superior reliability, and high energy efficiency. These are the major factors, and leading manufacturers are expected to drive the growth of the water chillers market in the Asia Pacific region.

Europe is expected to observe the fastest expansion during the forecast period. Europe is the leading region for a diverse range of data centers, food and beverages, pharmaceuticals, and manufacturing, all of which are based on water chillers for accurate temperature control in their procedures. In addition, the industrial and commercial sectors need cooling solutions, which are expected to drive the market demand. Europe has various water chiller suppliers and manufacturers, such as Carrier, which is a water-cooled liquid chiller. These chillers are designed to address future regulations for energy efficiency. They utilize the latest Carrier technologies with centrifugal and screw compressors up to 10,500 kW available with HFO and HFC refrigerators. These factors are anticipated to accelerate the growth and demand for the water chillers market in the European region.

Market Potential and Growth Opportunity

Growing ongoing innovations in chiller technology

The increasing continuous advancements in water chiller technology offer the water chiller industry a sizable scope of opportunity. Not only are these advancements driving the market’s growth, but they are also improving the adaptability, capability, and effectiveness of water chiller systems. In addition, manufacturers and researchers are always creating chiller systems with improved Coefficient of Performance (COP) ratings and Seasonal Energy Efficiency Ratio (SEER). These are the major opportunities for water chillers that are expected to drive the growth and demand for the water chillers market in the coming future.

Water Chillers Market News

  • In April 2024, the manufacturer of smart water coolers for commercial environments, Bevi, launched the Black Countertop Smart Water Cooler. This advanced water cooler was an internet-connected device. Bevi provides customers with the most sophisticated point-of-use water dispenser.
  • In July 2022, Daikin launched larger capacity water-cooled chillers with the introduction of the DWDC C series of centrifugal compressor water-cooled models. These new water-cooled chillers are available in a choice of abilities between 1,500 and 2,500 kW. This range has been established to reduce operating costs and optimize energy efficiency.

Market Segmentation

By Type

  • Absorption Chiller
  • Screw Chiller
  • Scroll Chiller
  • Centrifugal Chiller
  • Reciprocating Chiller
  • Others

By Capacity

  • 0-100 kW
  • 351-700 kW
  • >700 kW
  • 101-350 kW

By End User Industry

  • Food and Beverage
  • Plastics and Rubber
  • Healthcare
  • Chemicals and Petrochemicals
  • Others

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