Global sales of chillers are predicted to rise at a CAGR of 2.8% from 2022 to 2032. In 2022, the global chillers market stands at a valuation of US$ 4.2 billion and is expected to reach US$ 5.5 billion by the end of 2032.
More consumers nowadays are choosing screw compressors that utilize eco-friendly refrigerants. Along with being user-friendly and low-maintenance systems, screw chillers are operated either as air freezers or water freezers through two interlocked helical rotors that compress the refrigerant.
According to Fact.MR, a market research and competitive intelligence provider, worldwide consumption of chillers is expected to increase at a CAGR of 2.8% from 2022 to 2032.
With increasing temperatures in the environment, global warming has caused many changes in recent years. A chiller removes unwanted heat from a residential, commercial, or industrial building. Hotels, restaurants, hospitals, sporting arenas, and industrial & manufacturing plants, have become essential elements of the HVAC systems.
Increasing requirement for cooling equipment in the industrial units is boosting the sales of chillers. The demand for chillers has seen continuous growth globally during the last few years.
Chillers are gaining traction globally, due to their solar cooling applications. A wide range of equipment and systems is produced, including chemicals, refrigeration equipment, air conditioning equipment, electronics, hydraulics, and defense systems.
The fast pace of modern life has caused considerable changes in eating habits. Consumers are more inclined toward frozen foods, given their convenience in carrying and cooking. That said, efficient freezing activity is essential to avoid microbe penetration in food products. This has led to the use of process chillers in the frozen food space, which is a key growth propeller for the chillers market.