Water Chillers Market Expected to Reach $8.6 Billion by 2033
The global water chillers market was valued at $6.2 billion in 2023 and is projected to reach $8.6 billion by 2033, growing at a CAGR of 3.3% from 2024 to 2033. The water chiller is used to cool water or another fluid. These systems are used for industrial, commercial, and institutional HVAC applications. Water chillers use the refrigeration cycle to cool water down to as low as 40 degrees, which is then circulated in a loop where it absorbs heat and cools air, an industrial process, etc. Basically, water chillers are an essential part of any temperature-controlled environment, from large industrial factories to small commercial office buildings.
Water chillers play a role in ensuring that ingredients, prepared foods, and perishables including meat, dairy products, and seafood remain at safe temperatures thereby minimizing the chances of food-borne illnesses. Many kinds of food such as fruits, vegetables, or even cooked dishes can be kept at cooler temperatures during storage and serving time to maintain their freshness as well as texture and taste. Water chillers offer means by which restaurants and hotels may provide suitable conditions for maintaining the quality of foodstuffs while serving them enhancing customer experience while dining out. Such factors drive the water chillers market growth.
Water chillers are used to make water, drinks, and frozen items cold to serve customers. Chilled beverages such as alcoholic cocktails, plain water, sodas, fruit juices, etc, enhance customer satisfaction which boosts the beverage sales, which in turn will positively impact the water chillers market growth. Food storage temperatures must be correctly managed to ensure food safety and prevent harmful bacteria from growing. This will lead to an increase in the water chillers market size during the forecasted period.
The majority of processes in these industries also require accurate thermal management to reach results. Chillers contribute to the stabilization of temperatures in equipment, products, and procedures, which is instrumental in securing a product’s quality, safety, and consistency. In the production of rubber, plastic, and styrene, as well as in petrochemical treatment, many equipment units like extruders, molds, reactors, and heat exchangers produce excess heat while in operation.
Water chillers are used to remove this excess heat, preventing equipment overheating, prolonging equipment lifespan, and optimizing process efficiency. Petrochemical processes involve the synthesis, separation, and purification of chemicals and petroleum products, often under controlled temperature conditions. Water chillers provide cooling for chemical reactions, distillation columns, condensers, and other process equipment, facilitating efficient production and ensuring product consistency.
Water chillers are used to dissipate heat in Medical and diagnostic devices such as MRI machines, CT scanners, laser systems, and analytical instruments. These instruments and machines generate heat during operation. The medical and research facilities require temperature and humidity control to maintain the integrity of biological samples. Additionally, the water chillers are integral components of HVAC systems that offer precise environmental control in these facilities.
The water chillers market is indeed experiencing significant growth in the Asia-Pacific owing to factors such as undergoing rapid industrialization and urbanization, investing heavily in infrastructure development, including commercial buildings, and industrial facilities, and the growing middle class in APAC countries are driving the demand for air conditioning in residential, commercial, and institutional buildings.
Key Findings of the Study
- By type, the screw chiller segment is expected to experience rapid growth in the water chillers market.
- By capacity, the >700 kW segment is projected to grow at a high CAGR during the forecast period.
- By end-user industry, chemicals & petrochemicals is the largest segment based on revenue in 2023.
- Region-wise, Asia-Pacific is the largest segment based on revenue in 2023 in the water chillers market.