Centrifugal Chiller Market : Growth Opportunities & Technology Developments by 2029
Around 80,000 centrifugal chillers are operating in North America alone. Centrifugal chillers are considered as the most economical chiller type for building cooling applications. A centrifugal compressor is a dynamic machine that uses the rotary action of an impeller wheel to exert a radial force on the refrigerant inside a volute. Unlike reciprocating chillers, centrifugal chillers are well suited for most applications where a large volume of refrigeration is required. Centrifugal chillers are the most widely used type of chillers, owing to their higher efficiency, few moving parts, and simple design. The power consumption of a centrifugal chiller is approximately 0.5 to 0.6 IKW/TR at ASHRAE design conditions. The power consumption of screw air-cooled chillers is almost double that of Centrifugal Chiller Market. Apart from this, the maintenance process of a centrifugal chiller is relatively simple and less expensive. As per the above-mentioned facts, the global market for centrifugal chillers is foreseen to auger well over the forecast duration.
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Global Centrifugal Chiller Market – Market Dynamics
By 2050, it is anticipated that, around 70% of the global population will live in cities, as compared to 54% today. The rapid movement of people from rural to urban areas around the world every year is one of the prominent factors that will indirectly fuel the need for centrifugal chillers. Centrifugal chillers are crucial building blocks for many HVAC systems. As the need for a better price to performance ratio is increasing, it is foreseen to fuel the demand for centrifugal chillers in the global market over the forecast period. Owing to the increasing adoption of centrifugal chillers in the worldwide market, these have become the center of attraction for many manufacturers. Numerous manufacturers are investing significantly in R&D activities and trying different technological integrations to improve the price to performance ratio of centrifugal chillers. Technologies such as oil-free magnetic bearing technology with high-efficiency heat exchanger are foreseen to witness significant adoption in centrifugal chillers in the next couple of years. Due to its multiple benefits over other types of chillers available in the market, the centrifugal chiller market is projected to witness significant growth over the forecast period.
Global Centrifugal Chiller Market – Regional Analysis
The global market for centrifugal chillers is divided into seven economies: North America, Europe, Middle East & Africa (MEA), Asia (East & South Asia), Oceania, and Latin America. As a result of increasing industrialization and growing movement of populations from rural to urban areas, the market in East & South Asia is expected to grow substantially in the foreseeable future. In North America, the market in the United States is expected to grow at a stable growth rate, owing to early adoption. However, the European F-Gas Regulation and the phasedown of high-GWP refrigerant could affect the growth of the centrifugal chiller market over the forecast period in the region. In Latin America, Mexico is projected to account for a significant share of the centrifugal chiller market in the region. The markets in the Middle East & Africa and Oceania are gaining pace at a robust rate in the global centrifugal chiller market.
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Global Centrifugal Chiller Market – Key Segments
The global market for the centrifugal chiller is segmented on building size, cooling load, cooling type, and region. Building sizes for the use of centrifugal chillers is classified as small-sized buildings, medium-sized buildings, and larger buildings. Based on cooling load, the global market for centrifugal chillers can be segmented as below 200 TR, 200 – 400 TR, and above 400 TR. Centrifugal chillers with above 400 TR are usually used for cooling applications in large buildings. According to estimates, centrifugal chillers occupy over 90% market for high 200 TR application across the globe. Based on cooling type, the centrifugal chiller market is further classified as water-cooled centrifugal chillers and air-cooled centrifugal chillers, in which, the water-cooled centrifugal chillers segment accounts for a significant share in the global market.
Centrifugal Chiller Market – Key Manufacturers
The global market for centrifugal chillers appears to be fragmented, and includes both, global and regional level players. Some of the prominent players in the global centrifugal chiller market are Daikin applied, Motivair, Trane (Ingersoll Rand), Carrier Corporation, Thermal Care, Inc, Johnson Controls (York), Artic Cool, Ltd. and many more.
The research report presents a comprehensive assessment of the centrifugal chiller market, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The centrifugal chiller market report provides analysis and information according to market segments such as geography, building size, cooling load, and cooling type.
The centrifugal chiller market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segment. The centrifugal chiller market report also maps the qualitative impact of various market factors on market segments and geographies.
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