Centrifugal chillers market is anticipated to grow at a moderate CAGR of 3.5% during the forecast period (2024-2031). The market growth is driven by the rising demand of chillers in the end-user industries, such as hospitals, hotels, manufacturing plants and more. The market growth in the industrial sector is attributed to the lower energy usage and higher energy efficiencies offered by centrifugal chillers. The growing industrialization in the developing economies, due to supporting government policies is also expanding the need for thechillers. The benefits offered the chillers such as low procurement and maintenance cost, have also contributed to thedemand of chillers.
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The growth in the centrifugal chillers market is instigated by the rising adoption of cold chain infrastructure, especially in agriculture, and the food & beverage industry to sustain food, and crops for a longer duration alongside reducing the use of preservatives, and processing. For instance, India’s Integrated Cold Chain and Value Addition Infrastructure scheme promotes integrated and complete cold chain facilities without any break from the farm gate to the consumer, to reduce losses by improving efficiency in the collection of farmers’ produce, storage, transportation, and minimal processing. Both horticultural and non-horticultural produce are eligible for support under this scheme. Under this scheme, as of December 31, 2022, a cold storage capacity of 8.38 lakh MT has been created.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Centrifugal Chillers Market Report Segment
By Type
- Air Cooled
- Water Cooled
By Tonnage
- Less than 1000
- 1000 – 2000
- More than 2000
By Industry
- Food & Beverage
- Pharmaceutical
- Plastics
- Chemicals &Petrochemicals
- Data Centers
- Others (Commercial, Rubber, etc.)
Global Centrifugal Chillers Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- The Middle East and Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global centrifugal chillers market. Based on the availability of data, information related to new Type launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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