Industrial Air Chiller Market Size, Industry Share and Forecast, 2030

A compound annual growth rate (CAGR) of around 4.51% is expected to be achieved between 2023 and 2030, bringing the size of the global industrial air chiller market which was estimated to be worth USD 4.88 billion in 2022, to USD 6.95 billion by 2030.

The study examines the factors that are driving, posing constraints to, and affecting the demand for industrial air chillers globally during the course of the projection period. The paper also looks at new developments in the industrial air chiller market.

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Global Industrial Air Chiller Market: Overview

The air-cooled industrial air chiller is specifically designed and built for the purpose of industrial cooling. Another name for these is refrigeration systems. An industrial air chiller is an essential component of many industrial processes because it absorbs excess heat produced during the processing of liquids like oil, water coolant, or glycol. The air surrounding these air chiller devices receives this heat transfer. Applications for industrial air chillers include explosion-proofing, hydroponics, plastic processing, metal finishing, welding, explosion-proofing, water jet cutting, and many more that call for the removal of excess heat.

Global Industrial Air Chiller Market: Growth Factors

The global industrial air chiller market is growing as a result of several important factors, including growing production facilities in the sectors, rising need for process cooling in those industries, and an increase in the need for cooling systems. Industrial air chillers have a lot of benefits. Due to their availability in sizes and chilling capacities, commercial and small-scale cooling have embraced industrial air chillers with great speed. Because the industrial air chillers’ heat may be used to warm a business in the winter, they provide additional power and cost savings. Furthermore, the accessibility of movable solutions for spaces-constrained establishments and simple, less expensive installation and maintenance as opposed to The increased demand for industrial air chillers is also a result of water-cooled chillers. As a result, each of these elements is fostering the expansion of the world market. The market is expanding due to several factors, including significant investments in the food and beverage, petrochemical, and chemical industries; an increase in the use of automatic industrial air chillers; and competition among leading manufacturers to provide highly efficient industrial air chillers. Moreover, over the forecast period, technical developments in air chillers are probably going to support the expansion of the worldwide industrial air chiller market. The government’s strict laws regarding fluorinated greenhouse gases, however, might impede the expansion of the worldwide industrial air chiller industry.

The COVID-19 epidemic has had a negative impact on the market for industrial air chillers. The market is growing slowly due to a number of major challenges, including severe regulations imposed by various governments to operate in industrial facilities, limitations on transportation, and disruptions to the distribution network and service providers. Nonetheless, in light of the pandemic, the need for industrial air chillers is being driven by expanding biological research. In addition, a lot of businesses have begun operating at their full capacity globally, which is why a growth in demand for industrial air chillers is anticipated during the course of the projected year.

Global Industrial Air Chiller Market: Segmentation

The product type, application, and geographic segments of the worldwide industrial air chiller market are separated into two segments. The global industrial air chiller market is divided into several segments based on the type of product, including open-loop, closed-loop, portable, and stationary air-cooled chillers. The global industrial air chiller market is segmented into many segments based on the application, including die casting, rubber, food & beverages, chemicals, pharmaceuticals, oil & gas, and plastic.

Global Industrial Air Chiller Market: Regional Analysis

The industrial air chiller market is expected to be dominated by North America. The region’s fast industrialization rate and the well-established food and beverage, petroleum, and chemical industries’ adoption of sophisticated automatic air chillers are driving the market’s expansion. For the duration of the projection period, Europe is anticipated to provide a sizable amount of market revenue. On the other hand, the Asia Pacific market is projected to be the most profitable and to account for a sizeable portion of the worldwide industrial air chiller market.

Global Industrial Air Chiller Market: Competitive Players

Since air chillers are needed by the majority of manufacturing and processing facilities across numerous industries, the global market is extremely competitive. Johnson Controls International plc, Fujitsu General Limited, Daikin Industries, Ltd., Airedale Cooling Services Ltd., Haier Group Corporation, Mitsubishi Electric Corporation, Carrier Corporation, Midea Group, Blue Star Limited, and Ingersoll Rand Inc. are a few of the prominent companies involved in the global industrial air chiller market.

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Global Industrial Air Chiller Market: Regional Segment Analysis