Industrial Air Chiller Market Size 2023-2030 Global Industrial Analysis, Market Share, Top Key Players

Industrial Air Chiller Market

The global industrial air chiller market size was worth around USD 4.88 Billion in 2022 and is predicted to grow to around USD 6.95 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.51% between 2023 and 2030.

The report analyzes the global industrial air chiller market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the industrial air chiller industry.

Global Industrial Air Chiller Market: Overview

The industrial air chiller is an air-cooled chiller that is been designed and manufactured especially for the process of industrial cooling. These are also termed refrigeration systems. Industrial air chiller plays a vital role in the industrial processes as an excess amount of heat is been absorbed by these air chillers which is generated from processing liquids such as oil, water coolant, or glycol. This heat is transferred to the air around these air chiller units. Industrial air chillers are used in a broad range of applications that requires removal of excess heat and this includes welding, metal finishing, brewery, plastic processing, hydroponics, explosion-proof, water jet cutting, and many more.

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Global Industrial Air Chiller Market: Growth Factors

An increase in demand for cooling systems, a rise in demand for process cooling in industries, and expanding manufacturing units in the industries are some of the key factors that are propelling the growth of the global industrial air chiller market. Industrial air chiller offers numerous advantages. The industrial air chiller is adopted at a speedy pace by the commercial and small scale cooling as they are available as per the capacity of chilling & size. Additional power and cost saving is been offered by the industrial air chillers as the heat ejected from these chillers can be used to warm the facility during winter. In addition to this, the availability of portable solutions for space constraint facilities and easy & cheaper installation & maintenance as compared to water-cooled chillers are also resulting in the rise in demand for industrial air chillers. Thus, all these factors are contributing to the growth of the global market. Moreover, huge investments in food& beverages, petrochemical & chemical industries, rise in adoption of automatic industrial air chiller, and competition among key players to offer highly efficient industrial air chillers are also the major factors that are fueling the growth of the market. Furthermore, technological advancements in air chillers are likely to boost the growth of the global industrial air chiller market during the forecast period. However, stringent regulations of government referring to fluorinated greenhouse gases may restrain the growth of the global industrial air chiller market.

COVID-19 pandemic has severely affected the growth of the industrial air chiller market. Major factors such as strict regulation imposed by several governments to work in the manufacturing facilities, restrictions on transportations, and disruption of distribution channel & service providers are combined contributing to the slow growth of the market. However, growing research in the biological sector in this pandemic situation is fueling the demand for industrial air chillers. Furthermore, many industries around the world have started working with full potential which is why the demand for industrial air chiller is expected to rise over the forecast period.

Global Industrial Air Chiller Market: Segmentation

The global industrial air chiller market is bifurcated based on the product type, application, and region. Based on the product type, the global industrial air chiller market is categorized into stationary air cooled chiller, portable air cooled chiller, open-loop air chiller, closed-loop air chiller, and others. Based on the application, the global industrial air chiller market is divided into pharmaceuticals, chemicals, rubber, food & beverages, plastic, die casting, oil & gas, and others.

Global Industrial Air Chiller Market: Regional Analysis

North America is anticipated to hold a maximum share in the global industrial air chiller market. Factors that are contributing to the growth of the market in this region include high rate industrialization and the adoption of advanced automatic air chillers from well-established food & beverages, petroleum, and chemical industry. Europe is expected to generate significant revenue for the market over the forecast period. However, the Asia Pacific is anticipated to be the most lucrative market and expected to contribute a significant share in the global industrial air chiller market.

Global Industrial Air Chiller Market: Competitive Players

The global market is highly competitive as most of the manufacturing and processing units in several industries require air chillers. Some of the major players operating in the global industrial air chiller market are 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.

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Global Industrial Air Chiller Market: Regional Segment Analysis