Australia Chiller Market Size, Share and Growth Analysis - Report Forecast Trends and Outlook (2024-2032)

Australia Chiller Market Growth

The chiller market is poised for significant growth due to several factors such as growing environmental concerns, increased consumption of frozen food, demand for efficient storage systems, and continuous innovation in chiller technology. Additionally, there is increased emphasis on manufacturing energy-efficient chillers to conserve energy and reduce global warming-causing emissions, which is a key trend of Australia chiller market.

Rapid automation in industries such as food and beverages has fueled the demand for smart connected chillers that can aid operations through data-driven insights in real-time and analytics to improve performance and reduce downtime. Constant improvisation in technology by prominent players is propelling market growth in Australia. For instance, in July 2023, Daikin Industries Ltd. introduced a third-generation R32 scroll chiller equipped with an increased capacity range of 1,012kW. It displays superior performance and has a smaller footprint. The availability of different types of chillers for industry-specific usage is another factor boosting Australia chiller market expansion. For instance, the pharmaceutical sector uses reciprocating, centrifugal, and screw-driven chillers in their operations.

Moreover, the government has taken several initiatives to promote energy efficiency and more sustainable chiller systems. For instance, the Heating, Ventilation and Air Conditioning High-Efficiency Systems Strategy (HVAC HESS) has been devised to facilitate long-term improvements in the energy efficiency of HVAC systems including chillers across the country in the next ten years.

Key Trends and Recent Developments

Extreme warm and cold climate, rising urban population, increase in household disposable income, and growing preference for eco-friendly products are accelerating the Australia chiller market value.

April 2024

Carrier, a major chiller supplier in Australia, launched a new range of high-performing chillers designed specifically for data centres. They minimize energy use and carbon emissions while optimizing operation costs. Besides, the chillers are available in capacities from 400kW to 2100 kW with extremely low global warming potential (GWP) refrigerant HFO R-1234ze(E). Further, they also possess an ultra-fast recovery system, which in the event of a power cut, can resume 100% cooling output within two minutes of power restoration, ensuring that cooling is always maintained in data centres.

March 2024

Mitsubishi Heavy Industries Thermal Systems Ltd., a leading distributor of chillers in Australia added the new “Hydrolution PRO” series of air-cooled heat pump chillers to its product line in the European market. This series consists of three models with capacities of 50kW, 75kW, and 100kW respectively, designed to perform various applications such as cooling or heating in residential, office, industrial, and IT settings.

November 2023

Trane, a leading supplier of chillers in the Australian market announced a new line of Aries N air-to-water chillers under the brand Trane Technologies. The Aries N is a new generation of chillers featuring natural refrigerant, providing a viable alternative for high global warming potential (GWP) HFC or NH3 chillers, especially in terms of comfort and installation processes. The chillers use R-290 (propane) natural refrigerant which ensures thermodynamic and energy efficiency within cooling capacities between 175 kW to 335 kW.

July 2023

Daikin Australia launched its third generation Air Cooled R32 Scroll Chillers with various new and improved features, including an extended capacity of up to 1012 kW. Moreover, they are available in two efficiency versions with EER up to 3.368 and IPLV up to 5.165, besides three sound configurations. Overall, these new-gen chillers have an extended operation envelope and occupy a smaller footprint compared to their previous versions.

Extreme Climate Increasing Chiller Consumption in Australia

Australia, being a tropical nation, has extreme climates increasing the necessity for heating and cooling chillers across residential, industrial, and commercial settings. The temperature ranges between the highest record of around 50 °C and the lowest record of around −23.0 °C. With the effects of climate change increasing gradually, the need for efficient chillers is growing, propelling market growth.

Growing Urban Population Fueling Chiller Demand Growth

Chillers have a high consumption rate in urban residential settings, increasing their overall demand in the Australian market. According to the World Bank, the country’s urban population has been witnessing a growing trend over the past few years. Between 2021 and 2023 the population rose by 1% in comparison to Australia’s total population, accounting for 87% of the overall share. With a growing urbanization trend, Australia is expected to witness a major demand growth for chillers in the coming years.

Rising Disposable Income Drives Revenue Growth

A rise in disposable income is encouraging individuals to invest in efficient, durable, and branded chillers which can serve a longer lifespan. According to the Australian Bureau of Statistics, the gross disposable income per household increased by 3.7% between 2021-22. A further rise is expected owing to the growing GDP of the nation, resulting in a sharp growth of the Australia chiller market revenue.

Growing Concerns of Environment Sustainability Raising Demand for Eco-Friendly Chillers

With climate change becoming a major phenomenon and cause of concern in Australia, buyers are increasingly inclined towards purchasing eco-friendly chillers, including chillers which use renewable sources such as solar, hydro, and wind energy for power generation, chillers with recirculating technology, and those using natural refrigerants. With increasing environmental awareness, the demand for such eco-friendly chillers is expected to rise in the future.

Australia Chiller Industry Segmentation

“Australia Chiller Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type of Cooling

• Water Cooled 
• Air Cooled 

Market Breakup by Compressor Type

• Screw Chillers 
• Scroll Chillers
• Reciprocating Chillers
• Centrifugal Chillers
• Absorption Chillers

Market Breakup by End Use

• Food and Beverage
• Chemicals and Petrochemicals
• Medical and Pharmaceutical
• Plastics
• Others

Market Breakup by Region

• New South Wales
• Victoria
• Queensland
• Australian Capital Territory
• Western Australia
• Others

Australia Chiller Market Share

Based on end use, the market is primarily bifurcated into food and beverage, chemicals and petrochemicals, medical and pharmaceuticals, and plastics. Australia's chemicals and petrochemicals sector holds a significant position in terms of the market as chillers prevent overheating of equipment, help maintain product quality, and control temperature during chemical and separation processes. Other sectors also deploy chiller systems on a large scale for smooth functioning. Furthermore, as a result of the growing need for chemicals and petrochemicals, new production facilities are being built and existing ones are being expanded, which increases the need for chillers and other cooling equipment.

Leading Companies in Australia Chiller Market

Market players continuously improve chiller technology to meet regulatory standards and the government’s vision for sustainability.

• Daikin Industries Ltd.
• Carrier Global Corp.
• LG Corp
• Johnson Controls International Plc
• Trane Technologies Plc
• Smardt Chiller Group, Inc.
• Panasonic Holdings Corp.
• Mitsubishi Electric Corporation
• Others