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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Europe Chiller Market Growth
The decarbonisation of various industries, including retail, data centre construction, HVAC manufacturing, food processing, and cold storage has necessitated the need for modern refrigerants, which have low global warming potential. This has prompted increasing innovations in refrigerant materials designed for commercial water-cooled and air-cooled chillers. For instance, Honeywell designed Sostice ze, a refrigerant that reduces the maintenance requirements of chillers by 20% and makes them 30% more lightweight and small as compared to ammonia-powered chillers. This is expected to enhance the energy efficiency of modern chillers and drive the market growth.
As major HVAC manufacturers like Johnson & Johnson expand their existing production capacities in Europe to meet the burgeoning demand for air conditioning systems, the sale of chillers is expected to grow significantly.
The anticipated growth of the European semiconductor industry is expected to enhance the demand for high-capacity industrial chillers, which deliver a cooling performance of nearly 10kW at temperatures below -99 degrees Celsius. The use of turbo-brayton technology for cooling is expected to boost the performance of chillers, and the use of eco-friendly refrigerants like neon is expected to enhance its consumer appeal. Over the forecast period, nitrogen and other chemically inert materials are expected to find increasing applications in chiller manufacturing, thereby fuelling the market expansion.
Europe Chiller Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached nearly USD 1.88 billion in 2023.
The market is projected to grow at a CAGR of 5.2% between 2024 and 2032.
The market is assessed to witness a healthy growth in the forecast period to reach around USD 2.96 billion in 2032.
The different compressor types in the market include screw chillers, scroll chillers, reciprocating chillers, centrifugal chillers, and absorption chillers.
The different end uses of compressors are food and beverage, chemicals and petrochemicals, medical and pharmaceutical, and plastics, among others.
The major types of cooling considered in the market include water cooled and air cooled.
The different countries covered in the market report are Germany, the United Kingdom, France, and Italy, among others.
The key market players are Daikin Industries Ltd., Carrier Global Corp., LG Corp., Johnson Controls International Plc, Trane Technologies Plc, Aermec S.p.A., Panasonic Holdings Corp., Mitsubishi Electric Corporation, Midea Group Co. Ltd., and HYDAC International GmbH, among others.
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