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Singapore Chiller Market Share, Growth, Report, Forecast: By Type of Cooling: Water Cooled, Air Cooled; By Compressor Type: Screw Chillers, Scroll Chillers, Reciprocating Chillers, Centrifugal Chillers, Absorption Chillers; By End Use: Food and Beverage, Chemicals and Petrochemicals, Others; Competitive Landscape; 2024-2032
Singapore Chiller Market Size
The Singapore chiller market is projected to grow at a CAGR of 4.8% between 2024 and 2032. The market is being driven by the robust growth of the food and beverage and medical and pharmaceutical sectors in Singapore.
| Singapore Chiller Market Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2023 |
| Forecast Period | USD Million | 2024-2032 |
| Market Size 2023 | USD Million | XX |
| Market Size 2032 | USD Million | XX |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.8% |
| CAGR 2024-2032 - Market by Type of Cooling | Water Cooled | 5.3% |
| CAGR 2024-2032 - Market by End Use | Food and Beverage | 5.5% |
| CAGR 2024-2032 - Market by Type of Cooling | Water Cooled | 5.3% |
| CAGR 2024-2032 - Market by End Use | Food and Beverage | 5.5% |
| 2023 Market Share by Type of Cooling | Water Cooled | 61.0% |
Singapore Chiller Market Outlook
- In Singapore, the demand for cooling is expected to reach 25.4TWh by 2030, recording a growth of 66% from current levels.
- Water cooled chillers are expected to dominate the demand over the forecast period.
- The food and beverage sector is projected to become one of the main end users of chillers over 2024-2032, growing at a CAGR of 5.5%.
Singapore Chiller Market Growth
Rising global temperatures and infrastructure development are expected to compound the urban heat island effect in Singapore, which is expected to raise the demand for cooling between residential and industrial spaces substantially. By 2030, GHG emissions from cooling are expected to contribute 40% to the national emissions, thereby signifying an important need for establishing sustainable cooling mechanisms. District cooling networks, that distribute hot/cold water to various buildings through a network of underground pipes, are expected to become important over the forecast period. This is expected to drive the demand for powerful chillers, which can maximise the cooling effect, lower operational costs, and minimise carbon emissions easily.
In 2022, Singapore’s pharmaceutical sector produced products worth $19 billion for the global market. Increasing investments towards drug discovery and enhancing vaccine manufacturing capacities are expected to play a critical role in driving the demand for chillers in the country. Besides, the expansion of quality testing laboratories and storage facilities is expected to enhance the demand for high quality chillers. Hence, the medical and pharmaceutical sector is projected to grow at a CAGR of 5.2% during the forecast period of 2024-2032.
In February 2024 , food caterers’ sales recorded a year-on-year growth of nearly 40% in Singapore, with restaurants witnessing a similar trend. This is expected to contribute towards the market expansion, as chillers play a critical role in keeping food and its ingredients fresh and minimising wastage.
Singapore Chiller Industry Segmentation
Singapore 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
| CAGR 2024-2032 - Market by | Type of Cooling |
| Water Cooled | 5.3% |
| Air Cooled | XX% |
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
| CAGR 2024-2032 - Market by | End Use |
| Food and Beverage | 5.5% |
| Medical and Pharmaceuticals | 5.2% |
| Chemicals and Petrochemicals | XX% |
| Plastics | XX% |
| Others | XX% |
Singapore Chiller Market Share
Based on type of cooling, the market is divided into water cooled and air cooled. Over the forecast period of 2024-2032, water cooled chillers are estimated to grow at a CAGR of 5.3%, driven by their operational efficiency and energy-saving benefits, among others. Such coolers are typically installed indoors and boast improved production speed and flexibility as compared to their air cooled counterparts.
| 2023 Market Share by | Type of Cooling |
| Water Cooled | 61% |
| Air Cooled | XX% |
Leading Companies in the Singapore Chiller Market
Major market players are expected to adopt sustainable manufacturing practices to deliver energy efficient chillers which provide adequate heating and cooling conditions in various commercial and institutional environments.
- 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
- Midea Group Co. Ltd.
- Ebara Corp.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type of Cooling |
|
| Breakup by Compressor Type |
|
| Breakup by End Use |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Chiller Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Chiller Historical Market (2018-2023)
8.3 Asia Pacific Chiller Market Forecast (2024-2032)
9 Singapore Chiller Market Overview
9.1 Key Industry Highlights
9.2 Singapore Chiller Historical Market (2018-2023)
9.3 Singapore Chiller Market Forecast (2024-2032)
10 Singapore Chiller Market by Type of Cooling
10.1 Water Cooled
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Air Cooled
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Singapore Chiller Market by Compressor Type
11.1 Screw Chillers
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Scroll Chillers
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Reciprocating Chillers
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Centrifugal Chillers
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Absorption Chillers
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
12 Singapore Chiller Market by End Use
12.1 Food and Beverage
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Chemicals and Petrochemicals
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Medical and Pharmaceutical
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Plastics
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Value Chain Analysis
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Daikin Industries Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Carrier Global Corp.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 LG Corp.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Johnson Controls International Plc
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Trane Technologies Plc
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Smardt Chiller Group, Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Panasonic Holdings Corp.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Mitsubishi Electric Corporation
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Midea Group Co. Ltd.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Ebara Corp.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Chiller Market: Key Industry Highlights, 2018 and 2032
2. Singapore Chiller Market: Key Industry Highlights, 2018 and 2032
3. Singapore Chiller Historical Market: Breakup by Type of Cooling (USD Million), 2018-2023
4. Singapore Chiller Market Forecast: Breakup by Type of Cooling (USD Million), 2024-2032
5. Singapore Chiller Historical Market: Breakup by Compressor Type (USD Million), 2018-2023
6. Singapore Chiller Market Forecast: Breakup by Compressor Type (USD Million), 2024-2032
7. Singapore Chiller Historical Market: Breakup by End Use (USD Million), 2018-2023
8. Singapore Chiller Market Forecast: Breakup by End Use (USD Million), 2024-2032
9. Singapore Chiller Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 4.8% between 2024 and 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 chiller are food and beverage, chemicals and petrochemicals, medical and pharmaceutical, and plastics, among others.
The key market players are 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, Midea Group Co. Ltd., and Ebara Corp. , among others.
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