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Report Overview
The South Korea chiller market is projected to grow at a CAGR of 5.1% between 2024 and 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- In February 2024, the Korea Institute of Machinery and Materials (KIMM) developed a large-capacity ultra-low temperature chiller with zero GWP refrigerant.
- South Korea’s frozen food consumption is increasing due to the rising consumer price of vegetables, boosting the demand for chillers for storage.
- Water-cooled and air-cooled types are expected to grow at a CAGR of 5.6% and 4.6% respectively between 2024-2032.
South Korea Chiller Market Growth
The market growth of chillers can be attributed to the increasing demand for efficient HVAC systems, a rise in environmental awareness, increasing frozen food consumption, urbanization, and advancements in technology. Additionally, inverter chillers and energy-efficient chillers are gaining traction and propelling the demand of South Korea chiller market.
Prominent market players are introducing innovative chiller systems integrated with building management systems (BMS) designed for the country’s flourishing industrial, residential, and commercial facilities, to gain an edge in the market. For instance, In May 2024, LG Corp- a leader in HVAC systems launched the brand-new LG inverter scroller. It offers user-friendly features, and easy maintenance, monitoring, and analysis tools coupled with an R32 refrigerant with a relatively low global warming potential.
Moreover, ongoing research and development to achieve energy efficiency has enabled the creation of sustainable and environment-friendly alternatives to existing chiller technology and has fueled chiller demand. For instance, the Turbo-Brayton cooling system developed by Korean researchers at the Department of Energy Storage Systems in KIMM functions at ultra-low temperatures with zero GWP refrigerant, reducing greenhouse emissions. It will be further developed in the next three years for usage in different industries including semiconductors.
South Korea Chiller Market Report Snapshots
South Korea Chiller Market Size
South Korea Chiller Market Growth
*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 chiller market in South Korea is estimated to grow at a CAGR of 5.1% between 2024 and 2032.
The major drivers include in growing demand for chillers in manufacturing industries and the expansion of existing data centre facilities across the region which will increase the requirement for large air-cooled chillers.
The key trends include the demand for eco-friendly chillers, the emergence of smart inverter chillers, and the demand for energy-efficient cooling equipment.
The end-use sector are, chemicals and petrochemicals, food and beverage, medical and pharmaceutical, and plastics, among others.
The major players in the market are Daikin Industries Ltd., Carrier Global Corp., LG Corp, Daeil Co. Ltd., Trane Technologies Plc, and Mitsubishi Electric Corporation, among others.
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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124