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The Vietnam chiller market is projected to grow at a CAGR of 5.20% between 2024 and 2032.
Growing infrastructural development in Vietnam, the rise of end-use sectors such as food and beverage and manufacturing, and increased demand for cooling systems in residential and commercial sectors are some of the prominent market drivers that are expected to positively influence the Vietnam chiller market dynamics and trends in the future.
Vietnam's tropical climate, known for its high temperatures and humidity, requires effective cooling solutions in different industrial sectors, leading to an increased demand for chillers. Additionally, the growing number of infrastructure facilities is also aiding in the market development. Furthermore, increased efforts by the government to encourage the growth of smart cities are anticipated to enhance the demand for energy-efficient cooling solutions such as chillers.
Advancements in chiller technology such as the development of energy-efficient and eco-friendly chillers are some of the crucial trends in the market as these innovations can reduce the operational costs of chillers and ensure compliance with environmental regulations. Hence the sales of chillers are witnessing significant growth and increasing the Vietnam chiller market revenue.
Growth of end consumer sectors, a surge in demand for air conditioning and refrigeration, and an increasing number of government initiatives are expected to shape the chiller demand growth.
May 2024
Climaveneta Chat Union Refrigeration Equipment Vietnam, a joint venture between Chat Union and Mitsubishi Electric Japan, has opened in Vietnam, introducing advanced HVAC solutions.
November 2023
The National Central Cooling Company also known as Tabreed is planning to expand its Asian footprint as it sees a significant growth in the cooling services demand in the region with booming markets like Vietnam, Thailand and Indonesia.
August 2023
IBC announced that it would host a series of international events on HVACR, cleanroom and high-tech manufacturing with the Vietnam Society of Refrigeration and Air Conditioning Engineers (VISRAE) from October 26-28. This series of events was set to be hosted in Tu Son, Bac Ninh, Vietnam.
September 2022
Roche Pharma Viet Nam, a division of Swiss multinational healthcare company Roche said it has installed six R290-based chillers to provide cooling for its new plant in Long An Province, Vietnam. The project is the first known of this kind in the Asian country.
Rapid industrialization and modernisation
With the rapid expansion of manufacturing industries, particularly those of food & beverages and pharmaceuticals as well data centers have been driving the chiller demand as energy saving is of paramount importance. Vietnam is undergoing rapid urbanisation and construction of new commercial spaces like shopping malls, office buildings and hotels which is increasing the demand for effective cooling solutions.
Growth of end consumer sectors
Growing food and beverage and pharmaceutical industries in Vietnam have opened up a lot of opportunities for the cooling systems which use chiller as an important element. These are industries that demand strict standards and quality adherence with regards to temperature controlling, so that the product or service is not affected. The development of tourism and hospitality sector in Vietnam is also propelling the demand for chillers. Chillers are in great demand for hotels, resorts and other entertainment industries.
Surge in demand for air conditioning and refrigeration
As per Vietnam chiller industry analysis, in H1 2024, Vietnam’s Gross Domestic Product (GDP) grew by 6.42% on a year-on-year basis. The rising incomes in Vietnam combined with the high economic growth have both led to more and more people buying air conditioning systems and refrigeration systems for their houses and businesses. This has been a key factor in propelling the chiller market sales, due to the greater need for air conditioners and refrigeration units.
Increasing number of government initiatives
To tackle environmental pollution and increase efficiency in power consumption, the Vietnamese government is encouraging buildings that use cooling systems operating on green energy supply. This is being accomplished through initiatives like the Vietnam Green Cooling Programme operated by the Vietnamese Energy and Environment Consultancy (VNECC). In addition, the country has imposed more stringent requirements for the coefficient of performance (COP) of chillers. This ensures that only the most efficient cooling systems are produced and utilized leading to reduced energy consumption and pollution.
“Vietnam 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
Market Breakup by Compressor Type
Market Breakup by End Use
Based on end use, the market is divided into food and beverage, chemicals and petrochemicals, medical and pharmaceutical, and plastics, among others. The food and beverage sector occupies a substantial market share to meet the rising demand for processed and packaged goods both locally and internationally. Additionally, the demand for chillers is on the rise as several large-scale production facilities in Vietnam seek efficient and dependable cooling solutions.
The market participants are producing eco-efficient chillers to reduce their operational costs.
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:
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Breakup by Type of Cooling |
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Breakup by Compressor Type |
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Breakup by End Use |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*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 Vietnam Chiller Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Chiller Historical Market (2018-2023)
9.3 Vietnam Chiller Market Forecast (2024-2032)
10 Vietnam 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 Vietnam 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 Vietnam 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 Panasonic Holdings Corp.
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 Mitsubishi Electric Corporation
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 Ebara Corp.
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 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. Vietnam Chiller Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Chiller Historical Market: Breakup by Type of Cooling (USD Million), 2018-2023
4. Vietnam Chiller Market Forecast: Breakup by Type of Cooling (USD Million), 2024-2032
5. Vietnam Chiller Historical Market: Breakup by Compressor Type (USD Million), 2018-2023
6. Vietnam Chiller Market Forecast: Breakup by Compressor Type (USD Million), 2024-2032
7. Vietnam Chiller Historical Market: Breakup by End Use (USD Million), 2018-2023
8. Vietnam Chiller Market Forecast: Breakup by End Use (USD Million), 2024-2032
9. Vietnam Chiller Market Structure
The market is estimated to grow at a CAGR of 5.20% between 2024 and 2032.
The market is being driven due to growing infrastructural development in Vietnam, the rise of end-use sectors such as food and beverage and manufacturing, and increased demand for cooling systems in the residential and commercial sectors.
The key trends aiding the market include Vietnam's tropical climate requiring effective cooling solutions in different industrial sectors, increased efforts by the government to encourage the growth of smart cities, and advancements in chiller technology.
Based on the type of cooling, market segmentations include water cooled and air cooled.
Various end uses are food and beverage, chemicals and petrochemicals, medical and pharmaceutical, and plastics, among others.
The major players in the market are Daikin Industries Ltd., Carrier Global Corp., LG Corp., Johnson Controls International Plc, Trane Technologies Plc, Panasonic Holdings Corp., Mitsubishi Electric Corporation, and Ebara Corp., among others.
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