Centrifugal Chiller Market: Introduction
- The centrifugal chiller uses a vapor pressure cycle to cool the water. It removes heat collected in cold water and heat from the compressor to the water loop. The water loop is cooled by a cooling tower. They are easy to maintain and last longer. Centrifugal chillers provide high cooling power with minimal space. The centrifugal chiller system includes various components such as evaporator, compressor, condenser, and expansion device. Some centrifugal chillers use dual compressor; using two compressors in a standard refrigerator cycle significantly improves the load section of the centrifugal chiller system.
Key Drivers of the Centrifugal Chiller Market
- Centrifugal chillers are the most common cold type available in the market. Demand for these chillers is very high. The centrifugal chiller frame provides a high cooling limit with a small structure. The chillers work by using rotating impellers to pack the refrigerator and power it in the cold. Therefore, the energy requirements for these chillers is very low and highly efficient compared to other chillers. This makes the product extensively demanded in the market.
- Demand for cold water for cooling systems is expected to grow in the near future owing to the growing number of energy plants, which are one of the main buyers of centrifugal cooling systems. The growth of medical centers and schools in major cities is expected to further the need for centrifugal cooling systems. Major manufacturers in the centrifugal chiller market are focused on product development based on the growing demand of customers. For example, manufacturers are building oil-free centrifugal cooling systems as customers prefer better products with lower operating costs. Based on component, the dual compressor centrifugal chiller system is widely used in various end-use industries such as food processing and commercial buildings, as they are highly efficient and have low operating costs compared to the single compressor centrifugal chiller system.
- In developing countries, governments are investing heavily in infrastructure development in the industrial sector, which is expected to propel the demand for centrifugal chiller systems. However, the presence of replacement products such as absorption chiller, air-cooled screw chiller, and modular chiller is expected to reduce the demand for centrifugal chiller systems.
Key Opportunities of the Centrifugal Chiller Market
- Manufacturers are trying to build new highly efficient products to meet consumer demand in the market. For example, in May 2021, Dunham-Bush added an upgraded version of the Vision 2020i controller to the DCLC-D centrifugal chiller series. With advanced features such as intelligent flexible fluid control line, IGV and VFD surgical control line, flexible pressure control, and various other intelligent features, this new state-of-the-art controller is designed to use DCLC-D for high efficiency and reliability. Advanced products are thus expected to help in growth of the global centrifugal chiller market.
Key Restraints of the Centrifugal Chiller Market
- Centrifugal chillers are more expensive than conventional cooling systems. Ideally, to determine the operating costs of an industrial chiller system, consumers should consider initial setup costs, operating costs, and energy savings. Also, operating costs are not considered by operators when installing cooling systems, which leads them to purchase cheaper HVAC systems. This is a major reason why small industries opt for cost-effective and low-cost set-up solutions, which hampers the demand for centrifugal chillers and hinders the market growth.
APAC to Hold Major Share of the Centrifugal Chiller Market
- In terms of region, the global centrifugal chiller market is classified into North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- Asia Pacific is expected to hold largest share in the centrifugal chiller market and highest growth rate in the coming years. This is due to continued increase in investment by companies in the region to enhance production capacity. In addition, Asia Pacific has the largest market for various industries using centrifugal chillers, thus stimulating market growth. The region is also a large base for many key players, leading to improved market share. This is due to growing manufacturing activities in countries such as China, India, Japan, Korea, Vietnam, and Thailand. Similarly, Middle East & Africa, and South America have seen moderate growth in the market for centrifugal chillers.
Key Players Operating in the Centrifugal Chiller Market Include:
- Daikin Industries, Ltd.
- Motivair Corporation
- Trane Technologies plc
- Carrier Corporation
- Thermal Care Inc.
- LG Electronics
- Johnson Controls (York)
- Artic Cool Ltd.
- Mitsubishi Heavy Industries, Ltd
Global Centrifugal Chiller Market: Research Scope
Global Centrifugal Chiller Market: by Type
- Magnetic Bearing Centrifugal Chiller
- Conventional Centrifugal Chiller
- Oil-free Centrifugal Chiller
Global Centrifugal Chiller Market: by Component
- Single Compressor
- Dual Compressor
Global Centrifugal Chiller Market, by End-users
- Chemicals & Gases
- Food & Beverages
- Power Generation
Global Centrifugal Chiller Market, by Distribution Channel
Global Centrifugal Chiller Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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