HVAC Chillers Market: Introduction
Buildings require air conditioning. Smaller buildings manage through A/C units; however, once the building reaches a certain size it becomes cost-effective to use a centralized system. Centralized systems use “chillers” which are essentially giant A/C units, but they work differently because of their size. Heating, ventilation, and air conditioning (HVAC) chillers are refrigeration systems that provide cooling for industrial and commercial applications. Chillers generate chilled water that provides air conditioning in buildings. Roof top chillers usually are air cooled whereas basement chillers are water cooled. Water cooled chillers use cooling towers whereas air cooled chillers use blow air across their condenser, much like an A/C unit, to disperse the unwanted heat into the atmosphere.
Key Drivers of the HVAC Chillers Market
- Increased preference for district cooling systems in many industries and high-rise buildings is a major driver of the HVAC chillers market. District cooling, also known as centralized production and distribution of cooling energy, is replacing traditional air cooling systems as it is more cost effective and energy efficient.
- Rise in tourism industry at the global level has enhanced the construction of hotels and public infrastructure, where HVAC chillers can be widely utilized. Moreover, growth in skyscrapers is anticipated to fuel the growth of the HVAC chillers market as these chillers are widely used in the cooling and ventilation of skyscrapers.
AI (Artificial Intelligence) applications such as predictive maintenance creating opportunities in the HVAC chillers market
Chiller systems benefit from AI algorithms that can detect potential failures before they take place. Predictive maintenance supports the collection and analysis of chiller system operational data to determine when maintenance actions should be taken prior to catastrophic failure. As chiller systems represent the heart of most modern HVAC systems, the prevention of catastrophic failures that produce significant “downtime” will save on emergency repair costs as well as reputation. AI is likely to minimize downtime and maximize productivity, thus creating new opportunity for the HVAC chillers market globally.
High maintenance cost and less efficiency during humid conditions - restraints of the HVAC chillers market
HVAC chillers require high maintenance as chilled water cooled systems use water for transferring heat that exposes the water to a range of conditions creating scaling. Scaling is a process of accumulation of deposits on metal. It can cause corrosion as well as decrease system efficiency. Additionally, chillers are less efficient in humid conditions. To address these situations, more advanced chillers are necessary, which come at a cost. This is expected to hamper the HVAC chillers market in the coming years.
Asia Pacific the largest growing market
China and Japan contribute the most to the HVAC chillers market. Growing focus on construction of skyscrapers in China and Japan has increased awareness about chilled water cooled systems and is offering new opportunities to drive demand in the region.
Key Players Operating in the Global Market
Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the HVAC chillers market are:
- Johnson Controls
- LG Electronics
- SKM Air Conditioning LLC
- Thermal Care, Inc.
- JIANGSU SHUANGLIANG ECO-ENERGY CO.LTD.
- Thermionics Corporation
- Mitsubishi Electric
- Daikin Industries
HVAC Chillers Market: Research Scope
HVAC Chillers Market, by Product Type
- Centrifugal chillers
- Scroll chillers
- Screw chillers
HVAC Chillers Market, by End-use
HVAC Chillers Market, by Cooling Type
- Air Cooled
- Water Cooled
HVAC Chillers Market, by Distribution Channel
HVAC Chillers 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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- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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