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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.
  •  PolyScience
  • Bluebox
  • 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
  • Others

HVAC Chillers Market, by End-use

  • Commercial
  • Industrial

HVAC Chillers Market, by Cooling Type

  • Air Cooled
  • Water Cooled

HVAC Chillers Market, by Distribution Channel

  • Online
  • Offline

HVAC Chillers Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

The report on the HVAC chillers market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Hvac Chillers Market