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The Europe - chiller market size is forecast to increase by USD 1.07 billion, at a CAGR of 6.43% between 2023 and 2028. The market growth analysis depends on several factors such as the growing demand for frozen food, the increase in a number of data centers, and the rising need for district cooling.
The report includes a comprehensive outlook on the Europe Chiller Market, offering forecasts for the industry segmented by Product Type, which comprises water cooled chiller and air cooled chiller. Additionally, it categorizes Type into screw chillers, scroll chillers, centrifugal chillers, and others. The market report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Europe Chiller Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The frozen food category is one of the premium categories under the umbrella of convenience food. It offers the convenience of having seasonal fish, fruits, and vegetables year-round. In the last few years, the consumption of frozen food has witnessed a gradual growth across regions, mainly due to hectic lifestyles and work schedules compelling consumers to opt for frozen fruits and vegetables for daily consumption. The frozen food industry is rapidly growing in the region as these products are not limited to seasonal demand and are available throughout the year.
In addition, factors such as the growing share of private labels, increasing shelf life of frozen foods, changing eating habits, ongoing technological advances such as the advent of cryogenic freezing technology that helps preserve the natural flavor, quality, nutritional value, and texture of the food, and raised investments in frozen food processing plants owing to increased consumption is expected to drive the growth of the Europe chiller market during the forecast period.
Factors such as the growing need to improve the reliability and performance of chillers, minimize downtime, and reduce overall maintenance costs have led to the emergence of smart connected chillers. This is one of the recent developments in the global chillers market, which is transforming the way chillers are being serviced and maintained. In addition, with the adoption of smart connected chillers, end-users can predict breakdowns or inefficiencies in performance, thereby ensuring fewer disruptions, reduced downtime, and longer equipment life.
For example, smart connected chillers from Johnson Controls International Plc connect equipment data to the cloud, providing unprecedented insight into operations, efficiency, and maintenance. Moreover, it is estimated that data-enabled smart chillers from Johnson Controls International Plc can cut unplanned and emergency repairs by up to 66%, while predictive algorithms can reduce mean repair time by 65%. Hence, the advent of smart connected chillers will boost the growth of the chiller market in Europe during the forecast period.
High-efficiency chillers that meet energy efficiency and environmental standards tend to have higher upfront costs. The adoption of technologies like variable-speed compressors and low-GWP refrigerants contributes to better performance but can increase the initial investment. Chillers equipped with advanced technologies, like smart controls, Internet of Things (IoT) capabilities, and advanced diagnostics, are often more expensive. The costs associated with installing chillers, including labor, materials, and any necessary infrastructure modifications, can contribute significantly to the overall investment.
Furthermore, the industry's transition to low-GWP refrigerants, driven by environmental regulations, can lead to increased costs. The development and integration of alternative refrigerants that comply with regulations result in higher upfront expenses, which, in turn, will impede the growth of the Europe chiller market during the forecast period.
The water cooled chiller segment will account for a major share of the market's growth during the forecast period.? Water-cooled chillers are known for their high efficiency in heat removal. Water is an excellent heat transfer medium, and the cooling process is often more efficient compared to air-cooled systems. Water-cooled chillers are typically more effective in high ambient temperatures. Water has higher heat transfer capabilities compared to air. As a result, water-cooled chillers can achieve better heat transfer rates, leading to more efficient cooling of equipment and processes.
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The water cooled chiller segment was valued at USD 1.40 billion in 2018.?Moreover, water-cooled chillers can be more energy-efficient than air-cooled alternatives. The water-cooling process can be more effective in removing heat, resulting in potential energy savings over the long term. For instance, water-cooled chillers from Daikin Industries Ltd. deliver great quality, efficiency, and energy savings. It is used for applications such as air conditioning, industrial-type process cooling, and large-scale district heat source systems. Thus, these factors will drive the growth of the water cooled chiller segment and boost the growth of the Europe - chiller market during the forecast period.
Based on type, the market has been segmented into screw chillers, scroll chillers, centrifugal chillers, and others. The screw chillers?segment will account for the largest share of this segment.?Screw chillers are known for their high efficiency in converting electrical energy into cooling. The screw compressor design allows for smooth and continuous operation, contributing to energy savings. Screw chillers typically feature excellent capacity control, allowing them to adapt to varying cooling loads. Moreover, screw chillers are known for their compact design, allowing for easier installation and integration into existing spaces. This is particularly advantageous when space is limited. Hence, such factors will drive the growth of the screw chillers segment and boost the growth of the Europe - chiller market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Daikin Industries Ltd., Danfoss AS, FlaktGroup Holding GmbH, Haier Smart Home Co. Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Kaltra GmbH, Kirloskar Group, LG Electronics Inc., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Modine Manufacturing Co., Nortek, Panasonic Holdings Corp., Regal Rexnord Corp., Samsung Electronics Co. Ltd., Systemair AB, and Trane Technologies Plc
Technavio Europe chiller market forecast the in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The Europe chiller market analysis and report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Europe Chiller Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.43% |
Market Growth 2024-2028 |
USD 1.07 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.11 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, FlaktGroup Holding GmbH, Haier Smart Home Co. Ltd., Honeywell International Inc., Ingersoll Rand Inc., Johnson Controls International Plc, Kaltra GmbH, Kirloskar Group, LG Electronics Inc., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Modine Manufacturing Co., Nortek, Panasonic Holdings Corp., Regal Rexnord Corp., Samsung Electronics Co. Ltd., Systemair AB, and Trane Technologies Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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