At 5.1% CAGR, Europe Chillers Market is Projected to be Worth US$ 2,777.45 Million by 2030, says Business Market Insights
According to Business Market Insights research, the Europe chillers market was valued at US$ 1,859.54 million in 2022 and is expected to reach US$ 2,777.45 million by 2030, registering a CAGR of 5.1% from 2022 to 2030. Rising demand from various industries and increasing number of data centers are among the critical factors attributed to the Europe chillers market expansion.
Rise in the count of data centers is anticipated to drive the growth of chillers market in near future all over the world. Data centers need a lot of energy, and the main driver of data center design engineers' work is to offer reliable, energy-efficient, and cost-effective HVAC systems. The newest commercial chiller equipment provides proven reliability, competitive energy performance and integral controls in a modular package without the requirement for water. Efficiency is a crucial factor while selecting the chiller for the data center. So, when it comes to finalizing the chiller for this application, the selection of a unit having the right compressor is a primary task. In data centers, free cooling does not always need an extremely cold climate. Whenever the outdoor temperature is sufficient cold, these chillers turn off the compressors and take advantage of the favorable outdoor temperature. Now-a-days, many companies are outsourcing their data operations to the third-party providers which have got expertise in data center operations. Colocation data centers are particularly famous because they offer power, physical space, and cooling systems for local communication systems.
On the contrary, less efficiency in humid environment and high maintenance cost hamper the Europe chillers market.
Based on technology, the Europe chillers market is segmented into air-cooled, water-cooled, and steam-fired. The air-cooled segment held 51.6% share of Europe chillers market in 2022, amassing US$ 958.95 million. It is projected to garner US$ 1,396.71 million by 2030 to expand at 4.8% CAGR during 2022-2030.
In terms of type, the Europe chillers market is categorized into process chillers, scroll chillers, screw chillers, centrifugal chillers, absorption chillers, modular chillers, and reverse cycle chillers. The screw chillers segment held 39.5% share of Europe chillers market in 2022, amassing US$ 734.68 million. It is projected to garner US$ 1,142.85 million by 2030 to expand at 5.7% CAGR during 2022-2030.
Based on application, the Europe chillers market is segmented into industrial, commercial, and residential. The industrial segment held 50.4% share of Europe chillers market in 2022, amassing US$ 937.86 million. It is projected to garner US$ 1,329.35 million by 2030 to expand at 4.5% CAGR during 2022-2030.
By country, the Europe chillers market has been categorized into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 24.7% share of Europe chillers market in 2022. It was assessed at US$ 459.19 million in 2022 and is likely to hit US$ 633.38 million by 2030, exhibiting a CAGR of 4.1% during 2022-2030.
Key players operating in the Europe chillers market are LG Electronics Inc, Mitsubishi Electric Corp, Carrier Global Corp, Daikin Industries Ltd, Thermal Care, Inc, Trane Inc, Kaltra, and Airedale International Air Conditioning Ltd, among others.
In Nov 2020, Daikin has agreed a joint venture with Singapore Electric Power to supply a centralized cooling system in Singapore's first smart city. Company is also believed to have signed maintenance contract for the chillers.
In Apr 2021, rapidly expanding refrigeration and air conditioning wholesaler, TF Solutions, is stocking Mitsubishi Electric products in all its branches. These products include e-series chillers, heat pumps, air handling units etc.
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