Europe HVAC Chillers Market
Market Introduction
The HVAC chiller market in Europe is sub segmented into France, Germany, Russia, Italy, the UK, and the Rest of Europe. Western European countries are more developed and technologically advanced than Nordic and Eastern European countries. The market growth in the region is largely attributed to the growing demand for HVAC chillers in hotels, restaurants, food and beverages industry, office buildings and medical centers. The rising adoption of green building technologies is further expected to fuel the market growth in Europe. The green buildings are known to have energy-efficient operations, lower carbon footprints, and reduced environmental impact, which is encouraging residential and commercial developers, and governments to invest in this technology. Subsequently, the demand for HVAC systems is expected to increase with the rise in application of renewable energy for heating and ventilation of premises. The surge in demand for frozen food, increase in number of data centers, and high demand for district cooling, coupled with growing application areas of scroll chillers across the industrial sector, is further contributing to the HVAC chillers market growth in Europe. Furthermore, the rising consumption of wines in Europe such as Australian wines, growth in the number of grocery stores, and surge in food delivery services is expected to drive the growth of the HVAC chillers market in Europe. Continuous proliferation of the tourism industry in Europe also adds to the demand for district cooling systems such as HVAC chillers in new hotels and public infrastructure construction projects.
Countries in Europe, especially France and Russia, are highly affected due to the COVID-19 outbreak. The COVID-19 pandemic had a greater impact on European industries than the 2008–2009 industrial crisis. The industrial sector in the region reported lower production levels in 2020 than those recorded in 2019. Several industries in Europe faced downfall in the second quarter of 2020, compared with second quarter of 2019. The pandemic reduced operations of the construction sector in the region, which involves commercial and industrial construction. Disrupted supply chains along with high demand from food & beverage facilities across the regions are expected to be a few of the major effects across the Europe HVAC chillers market. Currently, the Germany HVAC chillers market is the most impacted market by the COVID-19 outbreak, followed by France, the UK, and Italy. Owing to the implementation of containment measures such as restrictions on travel, shutdown of manufacturing facilities and businesses in the region the slewing bearing market witness a crunch from supply side. Moreover, containment measures adversely affected the operations of end users of HVAC chillers, which subsequently reduced the demand for the chillers. However, as the measures are relaxed, the HVAC chillers market started witnessing growth from the Q1 of 2021.
Market Overview and Dynamics
The Europe HVAC chillers market is expected to grow from US$ 1,757.27 million in 2021 to US$ 2,404.48 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The improving economic conditions across the region coupled with urbanization has led to the growth in the industrial sector. There has been a rise in the construction of medical centers, malls, complexes, hotels, commercial buildings, and manufacturing facilities, which propels the demand for HVAC chillers. Urbanization has changed the lifestyle of the people and increased the inclination towards safety and security. Technological developments along with the modifications in government and organizational regulations for temperature control contributes towards the growth of the HVAC chiller market. Urbanization and growing population in European countries are driving factors for growth of chillers market in this region. As per the United Nations reports, urbanization in Europe is supposed to rise by ~83.7% by 2050. According to EEA, 75% of population in EU prefers to stay in urban areas. Surging disposable income, temperature concerns, and spending on comfort and luxury are a few factors that drive the growth of the Europe HVAC chillers market
Key Market Segments
In terms of technology, the air-cooled segment accounted for the largest share of the Europe HVAC chillers market in 2020. In terms of type, the screw chillers segment held a larger market share of the Europe HVAC chillers market in 2020. Further, the industrial segment held a larger share of the Europe HVAC chillers market based on application in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Europe HVAC chillers market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are AIREDALE INTERNATIONAL AIR CONDITIONING LTD.; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Johnson Controls, Inc.; Kaltra; LG Electronics; Mitsubishi Electric Corporation; and Trane.
Reasons to buy report
Europe HVAC Chillers Market Segmentation
Europe HVAC Chillers Market - By Technology
Europe HVAC Chillers Market -
By Type
Europe HVAC Chillers Market -
By Application
Europe HVAC Chillers Market - By Country
Europe HVAC Chillers Market - Company Profiles
Strategic insights for the Europe HVAC Chillers provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,757.27 Million |
| Market Size by 2028 | US$ 2,404.48 Million |
| Global CAGR (2021 - 2028) | 4.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe HVAC Chillers refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
1. AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
2. Carrier Global Corporation
3. DAIKIN INDUSTRIES, Ltd.
4. Johnson Controls, Inc.
5. Kaltra
6. LG Electronics
7. Mitsubishi Electric Corporation
8. Trane
The Europe HVAC Chillers Market is valued at US$ 1,757.27 Million in 2021, it is projected to reach US$ 2,404.48 Million by 2028.
As per our report Europe HVAC Chillers Market, the market size is valued at US$ 1,757.27 Million in 2021, projecting it to reach US$ 2,404.48 Million by 2028. This translates to a CAGR of approximately 4.6% during the forecast period.
The Europe HVAC Chillers Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe HVAC Chillers Market report:
The Europe HVAC Chillers Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe HVAC Chillers Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe HVAC Chillers Market value chain can benefit from the information contained in a comprehensive market report.
Office No. 1011, First floor, Farena Corporate Park, Magarpatta-Mundhwa road, Pune - 411028, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For Europe HVAC Chillers Market
