Asia Pacific Chillers Market Forecast to 2030
Asia Pacific Chillers Market Forecast to 2030 – Regional Analysis – by Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Type (Process Chillers, Scroll Chillers, Screw Chillers, Centrifugal Chillers, Absorption Chillers, Modular Chillers, and Reverse Cycle Chillers), and Application (Commercial, Industrial, and Residential)
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Description
Development of IoT enabled HVAC Chillers Boosts Asia Pacific Chillers Market
The initial stage of the IoT revolution is on the horizon, and IoT is making its mark on the heat, ventilation, and air conditioning (HVAC) industry. IoT enabled HVAC products are helping many customers to maximize the efficiency of their HVAC systems. People in smart cities are transforming their houses into smart homes with latest technologies and devices. The crucial reason behind the adoption of advanced technology in developed countries is the strong economic condition along with supportive infrastructure.
In short period of time, HVAC chillers will be able to fine-tune and make changes in settings for themselves, with lesser or no human input at all. In simple words, HVAC chillers will be able to make the required judgment as per the specific condition on their own. TCS is helping Voltas in developing a remote chiller monitoring system which will be able to prevent the chiller breakdowns. Intel deployed their IoT gateway, TCS made use of their IoT framework and Voltas leveraged their chiller expertise for jointly developing a centralized system which can monitor chillers remotely across distinct geographies. End to end solutions from TCS helps in diagnosing the real-time health of the chillers via live dashboard, identifying anomalies in the equipment parameters and raise notifications and alerts for the respective field engineer and predict failures in equipment for proactive maintenance.
Asia Pacific Chillers Market Overview
Asia-Pacific (APAC) HVAC chillers market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The ongoing industrialization of cities, elevating disposable income of consumers, rising demand for luxury products, and stringent government norms focusing on global warming are the factors contributing to the growth of the Asia-Pacific HVAC chillers market. The construction sectors in countries such as China and India are witnessing huge investments, specifically for the establishment of retail spaces, commercial office buildings, and manufacturing facilities, as well as for the expansion and construction of airports. According to Civil Aviation Administration of China (CAAC), China aims to construct 216 new airports by 2035 to meet the growing demands for air travel. In 2020, the building construction spending in Asia crossed US$ 4.5 trillion, which was ~50% of the global expenditure on construction projects. Moreover, the growing popularity and adoption of new trends such as green building in emerging and developed countries is providing significant growth opportunities for the HVAC chillers market players. Stringent government norms and standards for controlling energy consumption and promoting energy-efficient practices is also contributing to the rise in acceptance of green technologies. According to the World Green Building Council (World GBC), Australia (~46%) and China (~42%) majorly focus on supporting the construction of green buildings. Moreover, countries such as India, Japan, and China are investing heavily in commercial building projects, which further propels the HVAC chiller demand. Increasing focus on the construction of skyscrapers in China and Japan is offering new opportunities for the flourishment of the HVAC chillers market players in Asia Pacific.
Asia Pacific Chillers Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Chillers Market Segmentation
The Asia Pacific chillers market is segmented into technology, type, application, and country.
Based on technology, the Asia Pacific chillers market is segmented into air-cooled, water-cooled, and steam-fired. The air-cooled segment held the largest share of the Asia Pacific chillers market in 2022.
In terms of type, the Asia Pacific chillers market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, absorption chillers, modular chillers, and reverse cycle chillers. The screw chillers segment held the largest share of the Asia Pacific chillers market in 2022.
Based on application, the Asia Pacific chillers market is segmented into industrial, commercial, and residential. The industrial segment held the largest share of the Asia Pacific chillers market in 2022.
Based on country, the Asia Pacific chillers market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific chillers market in 2022.
LG Electronics Inc, Mitsubishi Electric Corp, Carrier Global Corp, Daikin Industries Ltd, Thermal Care, Inc, Trane Inc, Kaltra, SKM Air Conditioning, and Airedale International Air Conditioning Ltd are some of the leading companies operating in the Asia Pacific chillers market.
Summary Info
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According to the Research Team research, the Asia Pacific chillers market was valued at US$ 5,000.85 million in 2022 and is expected to reach US$ 8,062.57 million by 2030, registering a CAGR of 6.2% from 2022 to 2030. Rising demand from various industries and increasing number of data centers are among the critical factors attributed to the Asia Pacific chillers market expansion.
The improving economic conditions across the globe 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 Asia Pacific chillers market. In 2018, healthcare spending as a share of GDP in Japan was around 11 %. Healthcare spending as a share of GDP of Japan grew from 7.7 % in 2004 to 11 % in 2018 at an average annual rate of 2.69%. Surging disposable income, temperature concerns, and spending on comfort and luxury are a few factors that drive the growth of the Asia Pacific chillers market.
On the contrary, less efficiency in humid environment and high maintenance cost hamper the Asia Pacific chillers market.
Based on technology, the Asia Pacific chillers market is segmented into air-cooled, water-cooled, and steam-fired. The air-cooled segment held 52.1% share of Asia Pacific chillers market in 2022, amassing US$ 2,603.66 million. It is projected to garner US$ 4,020.38 million by 2030 to expand at 5.6% CAGR during 2022-2030.
In terms of type, the Asia Pacific 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 40.2% share of Asia Pacific chillers market in 2022, amassing US$ 2,011.20 million. It is projected to garner US$ 3,402.14 million by 2030 to expand at 6.8% CAGR during 2022-2030.
Based on application, the Asia Pacific chillers market is segmented into industrial, commercial, and residential. The industrial segment held 50.6% share of Asia Pacific chillers market in 2022, amassing US$ 2,532.93 million. It is projected to garner US$ 3,855.09 million by 2030 to expand at 5.4% CAGR during 2022-2030.
By country, the Asia Pacific chillers market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 40.1% share of Asia Pacific chillers market in 2022. It was assessed at US$ 2,004.92 million in 2022 and is likely to hit US$ 2,875.94 million by 2030, exhibiting a CAGR of 4.6% during 2022-2030.
Key players operating in the Asia Pacific chillers market are LG Electronics Inc, Mitsubishi Electric Corp, Carrier Global Corp, Daikin Industries Ltd, Thermal Care, Inc, Trane Inc, Kaltra, SKM Air Conditioning, 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.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific chillers market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Chillers Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 APAC
4.3 Ecosystem Analysis
5. Asia Pacific Chillers Market – Key Industry Dynamics
5.1 Chillers Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Rising Demand from Various Industries
5.2.2 Increasing Number of Data Centres to Boost Market Growth
5.3 Market Restraints
5.3.1 Less Efficiency in Humid Environment and High Maintenance Cost
5.4 Market Opportunities
5.4.1 Economic Growth in Developing Countries Across the World
5.5 Future Trends
5.5.1 Development of IoT enabled HVAC Chillers
5.6 Impact of Drivers and Restraints:
6. Chillers Market – Asia Pacific Market Analysis
6.1 Chillers Market Revenue (US$ Million), 2022 – 2030
6.2 Chillers Market Forecast and Analysis
7. Asia Pacific Chillers Market Analysis – Technology
7.1 Overview
7.1.1 Chillers Market , By Technology (2022 and 2030)
7.2 Air-Cooled
7.2.1 Overview
7.2.2 Air-Cooled Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Water-Cooled
7.3.1 Overview
7.3.2 Water-Cooled Market, Revenue and Forecast to 2030 (US$ Million)
7.4 Steam-Fired
7.4.1 Overview
7.4.2 Steam-Fired Market Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Chillers Market Analysis – Type
8.1 Overview
8.1.1 Asia Pacific Chillers Market , By Type (2022 and 2030)
8.2 Process Chillers
8.2.1 Overview
8.2.2 Process Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Scroll Chillers
8.3.1 Overview
8.3.2 Scroll Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Screw Chillers
8.4.1 Overview
8.4.2 Screw Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.5 Centrifugal Chillers
8.5.1 Overview
8.5.2 Centrifugal Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.6 Absorption Chillers
8.6.1 Overview
8.6.2 Absorption Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.7 Modular Chillers
8.7.1 Overview
8.7.2 Modular Chillers Market Revenue, and Forecast to 2030 (US$ Million)
8.8 Reverse Cycle Chillers
8.8.1 Overview
8.8.2 Reverse Cycle Chillers Market Revenue, and Forecast to 2030 (US$ Million)
9. Asia Pacific Chillers Market Analysis – Application
9.1 Overview
9.1.1 Asia Pacific Chillers Market , By Application (2022 and 2030)
9.2 Commercial
9.2.1 Overview
9.2.2 Commercial Market Revenue, and Forecast to 2030 (US$ Million)
9.3 Industrial
9.3.1 Overview
9.3.2 Industrial Market Revenue, and Forecast to 2030 (US$ Million)
9.4 Residential
9.4.1 Overview
9.4.2 Residential Market Revenue, and Forecast to 2030 (US$ Million)
10. Asia Pacific Chillers Market – Country Analysis
10.1 Asia Pacific
10.1.1 Asia Pacific Chillers, By Key Country – Revenue 2022 (US$ Mn)
10.1.2 Asia Pacific Chillers Market Revenue and Forecasts and Analysis – By Country
10.1.2.1 Asia Pacific Chillers Market Revenue and Forecasts and Analysis – By Country
10.1.2.2 China Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.2.1 China Chillers Market Breakdown by Technology
10.1.2.2.2 China Chillers Market Breakdown by Type
10.1.2.2.3 China Chillers Market Breakdown by Application
10.1.2.3 Japan Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.3.1 Japan Chillers Market Breakdown by Technology
10.1.2.3.2 Japan Chillers Market Breakdown by Type
10.1.2.3.3 Japan Chillers Market Breakdown by Application
10.1.2.4 India Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.4.1 India Chillers Market Breakdown by Technology
10.1.2.4.2 India Chillers Market Breakdown by Type
10.1.2.4.3 India Chillers Market Breakdown by Application
10.1.2.5 South Korea Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.5.1 South Korea Chillers Market Breakdown by Technology
10.1.2.5.2 South Korea Chillers Market Breakdown by Type
10.1.2.5.3 South Korea Chillers Market Breakdown by Application
10.1.2.6 Australia Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.6.1 Australia Chillers Market Breakdown by Technology
10.1.2.6.2 . Australia Chillers Market Breakdown by Type
10.1.2.6.3 Australia Chillers Market Breakdown by Application
10.1.2.7 Rest of Asia Pacific Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.7.1 Rest of Asia Pacific Chillers Market Breakdown by Technology
10.1.2.7.2 Rest of Asia Pacific Chillers Market Breakdown by Type
10.1.2.7.3 Rest of Asia Pacific Chillers Market Breakdown by Application
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profiles
12.1 LG Electronics Inc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Mitsubishi Electric Corp
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Carrier Global Corp
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Daikin Industries Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Thermal Care, Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Trane Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Kaltra
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 SKM Air Conditioning
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Airedale International Air Conditioning Ltd
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About the Research Team
LIST OF TABLES
Table 1. Asia Pacific Chillers Market Segmentation
Table 2. Chillers Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. Asia Pacific Chillers Market Revenue and Forecasts to 2030 (US$ Million) – Technology
Table 4. Asia Pacific Chillers Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 5. Asia Pacific Chillers Market Revenue and Forecasts to 2030 (US$ Million) – Application
Table 6. Asia Pacific Chillers Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 7. China Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Technology
Table 8. China Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Type
Table 9. China Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Application
Table 10. Japan Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Technology
Table 11. Japan Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Type
Table 12. Japan Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Application
Table 13. India Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Technology
Table 14. India Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Type
Table 15. India Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Application
Table 16. South Korea Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Technology
Table 17. South Korea Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Type
Table 18. South Korea Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Application
Table 19. Australia Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Technology
Table 20. Australia Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Type
Table 21. Australia Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Application
Table 22. Rest of Asia Pacific Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Technology
Table 23. Rest of Asia Pacific Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Type
Table 24. Rest of Asia Pacific Chillers Market Revenue And Forecasts to 2030 (US$ Mn) – Application
LIST OF FIGURES
Figure 1. Asia Pacific Chillers Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Chillers Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Chillers Market Revenue (US$ Million), 2022 – 2030
Figure 6. Asia Pacific Chillers Market Share (%) – Technology, 2022 and 2030
Figure 7. Asia Pacific Air-Cooled Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Asia Pacific Water-Cooled Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Asia Pacific Steam-Fired Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Asia Pacific Chillers Market Share (%) – Type, 2022 and 2030
Figure 11. Asia Pacific Process Chillers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. Asia Pacific Scroll Chillers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Asia Pacific Screw Chillers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14. Asia Pacific Centrifugal Chillers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. Asia Pacific Absorption Chillers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 16. Modular Chillers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 17. Asia Pacific Reverse Cycle Chillers Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18. Asia Pacific Chillers Market , By Application (2022 and 2030)
Figure 19. Asia Pacific Commercial Market Revenue and Forecasts to 2030 (US$ Million)
Figure 20. Asia Pacific Industrial Market Revenue and Forecasts to 2030 (US$ Million)
Figure 21. Asia Pacific Residential Market Revenue and Forecasts to 2030 (US$ Million)
Figure 22. Chillers Market, By Key Country – Revenue 2022 (US$ Mn)
Figure 23. Chillers Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 24. China Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 25. Japan Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 26. India Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 27. South Korea Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 28. Australia Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 29. Rest of Asia Pacific Chillers Market Revenue and Forecasts to 2030 (US$ Mn)
The List of Companies – Asia Pacific Chillers Market
1. LG Electronics Inc
2. Mitsubishi Electric Corp
3. Carrier Global Corp
4. Daikin Industries Ltd
5. Thermal Care, Inc.
6. Trane Inc.
7. Kaltra
8. SKM Air Conditioning
9. Airedale International Air Conditioning Ltd
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