India Chiller Market to Grow with a CAGR of 8.29% During the Forecast Period
The increasing demand of
energy efficient chillers and growing industrialization in India are the
leading factors that will drive the India Chiller market in the forecast years.
According to TechSci
Research report, “India Chiller Market – By Region, Competition,
Forecast & Opportunities, 2031F,” the
India Chiller market is forecast to grow at an impressive CAGR of around 8.29%
in the forecast period due to rapidly surging demand from commercial and
industrial sector. The market's growth is stimulated by rising temperature,
increasing industrialization, growth of construction industry and increasing
government initiatives. The demand for chillers in the projected period will
likely register sustainable growth due to global warming and increasing demand
for cooling solutions.
A chiller is a device that
uses a vapor-compression or absorption refrigeration cycle to remove heat from
a liquid. A refrigerant
serves as the operating fluid inside a vapor-compression chiller. While the
water is being circulated through a cooling device, a chiller can continuously
supply cooled water. It helps to solve a variety of cooling problems, keeps the
temperature of heat-generating components and air-conditioning equipment such
laser processing and high frequency heating devices constant, and can reduce
operating costs while boosting energy efficiency.
There are four types of
chillers used in the industry, including screw, centrifugal, scroll, absorption.
Screw Chillers are vapor compressor chillers that use a screw compressor to
circulate the coolant through the system. The end use sector of screw chillers includes
metal mining, chemical, hospitality, and healthcare.
Vapor compression cycle is
used by centrifugal chillers to cool water. Heat from the compressor and heat
that was obtained from the cooled water are both released into a water loop by
the chiller. The water loop is cooled by a cooling tower. Centrifugal chillers
have end users in a variety of sectors, including the textile, pharmaceutical,
hospitality, and telecom industries.
In order to compress refrigerant
and remove heat from a specified area, scroll chillers use scroll compressors.
Industries such as telecommunications, hotel, chemical, and manufacturing are
among the scroll chillers' end-users. The absorption chillers use vapor
absorption technology to deliver cooling or refrigeration. The oil and gas,
chemical, mining, and other industries are among the end use sectors of
absorption chillers.
In 2020, there was shortage
of the parts used to make chillers due to supply chain disruption caused by
China's first-quarter shutdown of its manufacturing operations and India being
its major importer there was supply chain disruption during that period. Due to
a temporary shortage of the necessary parts and machinery, this caused the
production of chillers to temporarily halt. Most global industry participants
sourced both the full machine and its individual parts from China.
Browse over 31
market data Figures spread through 95 Pages and an in-depth TOC on "India Chiller Market.”
The India chiller market is
segmented based on product type, end use sector, region and competitive
landscape. Based on product type the market is segmented into screw,
centrifugal, scroll and absorption. The screw chillers dominated the market on
account of increasing demand from commercial and industrial sector. Majority
(60%) of the screw chillers are water cooled and in comparison, to air cooled
chillers, water cooled chillers are prone to less problems.
Based on end use sector the
market is segmented into commercial and industrial. The commercial sector
dominated the market on account of increasing demand from hotels, hospitals,
shopping centers and airports etc.
Based on region, the market
is divided into north, south, east, west
Key market players in the
India Chiller market include:
- Daikin
Airconditioning India Private Limited
- Blue Star
Limited
- Voltas
Limited
- Carrier
Airconditioning & Refrigeration Limited
- Johnson
Controls-Hitachi Air Conditioning India Limited
- Kirloskar
Chillers Pvt. Ltd
- LG
Electronics India Pvt. Ltd.
- Mitsubishi
Electric India Pvt. Ltd. (Climaveneta )
- Flamering
(India) Private Limited
- Thermax
Limited
In 2022, R-32 EWAT-B chillers from Daikin were provided for a project
comprising an office building in Bangalore, India. To meet
the office building's demand for comfort, the units were installed to supply the
HVAC system with the required chilled water. In order to contribute
towards sustainability, Daikin launched the R-32 chiller series, which has a
68% lower environmental effect than chillers utilizing R-410A. The units
installed not only have low GWP and are extremely energy efficient by design,
but they also include Dynamic Condensing Pressure Management, which enables the
chiller controller to change the condensing pressure set point, lowering the
total power input of the chiller. This guarantees not just minimal running
costs but also energy and resource saving.
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“Demand for chillers in
India is growing steadily due to the focus on energy efficiency, increasing
global warming, technological advancement and increasing knowledge about the
benefits of innovative appliances. Market leaders are constantly upgrading
their products to meet the growing demand, which is expected to drive the India
Chiller Market over the next few years. Additionally, the growing
industrialization in India and rising demand from healthcare sector, will
positively impact the India Chiller market during the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“India Chiller Market By Product Type
(Screw, Centrifugal, Scroll, Absorption), By End Use Sector (Commercial,
Industrial), By Region, Competition Forecast & Opportunities, 2018-2031F,” has evaluated the future growth potential of Chiller
Market in India and provides
statistics and information on market structure, size, share and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities present in India Chiller market.
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