Global Chiller Market Expected to Register CAGR of 4.9% in Coming Years

The global average temperature in 2017 was approximately 0.9 degree Celsius higher than the 1951–1980 average temperatures, according to the National Aeronautics and Space Administration (NASA). The worldwide temperature is increasing due to the release of greenhouse gases, such as chlorofluorocarbons, nitrous gases, carbon dioxide, and methane, into the atmosphere.

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The primary reason for the release of these gases is the excessive burning of fossil fuels, such as natural gas and coal. The end result of all these is that more infrared energy is being released by the surface and absorbed by the atmosphere, which is resulting in the rising temperature. Because of this, the requirement for cooling systems, such as chillers, is surging.

Chillers generate chilled water by removing heat from a liquid via an absorption refrigeration or a vapor-compression cycle, which is then used to cool buildings.

The global chiller market generated revenue of $7.1 billion in 2018 and is predicted to witness a CAGR of 4.9% in the coming years. Chillers are of five types: absorption, reciprocating, scroll, screw, and centrifugal.

Out of these, screw chillers were the most in demand during 2014–2018. However, in the coming years, the demand for absorption chillers is predicted to increase significantly. This is because absorption chillers use energy that is generated from waste heat, for example the heat produced from solar panels or steam from industrial processes, which helps reduce the consumption of electricity.

Moreover, these chillers are more reliable and efficient, in addition to having vibration-free operation and not requiring costly maintenance.