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.