HVAC Chillers Market Cooling Solutions Steadily Surging Reach $15 billion by 2031

WILMINGTON, DELAWARE, UNITED STATES, April 26, 2024 /EINPresswire.com/ -- The market research report offers a comprehensive analysis of oscillating industry trends, top segments, value chains, major investment business scenarios, regional landscape, and competitive space. The study is a major source of information for giant players, entrepreneurs, owners, and managers in creating new business plans for the future and taking steps to improve their market position. The report demonstrates an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving market.

The global HVAC Chillers Market accrued revenue worth $9.5 billion in 2021, and will reach $15 billion by 2031, registering a CAGR of 4.5% from 2022 to 2031.

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The report offers an in-depth division of the global HVAC Chillers Market based on Operation Type, Condenser Type, Application, and Region. It provides an in-depth investigation of every segment and sub-segment in tables and figures through which consumers can get insights into market trends. The market report analysis aids organizations, investors, and entrepreneurs in knowing which sub-segments are to be explored for achieving massive growth in the ensuing years.

Based on operation type, the Vapor Compression Chillers segment contributed the largest market share in 2021, accounting for nearly 90% of the overall share of the global HVAC Chillers Market. Moreover, this segment is predicted to retain its dominant status during the forecast timeline. In addition, the Vapor Absorption Chillers segment is slated to register the highest CAGR of nearly 5.7% from 2022 to 2031.

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In terms of the condenser type, the water cooled segment accounted for the highest share of the global market in 2021, contributing more than two-thirds of the overall share of the global HVAC Chillers Market. Moreover, this segment is predicted to contribute the highest market share by 2031. However, the air cooled segment is anticipated to register the fastest growth with a CAGR of nearly 5.2% during the forecast timeframe.

On basis of the application, the commercial segment accounted for a major share of the global market in 2021, contributing nearly half of the global HVAC Chillers Market share. Moreover, the segment is set to maintain its dominance during the forecast period. Nevertheless, the industrial segment is anticipated to record the fastest CAGR of nearly 5.0% from 2022 to 2031.

Based on region, the Asia-Pacific contributed the largest market share in 2021, accounting for nearly half of the global HVAC Chillers Market share. Moreover, the Asia-Pacific region is predicted to dominate the global market in 2031. Furthermore, the Asia-Pacific HVAC Chillers Market is set to register the fastest CAGR of 5.0% during the assessment period. The report also includes other regions such as LAMEA, North America, and Europe.

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The report provides an extensive analysis of the current and emerging global HVAC chillers market trends and dynamics.

By operation type, the vapor compression chillers segment dominated the HVAC chillers market, in terms of revenue in 2021 and vapor absorption chillers is projected to grow at a significant CAGR during the forecast period.

By application, the commercial segment has registered highest revenue in 2021.

By region, Asia-Pacific is projected to register highest growth rate in the coming years.

The key players within the global HVAC chillers market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the HVAC chillers industry.

David Correa
Allied Market Research
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