Report : Europe Industrial Chillers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Water Cooled Chillers and Air Cooled Chillers), Process (Continuous Flow Chillers and Immersion Chillers), and Application (Food and Beverages Processing, Medical Equipment, Industrial Manufacturing, and Others)
According to our latest study on "Europe Industrial Chillers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Process, and Application," the industrial chillers market size is projected to grow from US$ 507.35 million in 2021 to US$ 700.98 million by 2028; it is expected to record a CAGR of 5.0% from 2021 to 2028.
Increasing Demand for Process Cooling in Industrial Applications Fuels Industrial Chillers Market Growth
Cooling requirements are widespread in commercial and industrial sectors. In industrial sector, the heat generated by industrial applications can damage products and applications. Industrial cooling systems help prevent overheating and heat contamination. Therefore, process cooling is required to maintain the quality of end products and the integrity of processes in various industries, from food and beverage and industrial manufacturing to medical. Process cooling is required when a process needs accurate and constant temperature control. In many industrial processes, the machinery or methods generate immense heat, which requires cooling, to protect the equipment and to ensure that the product being manufactured is of the required quality. The process of cooling is required to cool, extract humidity, and regulate the temperature of the manufacturing process. Thus, increasing demand for process cooling in industrial applications is driving the growth of the industrial chillers market.
COVID-19 pandemic dramatically impacted the global economy during its peak in 2020. The crisis hampered business activities in various industries such as automobiles, food & beverage, and industrial manufacturing. Factory shutdowns, trade restrictions, and border lockdowns to combat the virus infection spread negatively impacted the working of companies worldwide. Decline in the growth of the industries mentioned above limited the industrial chillers market expansion. COVID-19 pandemic also disrupted manufacturing companies, impacting every process, from supply chain and operations to capital spending, loans, and long-term strategies. The pandemic restricted the exports of parts and interrupted large-scale manufacturing across Europe. Assembly plants in Europe were also shut down. According to a study by Wipro, over 90% of the factories in Europe were closed during the peak period of the crisis. The onset of COVID-19 pandemic slowed down the investment and production units. All these factors negatively impacted the manufacturing industry, bringing a huge downfall in demand for industrial chillers, thereby hindering the industrial chillers market growth.
Key Findings of Study:
The Europe industrial chillers market is segmented on the basis of type, process, application, and geography. Based on type, the industrial chillers market is segmented into water-cooled chillers and air-cooled chillers. Based on process, the industrial chillers market is bifurcated into continuous flow chillers and immersion chillers. Based on application, the industrial chillers market is segmented into food and beverage processing, medical equipment, industrial manufacturing, and others. By geography, the industrial chillers market is segmented into Germany, France, and the rest of Europe.
By type, the industrial chillers market is segmented into water-cooled chillers and air-cooled chillers. In water-cooled chillers, water is pumped via a sealed condenser and dispersed through a cooling tower. While in air-cooled chillers, chillers use fans that force air through the condenser. A water-cooled chiller's tower and pump use more space than air-cooled chillers’ fans. Further, water-cooled chillers are more expensive than air-cooled chillers due to cooling towers, which are costly to maintain. Air-cooled chillers are cheaper due to low maintenance costs. Water-cooled chillers are used for larger, complex heating, ventilating, air conditioning, and refrigeration (HVACR) applications. Water-cooled chillers are majorly used in applications such as district cooling, centralized air conditioning, hydroponics, food and beverage processing, pharmaceuticals and medical, cold storage, thermal energy storage (TES) systems machining, waterjet cutting, laser cutting, welding, etc. Also, plastic processing and such applications are also contributing to the industrial chillers market growth in Europe.
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