Report : South America HVAC Chillers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Type (Process Chillers, Scroll Chillers, Screw Chillers, Centrifugal Chillers, and Absorption Chillers), and Application (Industrial, Commercial, and Residential)

Absorption Chillers Segment is Expected to be Fastest Growing During Forecast Period for SAM Region  


According to a new market research study on “SAM HVAC Chillers Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Type, and Application” is expected to reach US$ 642.82 million by 2028 from US$ 501.54 million in 2021. The market is estimated to grow at a CAGR of 3.6% from 2021 to 2028. The report provides trends prevailing in the SAM HVAC chillers market along with the drivers and restraints pertaining to the market growth. Rising demand for HVAC chillers from several industries and development of IoT enabled HVAC chillers are the major factor driving the growth of the SAM HVAC chillers market. However, less efficiency in humid environment and high maintenance cost hinders the growth of SAM HVAC chillers market.             


In case of COVID-19, SAM is highly affected especially Brazil. The COVID-19 pandemic has adversely affected many HVAC chiller vendors, which is also propelled by the shutdown of manufacturing facilities. According to the research study, Brazil was expected to witness a decline of 7.3% during the COVID-19 pandemic in FY 2020 owing to the impact of pandemic that has led to reduced operations across different locations in the country. Moreover, Argentina HVAC chillers market has also witnessed a decline of 7.2% during 2020 in its Y-o-Y growth compared to its previous financial year. In 2020, Brazil had highest number of COVID-19 cases, followed by Argentina, Colombia, and Peru, in South America. Governments of several countries in the SAM have initiated several actions to protect their citizens and contain COVID-19 spread. Brazil is home to the largest manufacturing industries among all SAM countries, and it is also the only modern aircraft manufacturing country in the region. The slowdown in aerospace, manufacturing, oil & gas operations in the SAM has impaired the supply chain. This has hampered the demand for several industrial components, including HVAC chiller systems. Thus, the outbreak of COVID-19 has been having a harsh impact on the SAM HVAC chillers market.


The SAM HVAC chillers market is segmented based on technology, type, application, and country. The market, based on technology, is segmented into air-cooled, water-cooled, and steam-fired.  The air-cooled segment dominated the market in 2020 and water-cooled segment is expected to be fastest growing during forecast period. On the basis of type, the market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. The screw chillers segment dominated the market in 2020 and absorption chillers segment is expected to be fastest growing during forecast period. The market, by application, is segmented into commercial, industrial, and residential. The industrial segment dominated the market in 2020 and commercial segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into Brazil, Argentina, and rest of SAM. 


AIREDALE INTERNATIONAL AIR CONDITIONING LTD.; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Johnson Controls, Inc.; Kaltra; LG Electronics; Mitsubishi Electric Corporation; Thermal Care, Inc.; and Trane are among the leading companies in the SAM HVAC chillers market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Innovative air conditioning solution from Carrier Global Corporation is helping to ensure comfort and optimal ventilation in the historic Raphael Rooms. Company has installed energy-efficient Carrier AquaSnap 30RQV chillers in a location which is unnoticeable to the visitors.

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