Philippines HVAC Chillers Market

The Philippines HVAC chillers market size is expected to grow from US$ 120.24 million in 2022 and is expected to reach US$ 165.35 million by 2030; it is estimated to register a CAGR of 4.2% from 2023 to 2030.

Philippines HVAC Chillers Market Introduction

An HVAC chiller is considered a thermal device that controls the temperature by circulating liquid whose temperature is adjusted by a refrigerant cycle. HVAC chillers are commonly used to cool products and machinery for different applications, including injection moulding, tool and die cutting, food and beverage, chemicals, lasers, machine tools, and semiconductors. It is also used for air conditioning in buildings and factories to maintain the temperature of several industrial devices and laboratory instruments, apparatuses, and equipment at a stable level. . It solves various cooling problems and can lessen running costs while improving energy efficiency. HVAC chillers comprise four main components: compressor, evaporator, condenser, and thermal expansion valve.

Philippines HVAC Chillers Market Trend

Software-enabled HVAC chillers collect data and compile it into reports to identify usage trends, system status, and past performance, which can be used to plan preventive maintenance and identify the source of predicted malfunctions for accelerating the repair process. Some modern software-enabled HVAC chillers can self-diagnose irregularities, thus minimizing downtime. Moreover, smart HVAC chillers are coupled with IoT to improve buildings’ efficiency and profitability. HVAC chiller manufacturers are widely implementing the Internet of Things (IoT) to embed sensors and other devices into heating & cooling equipment to monitor and collect data regarding the performance and conditions of the systems.

HVAC chillers are highly energy intensive, contributing massively to a building’s overall energy consumption. Additionally, excessive energy consumption by chillers leaves a deteriorating environmental impact. To overcome these concerns, facilities are looking for innovative and energy-efficient solutions, including HVAC systems running on solar panels and wind turbines, to reduce energy costs. Further, the use of geothermal heating and cooling methods is also on the rise to eliminate the use of petroleum-based electricity. Thermally driven ACs are already in the phase of development. Thus, smart, connected, and eco-friendly HVAC chillers are emerging as a significant trend in the Philippines HVAC chillers market growth.

Philippines HVAC Chillers Key Market Segments

On the basis of application, the Philippines HVAC chillers market is segmented into commercial, industrial, and residential. The commercial segment held the largest share in the market in 2022. HVAC chillers are widely used in various commercial facilities such as hotels, hospitals, schools, warehouses, manufacturing complexes, restaurants, sports arenas, and other large buildings. Commercial water chiller has several advantages—it operates with higher energy efficiency, water provides better heat conductivity than air, the chiller’s equipment has a longer shelf life (generally over 20 years), the commercial chillers are easy to control, and they also make efficient use of installation space. Water-cooled commercial chillers are frequently used in medium- to large-scale building applications, but air-cooled commercial chillers are more common in small- to medium-scale building applications. Water-cooled commercial chillers function more consistent and efficient than air cooling. They typically last longer because these systems are often installed indoors.

Major Sources and Companies Listed

LG Electronics and Daikin Industries LTD, Mitsubishi Electric Corporation, Johnson Controls, Honeywell International Inc, Trane, Siemens, Panasonic Corporation, Midea, and Carrier are some of the key Philippines HVAC chillers market players. Various other companies are also introducing new technologies and offerings, helping the Philippines HVAC chillers market players to expand their business in terms of revenue.

Reasons to Buy Report

• To understand the Philippines HVAC chillers market landscape and identify market segments that are most likely to guarantee a strong return.
• To stay ahead of the race by comprehending the ever-changing competitive landscape for the Philippines HVAC chillers market.
• To efficiently plan M&A and partnership deals in the Philippines HVAC chillers market analysis by identifying market segments with the most promising probable sales.
• To make knowledgeable business decisions from the perceptive and comprehensive analysis of the market performance of various Philippines HVAC chillers market segments.
• To obtain revenue forecast for the market by various segments from 2022 to 2028 in US$.