Centrifugal Chiller Refrigerant Market Size - By Refrigerant (Standard Refrigerants, Low GWP Refrigerants, Hydrocarbon Natural Refrigerants), By End Use (Oil & Gas, Power Sector, Chemical, Food & Beverages, Electronics and Electrical), By Compressor & Forecast, 2024 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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Centrifugal Chiller Refrigerant Market Size - By Refrigerant (Standard Refrigerants, Low GWP Refrigerants, Hydrocarbon Natural Refrigerants), By End Use (Oil & Gas, Power Sector, Chemical, Food & Beverages, Electronics and Electrical), By Compressor & Forecast, 2024 – 2032

Centrifugal Chiller Refrigerant Market Size

Centrifugal Chiller Refrigerant Market was valued at USD 4.14 billion in 2023 and is anticipated to register a CAGR of 5% during 2024 to 2032. As energy efficiency becomes a more critical concern for both commercial and residential buildings, the demand for efficient cooling solutions like centrifugal chillers increases, thereby driving the market growth. Centrifugal chillers can be designed to use refrigerants with lower GWP and ODP values, such as hydrofluorocarbons (HFCs) with low GWP or natural refrigerants like ammonia or hydrocarbons. This trend towards environmentally friendly refrigerants contributes to the overall growth of the refrigerant market.

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Additionally, governments around the world are implementing stricter regulations to phase out ozone-depleting substances and high-GWP refrigerants in HVAC systems. Centrifugal chillers offer a solution that aligns with these regulations by using refrigerants that comply with current and future environmental standards. Continuous innovation in centrifugal chiller technology leads to improvements in efficiency, performance, and reliability. Manufacturers are constantly developing new features and enhancements to make centrifugal chillers more attractive to consumers. These advancements, such as variable speed drives, advanced controls, and optimized designs, make centrifugal chillers a preferred choice for HVAC applications, further contributing to market growth.
 

Centrifugal Chiller Refrigerant Market Report Attributes
Report Attribute Details
Base Year 2023
Centrifugal Chiller Refrigerant Market Size in 2023 USD 4.14 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 5%
2032 Value Projection USD 6.67 Billion
Historical Data for 2018 - 2023
No. of Pages 181
Tables, Charts & Figures 212
Segments covered Refrigerant, Compressor, and End Use
Growth Drivers
  • Energy efficiency regulations
  • Growing construction industry
  • Demand for district cooling systems
Pitfalls & Challenges
  • Environmental regulations
  • Phase-out of HCFCS

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Stringent regulations aimed at reducing greenhouse gas emissions and phasing out ozone-depleting substances can restrict the use of certain refrigerants commonly employed in centrifugal chillers. Compliance with evolving environmental standards may necessitate the adoption of alternative refrigerants or the development of more environmentally friendly technologies, which could pose challenges for manufacturers and users. However, HCFCs are being phased out globally due to their ozone-depleting properties. This phase-out can create challenges for manufacturers and users who rely on existing systems, as they may need to retrofit or replace equipment to comply with regulations, leading to increased costs and operational disruptions.

Centrifugal Chiller Refrigerant Market Trends

Hey there! Did you know there's been a buzz about the environment in the world of air conditioning? It all started with worries about the ozone layer getting thinner and the planet getting warmer. Because of this, people have started ditching refrigerants that hurt the ozone layer, like those used in old refrigerators, and refrigerants that make the planet too hot, like the ones in your car's AC. Instead, they're going for greener options like HFOs, ammonia, and CO2. Governments are even making it a rule to stop using those old, harmful refrigerants. But wait, there's more! People are also working hard to make these air conditioners use less electricity. They're coming up with new ways to make the compressors, heat exchangers, and other parts work better, so you can keep your home cool without breaking the bank. They're even using things like fancy variable speed drives to make sure everything runs just the way it should, saving you even more energy. It's all about keeping the environment happy and your wallet smiling!

Additionally, integration of smart technologies and Internet of Things (IoT) capabilities are becoming increasingly common in centrifugal chillers. IoT-enabled chillers allow for remote monitoring, predictive maintenance, and optimization of chiller performance. These technologies enable real-time data analysis, leading to proactive troubleshooting and energy savings hance drives the overall market growth.

Centrifugal Chiller Refrigerant Market Analysis

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In the world of cooling, there's a type of refrigerant called "standard." These refrigerants, like R-134a, R-410A, and R-123, are like the standard players on a team. They've been around for a while and know the rules. They comply with environmental laws and international agreements that aim to protect our planet from harmful substances. Over the years, these standard refrigerants have earned their reputation for being reliable and efficient in cooling systems. They've been thoroughly tested and used in many different applications, so people trust them. Plus, they're easy to find and get your hands on, which makes them convenient for those who need them. In 2023, the value of these standard refrigerants was a whopping 1.98 billion U.S. dollars. And experts predict that by 2032, that value will jump to an even more impressive 3.33 billion U.S. dollars.

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In 2023, over a third of the market for centrifugal chiller refrigerants was used by the oil and gas industry. This is because centrifugal chillers are super energy-efficient cooling systems. And energy efficiency is a big deal in the oil and gas business, where massive operations need to save energy. Also, in oil and gas, certain temperatures are super important for things like refining, getting oil out of the ground, and keeping it stored. Centrifugal chillers are great at keeping temperatures just right for these processes. That's why they're driving growth in this industry. By 2032, experts think they'll account for more than a third of the revenue in the centrifugal chiller refrigerant market.

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The Asia Pacific market for centrifugal chiller refrigerant has reached an impressive $1.46 billion in 2023. Countries like China, Japan, and India are leading this growth due to their focus on technological advancements. The region's strong industrial sector is a major contributor to this success. Industries such as healthcare, semiconductors, chemicals, food and beverage, electronics, automotive, and oil and gas heavily rely on centrifugal chiller refrigerant for cooling solutions. As Asia Pacific's manufacturing industry continues to expand, so does the demand for industrial equipment, including this refrigerant. Additionally, companies in the region have established distribution networks that connect them to a vast customer base, further boosting market growth.

U.S. is likely to dominate in North America centrifugal chiller refrigerant market with a growing CAGR of 4.7% up to 2032. U.S. has strong industry base and well-established manufacturing capabilities to efficiently produce high quality Centrifugal Chiller Refrigerant with integrated technology at lower price. U.S. has diverse market and leader in research and development facilities including manufacturing technologies is expected to propel the market. U.S. has stringent government regulations regarding environmental protection and energy efficiency thus, drives the market growth.

Germany is likely to dominate in Europe centrifugal chiller refrigerant market with 4.9% growth rate from 2024 to 2032. Germany has strong industrial and manufacturing set ups ranging from automotive and aerospace to electronics and mining sectors. German companies have been developing environmentally friendly refrigeration technologies including centrifugal chiller with high energy efficiency rating. Germany has extensive global distribution networks and export their Centrifugal Chiller Refrigerant to markets around the world. This global presence contributes to their dominance in Europe and beyond.

China is likely to dominate in Asia Pacific Centrifugal Chiller Refrigerant market with a growing CAGR of 6.8% during the forecast period because of rapid industrialization across various sectors such as construction, manufacturing, automotive, aerospace, oil & gas, electronics, among others. China has established manufacturing powerhouse with capability of producing various industrial equipment including centrifugal chillers. Additionally, China manufacturers have lower labor cost advantage this enables them to offer competitive prices to buyers in the region.

Centrifugal Chiller Refrigerant Market Share

These prominent companies are proactively involved in strategic endeavors including mergers & acquisitions, facility expansion, and partnerships to diversify their product offerings, expand their customer reach, and solidify their market position. Together, the top five mentioned companies collectively occupied around 5% to 10% of the global market share in 2023. They consistently allocate resources to research & development, enhancing their products and integrating innovative technologies to maintain a competitive edge.
 

Centrifugal Chiller Refrigerant Market Companies

Major players operating in the centrifugal chiller refrigerant industry include

  • Arkema SA
  • Broad Air Conditioning
  • Carrier Corporation
  • Daikin Industries, Ltd.
  • Drake Refrigeration, Inc
  • Honeywell International, Inc.
  • Hudson Technologies
  • Johnson Controls
  • Mitsubishi Electric Corporation
  • Orbia
  • Sinochem Group
  • The Chemours Company
  • The Linde Group
  • Toshiba Corporation
  • Trane

Centrifugal Chiller Refrigerant Market News

  • In December 2022, the US Environmental Protection Agency issued a proposal limiting the use of refrigerants in many new refrigeration systems to 150 GWP and refrigerants in new residential and light commercial air-conditioning and heat pump systems to 700 GWP, among other applications. Centrifugal chillers use lower GWP refrigerants such as R-123 and R-134a, which contributes to the rising demand for these refrigerants across American countries.
  • In December 2022, Trane unveiled its latest offerings, the water-cooled XStream excellent GVWF and air-cooled Sintesis excellent GVAF chillers. These innovative chillers incorporate magnetic-bearing compressors and utilize the low global warming potential (GWP) refrigerant R1234ze. Equipped with high-speed centrifugal compressor technology, these chillers deliver larger capacities, wider operating maps to meet challenging European climate conditions, and enhanced seasonal efficiencies, all while maintaining a compact size.
  • In April 2021, refrigeration equipment manufacturer Refra initiated production operations at its newly established facility in Vievis, located near the capital city, Vilnius, Lithuania. Spanning an area of 12,000 square meters, the factory is situated approximately 40 kilometers northwest of Refra's headquarters in Vilnius. The expansion has resulted in the creation of employment opportunities for an additional 100 individuals.

This centrifugal chiller refrigerant market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and volume (Thousand Units) from 2021 to 2032, for the following segments

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Market, By Refrigerant

 

  • Standard Refrigerants
  • Low GWP Refrigerants
  • Hydrocarbon Natural Refrigerants
  • Others

Market, By Compressor

  • Single Stage Compressor
  • Multistage Compressor

Market, By End Use

  • Oil & Gas
  • Power Sector
  • Chemical
  • Food & Beverages
  • Electronics and Electrical
  • Others (semiconductor, automotive etc.)

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada 
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Malaysia     
    • Indonesia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA

 

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