India Chiller Market By Product Type (Screw, Centrifugal, Scroll, Absorption), By End Use Sector (Commercial, Industrial), By Region, Competition Forecast & Opportunities, 2018-2031F
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndia Chiller Market By Product Type (Screw, Centrifugal, Scroll, Absorption), By End Use Sector (Commercial, Industrial), By Region, Competition Forecast & Opportunities, 2018-2031F
The India chiller market was valued USD546.34 million in 2022 and is projected to register a CAGR of 8.29% through 2031 and is anticipated to project robust growth in the forecast period. The India Chiller market is growing at a robust growth rate owing to the increasing demand from industrial sector, growing construction industry, and growing demand from healthcare industry. Furthermore, the growing demand for cooling solutions and various government initiatives for energy efficient chillers is significantly contributing to the India Chiller market growth.
India Chiller Market Scope
A chiller is a cooling system that removes heat by circulating a refrigerant that absorbs heat and then releases it through a series of mechanisms. The main components of chiller include compressor, condenser, expansion valve, and evaporator.
In contrast to a water-cooled chiller, which circulates water using a cooling tower, an air-cooled chiller system uses fans to cool itself.
India Chiller Market Overview
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In the food and beverage industry, process cooling is widely used for heat-generating procedures including pasteurization and food baking. Chillers are used to control the machinery's temperature and prevent it from overheating. Furthermore, there are numerous applications in the pharmaceutical industry that use various types of chillers for cooling purposes. Chillers are used consistently for maintaining temperature of medical equipment like MRI machines, CT scanners, and PET scanners to operate more effectively. Thus, increasing demand for chillers from various commercial and industrial sectors will fuel the market.
India Chiller Market Drivers
In recent years, India has seen a gradual increase in the need for energy-efficient chillers. There is increase in demand of energy efficient chillers due to rising electricity prices, governmental specifications, and increased public awareness of environmentally friendly systems. The Indian government has started several programs to encourage the use of eco-friendly and energy-efficient technologies. For instance, the Ministry of Power of the Indian government started a program in 2018 to encourage the installation of energy-efficient chiller systems across the country.
In commercial and industrial buildings, the use of HVAC systems, particularly chillers, has expanded because of India's expanding construction sector.
India Chiller Market Trends
The demand for chillers is rising significantly in India due to expansion of industrial sector at a faster rate. Chillers are widely used in various sectors, including chemicals, textiles, food, and beverages. For instance, glycol chillers are used in vineyards and breweries for maintaining the appropriate temperature for fermentation. The need for cooling equipment is widely influenced by the rising consumption of frozen and processed foods. Therefore, the market would be driven over the forecast period by the rising demand for chillers from the food industry.
The demand for chillers has increased in the medical or pharmaceutical industry, which has supported the market's growth. For instance, in India, the hospital sector accounts for 80% of the entire healthcare market. In the medical and pharmaceutical fields, chillers are used to reduce the temperature of X-ray apparatus, CT scanners, and laser therapy procedures that require process cooling. Therefore, the market for chillers will expand at a faster pace over the forecast period with the expansion of the healthcare industry.
India Chiller Market Challenges
In India, chillers, an energy-intensive system, account for more than 40% of all energy used in commercial buildings. Government laws are frequently changed, which is unfavorable for the growth of market. For instance, the Energy Conservation Building Code (ECBC) has set minimum energy efficiency requirements for commercial buildings with a connected load of 100kW or a contract demand of 120 KVA and above. Therefore, using advanced HVAC technologies is intended to solve the issue of high energy consumption in the chiller market.
The appropriate maintenance of chillers is necessary to keep this complex equipment in good working condition.
Market Recent Developments
- In 2021, Daikin launched anew generation of inverter-driven air-cooled and water-cooled screw chillerseries using the refrigerant R-1234ze(E). The water-cooled chiller range (VZseries) will be available from 340 kW up to 1600 kW cooling capacity, theair-cooled chiller range (TZ series) will be available from 130 kW up to 830 kWcooling capacity. The HFO refrigerant R-1234ze(E) has zero Ozone DepletionPotential (ODP) and Global Warming Potential (GWP) is seven. The R-1234ze(E)refrigerant reduces the effect of screw compressor chillers on global warming.The screw compressor chillers willinclude single Daikin-designed inverter-driven screw compressors with VariableVolume Ratio (VVR) technology.
- Rockwell Industries, apioneer manufacturer of commercial cold chain appliances launched Chillermillin 2021, that is powered by hybrid (solar and wind) renewable energy. Thesechillers are ideal for storing COVID-19 vaccinations, at the right temperature.The new Chillermill can alsoachieve the required minus 40 degrees Celsius.
- In 2021, Blue Star Limitedannounced the largest air-cooled chiller testing facility in India and awater-cooled chiller testing facility have been certified by the AHRI (Air-Conditioning,Heating and Refrigeration Institute) in compliance with standards 550/590 and551/591 standards.
- In 2020, Rhoss, an Italianmanufacturer of chillers launched the water-cooled screw chillers with R513Arefrigerant. The new line includes 15 double compressor/double circuit versionsand five single-compressor units, with cooling capacities ranging from 200kW to1450kW. The new featuresinclude a comprehensive heat recovery system and an integrated sequencer withmaster management logic for controlling up to four equal units simultaneously.It is possible to reduce noise emissions through a variety of soundproofingtechniques, and attachments provide free-cooling management and condensationcontrol.
- In 2019, The Kirloskar Grouphas introduced a new line of water-cooled chillers that use the country's firstmagnetic bearing centrifugal compressor without oil. As part of its ongoing effortsto providing more environmentally friendly and energy-efficient products,Kirloskar Chillers recently launched magnetic bearing centrifugal chillers withcapacities ranging from 400 to 1200 TR.
Market Opportunities
- The growing demand from thefood and beverage industry, which contributes to 3% of India's GDP and is oneof the top employers in the nation, has had a major effect on the country’sdemand for chillers. Therefore, focus on commercial sector will create bettermarket opportunities for chiller companies in India.
- With the HydrochlorofluorocarbonsPhase-out Management Plan (HPMP), India successfully complied with the MontrealProtocol that has increased the scope for upgrading low global warmingpotential refrigerants. For instance, after gradually phasing outchlorofluorocarbons, India totally phased out "HCFC141b refrigerant"on 1 January 2020. (CFCs). Thus, to improve their market share, companies inthe India chiller market can switch to environmentally friendly refrigerants.Companies can use low global warming potential refrigerants to increase theenergy efficiency of chillers in India.
Market Segmentation
The India chiller market is segmented based on product type, end use sector and region. Based on product type the market is segmented into screw, centrifugal, scroll and absorption
Company Profiles
Daikin Airconditioning India Private Limited, Blue Star Limited,
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