Home > Industrial Machinery > HVAC > Refrigerant > Centrifugal Chiller Refrigerant Market

Centrifugal Chiller Refrigerant Market Trends

Report ID: GMI5549
Published Date: Apr 2024
Report Format: PDF

Download Free Sample

Centrifugal Chiller Refrigerant Market Trends

With rising concerns regarding ozone depletion and global warming, there has been a significant shift towards environmentally friendly refrigerants such as HFOs (hydrofluoroolefins) and natural refrigerants like ammonia and CO2. This trend is driven by regulatory pressures to phase out ozone-depleting substances and high global warming potential (GWP) refrigerants like CFCs and HCFCs. Moreover, energy efficiency continues to be a major focus in the centrifugal chiller market. Manufacturers are investing in research and development to enhance the efficiency of chillers, thereby reducing energy consumption and operating costs for end-users. Variable speed drives, advanced compressor designs, and improved heat exchanger technologies are some of the innovations contributing to higher energy efficiency.

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.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of centrifugal chiller refrigerant was reached USD 4.14 billion in 2023 and is projected to expand at 5% CAGR from 2024 to 2032, owing to the growing demand for energy efficient chillers in commercial and residential buildings.

The standard refrigerants segment in the centrifugal chiller refrigerant market accounted for over USD 1.98 billion in 2023, due to their compliance with current regulations and standards set by organizations like the Environmental Protection Agency (EPA) and international agreements like the Montreal Protocol.

Asia Pacific centrifugal chiller refrigerant market crossed USD 1.46 million in 2023 and is projected to expand at significant rate between 2024 and 2032, due to the presence of large industrial base sectors like healthcare, semiconductor, chemical, food & beverage industry, electronics, automotive, and oil & gas.

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, and Trane are some of the leading centrifugal chiller refrigerant companies worldwide.