Home > Pressrelease > Centrifugal Chiller Refrigerant Market to exceed $8 Bn by 2032
Centrifugal Chiller Refrigerant Market to exceed $8 Bn by 2032
- Published Date: April 18, 2023
Centrifugal Chiller Refrigerant Market size is anticipated to surpass USD 8 billion by 2032, according to the latest research report by Global Market Insights Inc.
Burgeoning demand for bio-based refrigerants is projected to positively influence the industry growth. Other critical factors driving the market outlook include rising incidences of chronic diseases, which have accelerated the demand for biological products, blood samples, blood reagents, vaccinations, DNA samples, and other substances. In addition, the widespread requirement for thermal insulation is foreseen to support business expansion by 2032.
Stringent environment protocols to increase the need for standard refrigerants
The standard centrifugal chiller refrigerant market is estimated to amass USD 3 billion by the end of 2032. In accordance with the Kigali Amendment and the Montreal Protocol, many nations are phasing out high-GWP refrigerants including CFCs and HCFCs. This has elevated the need for low-GWP refrigerants such as HFCs and HFOs, which are standard refrigerants. Moreover, recent innovations in standard refrigerants are set to impel product adoption.
High capacity and rapid speed colling to bolster demand for multi-stage compressors
The industry size is expected to expand at 4.5% CAGR between 2023 and 2032. The progression of commercial and industrial applications that require extensive cooling and refrigeration has fueled the need for refrigerants in multi-stage compressors. To cite an instance, the CenTraVac Water-cooled chillers with Symbio Controls introduced by Trane that has a multi-stage design and allow the chiller to deliver low leaving chilled water temperatures.
Browse key industry insights spread across 280 pages with 258 market data tables & 29 figures & charts from the report, “Centrifugal Chiller Refrigerant Market Size By Refrigerant (Standard, Low GWP, Hydrocarbon Natural, Other Natural Refrigerants), By Compressor (Single Stage, Multi-Stage), By End-use (Oil & Gas, Power Sector, Chemical, Food & Beverages, Electronics and Electrical) & Forecast, 2023 – 2032”, in detail along with the table of contents:
Increasing demand for eco-friendly chillers to augment product use in the oil & gas industry
The centrifugal chiller refrigerant market for the oil & gas industry is likely to reach more than USD 1.5 billion in revenue by 2032, driven by the mounting demand for more environmentally friendly refrigerants in the industry as people have become more aware of climate change and focusing on the reduction of carbon emissions.
Construction of new commercial and industrial spaces to push Europe market growth
The Europe centrifugal chiller refrigerant industry is projected to witness 5.5% annual growth during 2023-2032 on account of the swift industrialization & commercialization in the region, which has, in turn, proliferated the demand for air conditioning systems to maintain the temperature in buildings. In February 2023, for instance, Atos, a French IT firm, launched its Factory of the Future project and began the construction of an Industry 4.0 plant in France.
Promising collaborations and acquisitions to emerge as a chief growth strategy
Some other companies involved in the centrifugal chiller refrigerant market are Orbia, The Chemours Company, Arkema SA, Air Liquide, Daikin Industries Ltd, SRF Ltd, and Sinochem Group. The industry’s competitive landscape will foresee a series of product range diversification and acquisition tactics by industry players. For instance, in October 2022, The Linde Group, a leading chemical firm, announced the acquisition of nexAir, a U.S.-based packaging and wielding supplies manufacturer. With this procurement, the company aims to develop its business in Tennessee and increase its production capacity.