OVERVIEW

1:World Chiller and Air-side Equipment Market – 2022 Update - 1 OVERVIEW

World Chiller and Air-side Equipment Market – 2022 Update - 1 OVERVIEW

After experiencing the negative consequences of the COVID-19 pandemic in 2020, with vaccination now deployed on a global scale, the reopening of countries, the resumption of tourism, and ongoing economic recovery, the chiller market has shown good recovery momentum. Even in Southeast Asia, the worst hit market in 2020, largescale construction projects that had been frozen for nearly a year resumed

MARKET TRENDS

2:2 MARKET TRENDS

Applied systems comprise a heat-source chiller and air-side equipment such as AHUs and FCUs, along with pumps used to convey chilled and cooling water, water pipes, cooling towers to dissipate heat ou...

3.1.1:3 REGIONAL - 3.1 NORTH AMERICA - The United States

In 2021, the U.S. economy rebounded from the big plunge caused in 2020 by the pandemic, recording GDP growth of 5.7% year on year, according to the IMF. Along with GDP growth, annual construction spen...

3.1.2:3 REGIONAL - 3.1 NORTH AMERICA - Canada

Canadian demand for chillers in 2021 was 1,019 units, a 30.0% increase compared with 2020, as shown in Fig. 1, according to the Heating, Refrigeration and Air Conditioning Institute of Canada (HRAI). ...

3.2:3.2 CHINA

In 2021, China achieved significant market growth for chillers and airside equipment. JARN estimated that Chinese chiller market increased to US$ 2.86 billion, a year-on-year increase of about 15.0%. ...

3.3:3.3 JAPAN

According to Economic and Social Research Institute (ESRI), Cabinet Office, Government of Japan, the real GDP growth in fiscal year (FY) 2021 (end of March 2022) rose to 2.3%. As for the shipment volu...

3.4:3.4 EUROPE

Reported by Eurovent Market Intelligence The European market for chillers with capacities above 50 kW in 2021 achieved exceptional year-on-year growth of 21% and approached €1.49 billion (abou...

3.5:3.5 INDIA

Reported by Rakesh Kumar, consulting editor, ISHRAE Journal   Market Performance The Indian market scale of chillers in 2021–2022 is estimated to be around 5,700 chillers (1,372,000 tons...

3.6:3.6 SOUTH KOREA

South Korea’s chiller market size was US$ 189.3 million in 2021, up 4.8% compared with US$ 180.7 million in 2020. In 2021, real GDP growth was estimated to be 4.0% due to strong exports and p...

3.7:3.7 SOUTHEAST ASIA

As the pandemic subsides in Southeast Asia, the economy continues to recover, and demand for applied equipment has also resumed. The speed of recovery varies greatly from one country to another. So...

3.8:3.8 MIDDLE EAST

The Middle East has recovered from the double impact of the pandemic and lower oil prices in 2020, with the regional GDP growing by 5.8% in 2021, driven by a strong recovery in domestic demand. The su...

3.9:3.9 LATIN AMERICA

Compared with other regions such as North America, Central and South America were negatively affected in the first half of 2021 by weak medical systems, a lack of government response to the pandemic a...

3.10:3.10 AUSTRALIA

According to JARN’s database, the market demand for chillers and air-side systems amounted to US$ 82 million and US$ 41 million in 2021. This increasing trend has become more pronounced in 20...

PRODUCT & TECHNOLOGY TRENDS

4:4 PRODUCT & TECHNOLOGY TRENDS

Buildings accounted for 36% of global energy demand and 37% of energy-related CO2 emissions in 2020, according to the 2021 Global Status Report for Buildings and Construction from the United Nations E...

5.1:5 CONTRIBUTIONS - 5.1 SPAIN

Reported by AFEC, Spanish association for manufacturers of air conditioning equipment   Economic Indicators Spain ended 2021 with economic growth of 5.5%, a remarkable figure after the decline...

5.2:5.2 ITALY

Reported by Jacques Gandini, managing director of Studio Gandini The Italian air conditioning market registered new historical growth in 2021, including the chiller and air-side equipment segments....

5.3:5.3 TURKEY

Reported by ISKID, Turkish air conditioning and refrigeration manufacturers’ association After spending the year 2020 in the shadow of the pandemic, Turkey entered 2021 with relatively higher...

5.4:5.4 BRAZIL

Reported by ABRAVA, Brazilian association of refrigeration, air conditioning, ventilation and heating   Economy The year 2021 brought recovery from the previous year’s economic recession...

5.5:5.5 RUSSIA

Reported by Litvinchuk Marketing   The Russian chiller market grew by 13% year on year in 2021, mainly pushed up by construction of hospitals, data centers, and industrial facilities. Russia...

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