Chiller Market in Europe Size to grow by USD 1074.24 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Chiller Market in Europe. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the European chiller market is a significant segment of the global electrical components and equipment market, which encompasses organizations involved in the production of electric cables and wires, electrical components, and electrical equipment. The sizable global electrical components and equipment market encompasses various sub-markets, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Technavio evaluates the size of this market based on the consolidated revenue generated by these sub-sectors. - The Chiller Market in Europe is experiencing significant growth, fueled by the Growing demand for frozen food. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Growing demand for frozen food
  • Increase in number of data centers
  • High initial investment costs of chillers
  • Enforcement of EcoDesign directive minimum energy efficiency standards for refrigeration systems
• Growth Projections

The market size is estimated to grow by USD 1074.24 million, at a CAGR of 6.43% during the forecast period. In the European chiller market, there is a pressing demand for enhancing chiller dependability, optimizing performance, and minimizing maintenance expenses. This need has given rise to the adoption of smart connected chillers, a cutting-edge development in the global chiller industry. Smart connected chillers enable remote access and control of equipment via local area networks or the cloud. These advanced systems streamline data directly from the equipment to the cloud for advanced analytics and remote monitoring. By predicting potential breakdowns or performance inefficiencies, end-users can mitigate disruptions, minimize downtime, and extend equipment lifespan.

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• Regional Insights

Germany's robust industrial sector, comprising manufacturing, automotive, and chemical industries, drives the demand for chillers in Europe due to the increasing need for process cooling and temperature control. With a strong focus on energy efficiency and sustainability, there is a growing preference for HVAC systems, including chillers, that meet environmental standards and reduce operational costs. Strict regulations in Germany aim to decrease greenhouse gas emissions and promote eco-friendly technologies. Chillers utilizing low-Global Warming Potential refrigerants and adhering to environmental standards are highly favored in the regional market. Furthermore, the thriving IT and data center industry in Germany necessitates the deployment of energy-efficient cooling solutions, creating additional demand for advanced chiller technology.

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