Chillers, much like the rest of the HVAC world, have seen a push to increase operational efficiency. These increasingly energy-efficient products, along with the need to replace aged units, have steadily driven growth in the chiller market. In fact, the global chiller market is projected to reach $11.33 billion by 2022, growing at a compound annual growth rate of 4.4 percent between 2017 and 2022, according to a report by MarketsandMarkets.
“The chiller market is actually growing, and a lot of it is due to the robust economy we’ve had this past year,” said Bill Dietrich, product general manager, chillers, Daikin Applied Americas. “We’ve seen consistently strong growth in the air-cooled chiller market for the last three years. The water-cooled market had been dropping in size a bit in North America over previous years, but we actually had growth even in the water-cooled market here in 2017. It was a nice indicator of a strong economy.”