Recirculating Chillers Market Size, Share & Trends Analysis Report By Type (Air-cooled, Water-cooled), By Temperature Range, By Application, By Region, And Segment Forecasts, 2024 - 2030

Recirculating Chillers Market Size & Trends

The global recirculating chillers market size was valued at USD 1.18 billion in 2023 and is projected to grow at a CAGR of 10.1% from 2024 to 2030. The growth of this market is primarily influenced by factors such as enormous demand leading to growth in the production of semiconductors, rising adoption in medical imaging equipment, growing use in temperature-controlled product storage, and increasing number of data centers where recirculating chillers are used for the cooling process.

Recirculating chillers are extensively used in industrial applications owing to their characteristics, such as the ability to provide desired temperature control for continuous periods, minimal vibrations and noise levels, resistance to chemicals and other corrosives, easy installations, and lesser maintenance costs. Recirculating chillers are primarily used in manufacturing to develop and maintain the required temperature control environment. This includes cooling for high-temperature fluids and liquids, controlling equipment or machine temperatures, or maintaining facility temperature at a determined level. It is extensively used in manufacturing units that develop plastics, semiconductors, electronic appliances, food & beverages, pharmaceutical products, and more.

Rising investments by prominent technology and innovation-based companies in developing new data centers are expected to drive demand for recirculating chillers from 2024 to 2030. For instance, in September 2024, Google, one of the prime organizations in the technology industry, announced its plan to invest USD 1 billion in Thailand to develop advanced infrastructure for its cloud and data center in Bangkok and Chonburi areas. Such developments are expected to generate an upsurge in demand for recirculating chillers as they play a vital role in cooling heat-generating equipment in data centers to ensure data integrity.

Type Insights

The air-cooled recirculating chillers segment dominated the global market and accounted for a revenue share of 58.1% in 2023. Air-cooler recirculating chillers are primarily used in settings or application areas where space has aesthetic value or does not have water access for water-cooler chillers. Air-cooled chillers utilize ambient air condensers to ensure temperature control in the surrounding regions. Factors such as the unavailability of continuous water supplies, stringent regulations regarding wastewater management, and lesser maintenance costs associated with air-cooled chillers are anticipated to drive demand for this segment in the coming years.

The water-cooled recirculating chillers segment is expected to experience the fastest CAGR during the forecast period. This is attributed to the higher capacity of water-cooled chillers than air-cooled versions, increasing use in industrial applications, specially manufacturing, and characteristics such as lesser space requirement, effective cooling performance, and lesser noise. The ability to perform cooling processes longer than air-cooled chillers is projected to enhance the adoption of water-cooled chillers.

Temperature Range Insights

Based on temperature range, the 1°C to 100°C segment accounted for the largest revenue share in 2023. Growth in this segment is mainly driven by the increasing use of recirculating chillers in data centers, food and beverage production units, automotive and commercial semiconductor manufacturing facilities, and others. Chillers effective in this temperature range are also used in HVAC (Heating, Ventilation, and Air Conditioning) systems utilized in multiple application areas. These chillers are also used in chemical storage facilities, cleanrooms, and other chemical industry-related set-ups to maintain the desired temperature range.

The -100°C to 0°C segment is expected to witness the fastest CAGR during the forecast period. This is attributed to the use of chillers in specific industrial applications where desired temperature levels are below 0°C, including warehouses for temperature-sensitive pharmaceutical products, meat, and poultry storage facilities, fresh produce and fruit processing units, healthcare facilities, specific electronics manufacturing plants, scientific laboratory settings, and more. Regulations and guidelines regarding storage of particular food items such as meat necessitate the use of chillers that can ensure maintenance of temperature range from -100°C to 0°C.

Application Insights

The industrial applications segment dominated the global recirculating chillers market in 2023. This is primarily influenced by the factors such as growing use of automation leading to higher temperatures in manufacturing facilities, continuous use of advanced machinery that requires effective cooling support from chillers, stringent regulations and compliances regarding working environments for employees, and presence of complex manufacturing processes that are characterized with lead-time of longer period.

The pharmaceutical application segment is expected to experience the fastest growth from 2024 to 2030. This is attributed to the increasing need for effective cooling solutions in pharmaceutical industry production facilities, storage units, and other settings. Pharmaceutical products are often made with ingredients that are sensitive to temperature changes. Higher temperature levels of equipment such as emollient vats, the requirement of the cooling process for fluids, and others are driving the use of recirculating chillers in the pharmaceutical industry.

Regional Insights

North America dominated the global market for recirculating chillers, accounting for 35.9% in 2023. The presence of multiple manufacturing facilities associated with industries such as semiconductors, automotive, food & beverages, pharmaceuticals, and others primarily drives the growth of this market. In addition, the use of chillers in HAVC, scientific laboratories, and storage facilities in the region is expected to influence demand for recirculating chillers during the forecast period.

U.S. Recirculating chillers market Trends

The U.S. recirculating chillers market held the regional industry's largest revenue share in 2023. The increasing demand for effective cooling solutions by data centers is one of the primary driving factors in this market. A large number of existing data centers in the country, new developments of data centers in the U.S., and increasing applications in industrial facilities are contributing to the growth of this market.

Europe Recirculating Chillers Market Trends

Europe is identified as a lucrative region for the global recirculating chiller market in 2023. This market is mainly influenced by aspects such as growing digital transformation leading to the development of new data centers that require chillers for efficient cooling, and the presence of multiple manufacturing companies that develop consumer products and offerings, including pharmaceuticals, personal care, medical equipment, automotive, and others.

Germany recirculating chillers market held significant revenue share of the regional industry in 2024. The robust automotive manufacturing industry drives this market, the presence of multiple product facilities in the country of sectors such as chemicals, personal care or cosmetics, machine building, food processing, and more

Asia Pacific Recirculating Chillers Market Trends

Asia Pacific recirculating chillers market is expected to experience the fastest CAGR from 2024 to 2030. The increasing number of manufacturing plants largely influences this market set up in the region, especially in countries such as China, India, and others. Supportive government initiatives that encourage investments in manufacturing units for industries such as automotive, consumer electronics, electric vehicles, consumer goods, food & beverages, electronic devices, medical devices, and others are adding to the demand for cooling solutions such as recirculating chillers.

India recirculating chillers market is anticipated to experience significant growth during the forecast period. This is attributed to factors such as increasing demand from growing manufacturing units, the large number of pharmaceutical production units present in the country, increasing use by the IT and telecom industry for equipment cooling, and rising demand for HVAC.

Key Recirculating Chillers Company Insights

Some of the key companies involved in the recirculating chillers market are Thermo Fisher Scientific Inc., PolyScience, JULABO GmbH, Dimplex Thermal Solutions, Across International and others. To address growing demand and increasing competition, companies are adopting strategies such as innovation, new product development, collaboration, portfolio enhancements and more.

• Thermo Fisher Scientific Inc., one of the prominent companies that manufactures laboratory equipment, clinical and diagnostic solutions, chemicals, Sequence-specific nucleic acid products, and more, also offers a range of recirculating chillers. Its portfolio includes ThermoFlex Recirculating Chillers, Merlin Recirculating Chillers, Polar Series Accel 250 LC Recirculating Chillers, Polar Series Accel 500 LT Cooling/Heating Recirculating Chillers, Polar Series Accel 500 LC Cooling/Heating Recirculating Chillers, ThermoChill I Recirculating Chillers, and others.

• JULABO GmbH is a major market participant in the manufacturing industry of temperature control instruments. Its recirculating coolers portfolio features FC chiller, F compact recirculating coolers, SC Semichill recirculating coolers, and more.

Recent Developments

• In June 2024, Laird Thermal Systems, Inc., a major market participant in thermal management solutions industry, launched addition to its diversified portfolio. This newly launched Eco-Friendly Recirculating Chiller is equipped with natural refrigerant R-290, and cooling capacity of 2350 watts.

Recirculating Chillers Market Report Scope

Global Recirculating Chillers Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global recirculating chillers market report based on type, temperature range, application, and region:

• Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Air-cooled

  • Water-cooled

• Temperature Range Outlook (Revenue, USD Billion, 2018 - 2030)

  • -100°C to 0°C

  • 1°C to 100°C

  • 101°C to 200°C

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Industrial

  • Laboratory

  • Medical

  • Pharmaceuticals

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • South Africa