Recirculating Chillers Market Size, Share & Trends Analysis Report By Type (Rack Mounted, Floor Mounted, Bench Top), By Temperature Range, By Application, By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global recirculating chillers market size was valued at USD 717.0 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2020 to 2027. Recirculating chillers are closed-loop chillers that are used to cool the equipment and machines. They have applications across pharmaceutical, laboratories, and manufacturing industries. Advancements and automation in such industries have led to the usage of machines such as reservoirs and thermo scientific equipment. The heat generated by these machines needs to be removed for proper functioning and higher efficiency. Thus, automation and technological advancements are expected to drive market growth over the forecast period.

They ensure flow of fluid at a controlled temperature. The heat exchangers installed in the recirculating chillers provide thermal stability for the applications in thus, assisting in the automation. In addition, the portability of certain recirculating chiller types such as benchtop and rack-mounted ensures flexibility in terms of operations, thereby resulting in increased demand for such chillers. Furthermore, recirculating chillers are also used in residential applications in HVAC systems. Thus, a wide range of applications is projected to bolster market growth.

Industrial application is increasing owing to the rising demand for data centers across the globe. They provide cooling for the data centers in order to function efficiently. The fact that they can be used in a wide range of applications is expected to fuel their demand. For instance, floor-mounted recirculating chillers are highly used in the semiconductors/manufacturing and plastic industries. Similarly, rack-mounted recirculating chillers are highly used in laser machining, atomizing devices, packaging lines, and x-ray instruments, among others.

However, increasing power costs is projected to hinder the market growth. Additional usage of electricity by components such as the condenser, compressor, evaporator, and others might be a costly option for small and medium-sized implementation. Additionally, the high cost associated with the recirculating chillers is also expected to cause hindrance in the recirculating market growth. Although usage of solar power generators is expected to reduce high power costs and thereby reduce the impact of restraint in the forecast period.

Type Insights

The rack-mounted type held the largest market share of 45.1% as compared to other counterparts in 2019. The rack-mounted recirculating chillers are used in electron microscopes, cooling of vacuum pumps, and controlling the temperature of pain material. They occupy less space and are flexible and mobile. Moreover, the rack-mounted recirculating chillers are also used in benchtop chiller applications.

The rack-mounted segment is followed by the floor-mounted recirculating chillers and benchtop segment. Floor-mounted recirculating chillers are robust enough for industrial applications. The coolant used in the floor-mounted recirculating chillers can be cooled or heated with the set of the temperature ranges. However, the benchtop recirculating chillers are not as popular as the counterparts as they are used for extremely low-temperature applications and are expensive as compared to other types.

Temperature Range Insights

In terms of revenue, 1 °C to 100 °C dominated the market with a share of 50.9% in 2019. This high share is attributable to the rising use of this temperature range in a wide range of laboratory and medical applications. Moreover, the COVID-19 pandemic has increased the usage of recirculating chillers in the range of 1 °C to 100 °C as the specimen storage, and test delivery requires a constant temperature of 2° to 8°. Additionally, recirculating chillers operating at this temperature range are less expensive, which is one of the potential factors attributable to its rising growth in the pharmaceutical industry, thereby resulting in segment growth.

The -100 °C to 0 °C segment, is expected to witness a CAGR of more than 4.5% from 2020 to 2027. The recirculating chillers operating under an extremely low-temperature range of -100°C to 0°C, are very expensive since they use two compressors. These extreme low-temperature range chillers can maintain and can ensure fluid temperature stability. Therefore, they are used for industrial applications such as plastics and laser processing, printing, and machine tooling.

Application Insights

The laboratory segment dominated the market and held a revenue share of more than 35.0% of the share in 2019. The segment is expected to dominate the recirculating chillers market throughout the forecast period. Adoption of recirculating chillers enhances the automation due to its temperature adjustment capabilities across various industries and verticals such as pharmaceuticals, laboratories, oil and gas, and manufacturing owing to a high share of industry application types. Moreover, the implementation of data enters IT and telecom, BFSI is also expected to have a positive impact on market growth.

Laboratory application is followed by the industrial segment. They are used to reduce the heat generated and thus, reduce maintenance of the systems used in the industries. Moreover, players such as Refcon Technologies and Systems Pvt. Ltd., Atlas Thermal Systems, and ENGIE Refrigeration GmbH provide customized recirculating chillers as per the required temperature. Furthermore, closed-loop chiller systems are preferred by the pharma industries as it re-uses water allowing the pharma industries to achieve their eco-friendly objective.

Owing to the COVID-19 pandemic the pharmaceutical industry and laboratories have to work with maximum efficiency for manufacturing the medicines in bulk. The application of recirculating chillers has increased at a rapid rate since December 2019 and is expected to increase until the end of April 2020 until the COVID-19 is under control, globally. Moreover, lockdown in major economies such as India, China, the U.S., Germany, Spain, and the U.K. due to COVID-19 has affected IT, Telecom, BFSI, and other industries and verticals. Emergency caused due to COVID-19 has caused considerable fluctuation in the market since December 2019 and is expected to normalize by the mid of 2020.

Regional Insights

North America dominated the market and held a revenue share of 31.3% in 2019. The region was followed by Europe which held a revenue share of over 20.0% in 2019 owing to the large base of manufacturing units in the region. Considerable growth in pharmaceutical and manufacturing is driving the demand for recirculating chillers in the region.

In Asia Pacific, the market was valued at USD 158.4million in 2019. This growth is attributed to the flourishing pharmaceutical and manufacturing sector in the region. Asia Pacific is also the fastest-growing region in the market with a CAGR of over 6.5% during the forecast period. Investments by market leaders in developing countries such as China and India are expected to drive the market at a significant rate. The high growth in the region is owing to increased infrastructure spending. The rising establishments of laboratories and the rapid growth of the semiconductor industry is anticipated to power market growth over the forecast period.

Key Companies & Market Share Insights

JULABO GmbH launched models such, as CP-200F, CP-201F, and CP-300F with temperature control applications with a range of -20 °C to +200 °C or -30 °C to +200 °C. These models assure shorter heat-up and cool-down times. Powerful heating circulators, refrigerator circulators, and heating immersion circulators is the additional feature introduced by various models launched by JULABO GmbH. Thus, companies are making a horizontal and vertical expansion of their product portfolio. Some of the prominent players in the recirculating chillers market include:

• BÜCHI Labortechnik AG

• Across International

• Dimplex Thermal Solutions

• LAUDA-Brinkmann

• Lytron Chillers

• Peter Huber Kältemaschinenbau

Recirculating Chillers Market Report Scope

Segments Covered in the Report

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of 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 Million, 2016 - 2027)

  • Rack Mounted

  • Floor Mounted

  • Bench Top

• Temperature Range Outlook (Revenue, USD Million, 2016 - 2027)

  • -100°C to 0°C

  • 1°C to 100°C

  • 101°C to 200°C

• Application Outlook (Revenue, USD Million, 2016 - 2027)

  • Industrial

  • Laboratory

  • Medical

  • Others

• Region Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa