USD 4.52 Billion
Recirculating Chillers Market Size, Share, Growth Analysis, By Type(Rack Mounted, Floor Mounted, and Bench Top), By Application(Chemical Extraction, Semiconductor, X-ray Instrument, Laser Processing Equipment), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20E2073 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
70
Recirculating Chillers Market Insights
Recirculating Chillers Market size was valued at USD 4.79 Billion in 2023 and is poised to grow from USD 5.08 Billion in 2024 to USD 8.1 Billion by 2032, growing at a CAGR of 6% during the forecast period (2025-2032).
The increasing requirement for accurate temperature control solutions in various industries in the global economy is one of the major contributors for the demand in the global market for recirculating chillers. In order to keep equipment and processes at steady and apt temperatures, recirculating chillers are vital and the use of these products ensures efficient performance and high-quality outcomes.
Industries all over the globe make use of recirculating chillers, which have the highest usage rates in sectors like pharmaceuticals, biotechnology, manufacturing, and research. They are crucial to ensure the equipment is faced with minimal overheating and is preserved at uniform temperature conditions.
The growth and expansion of the global market for recirculating chillers has highly relied on the technological strides the industry has made in order to deliver ecologically sound and energy efficient chillers. The global market of recirculating chillers is expected to see an upward trajectory of continuous growth as companies focus on making process effectiveness and product quality the number one priority.
Rack-mounted chillers have dominated the global recirculating chillers market, however with the global trend of sustainability and environmentally-friendly practices and products bench-top chillers are quickly developing and becoming the fastest growing market segment. Regionally, North America currently dominates the market, although the APAC region is quickly climbing up the ladder.
The increasing focus on energy efficiency is fueling the demand in the global recirculating chillers market, however supply chain disruptions are taking out the wind of the market’s expansion. Nevertheless, this market is slated to continue on its upward trajectory, despite any challenges.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Rack Mounted
Fastest Growth
Bench Top
Growth Rate
6% CAGR
Global Recirculating Chillers Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Recirculating Chillers Market Segmental Analysis
Based on type, the market is segmented as Rack Mounted, Floor Mounted, Bench Top. The market is segmented as Chemical Extraction, Semiconductor, X-ray Instrument, Laser Processing Equipment, Packaging Line Equipment on the basis of application. Based on region, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Rack-mounted recirculating chillers take a majority of the market. They are preferred for their effective use of space, which makes them perfect for labs and other institutions with limited floor space. Their appeal has been aided by their smooth integration with already-installed equipment.
However, the fastest-growing segment of the industry is bench-top recirculating chillers. This increase in demand for this particular type of recirculating chiller can be accredited to the rise in demand from small- to medium-sized research facilities and laboratories. The appeal of these products comes from applications which need fine temperature control on a smaller scale. The requirement for products with adaptability, accessibility, and ease of operation is another market driver. The accelerated acceptance of bench-top chillers is a direct result of the demand for more eco-friendly,energy-efficient, and technologically advanced products.
Analysis by Application
The market leader based on application in the global recirculating chillers market seems to be the semiconductor industry. Accuracy in temperature control is crucial to ensure the quality of microchips and electrical components dring semiconductor production. For conducting these operations in the semiconductor industry, recirculating chillers are vital to guarantee uniform temperatures during different processes.
However, the segment to see the quickest growth in the global recirculating chillers market is the Laser Processing Equipment application. The rising demand for laser technology usage across various sectors such as aerospace, healthcare, and automotive, is responsible for the expansion of this market segment. Proper cooling is essential in the execution of this application as laser systems churn out an enormous amount of heat, and recirculating chillers ensure that it is cool enough to ensure effective and accurate processing. The demand for recirculating chillers will continue to climb in response to the growing requirement of laser technology to develop and find new applications.
Global Recirculating Chillers Market
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Recirculating Chillers Market Regional Insights
Currently, North America is at the top of the Recirculating Chillers market. This might be linked to the area's innovative manufacturing industry, intensive research endeavors, and exact temperature control-required quality requirements. In addition, a number of significant market participants reside in North America, supporting its dominant position.
However, the market for circulating chillers is expanding most quickly in the Asia-Pacific area. The need for these chillers is being driven by the fast industrialization, growing pharmaceutical and healthcare industries, and rising laboratory research endeavors. Recirculating chiller usage in Asia-Pacific is also being fueled by the region's expanding electronics and semiconductor industries as well as a rising emphasis on energy-saving technologies. As the industrial and technical landscape of the region changes, this expansion is anticipated to continue.
Global Recirculating Chillers Market By Region
- Largest
- Fastest
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Recirculating Chillers Market Dynamics
Drivers
Energy Efficiency
- One of the main factors driving the expansion of the global recirculating chillers market is the growing focus on energy efficiency. As sustainable practices take precedence in the global economy in answer to rising environmental concerns, the demand for recirculating chillers that can ensure exact temperature regulation while using less energy is on the rise. Recirculating chiller producers are manufacturing energy-efficient products instilled with the latest technologies and advanced designs to ensure decreased operating costs while guaranteeing lower amount of environmental impact. Businesses that want a mix of productivity and sustainability in the current market trend of cutting down energy use and lowering greenhouse gas emissions, recirculating chillers are the top choice for them.
Restraints
Supply Chain Disruptions
- Not only the global recirculating chillers market, but quite a few industries are being adversely affected by supply chain disruptions. These disruptions are caused by several factors including the COVID-19 pandemic, trade conflicts, and natural disasters. Supply chain disruptions always result in delays in production, overdrawn expenses, and challenges in finding raw materials. It is the responsibility of all companies to always take pre-emptive measures and have supply chain strategies in place to remedy the problems, reduce risks, and guarantee steady supply in the market.
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Recirculating Chillers Market Competitive Landscape
Multiple players are constantly vying for a piece of the market, potentially the biggest piece, and that is what makes up the intense competitive landscape of the global recirculating chillers market. In order to gain a competitive advantage and take or retain a share of the market, all businesses must focus on product innovation, targeted marketing, and strategic collaborations.
Maintaining their focus on devising solutions for the consumer base, enhancing product quality, and extending their market reach is how these players have kept their place in the market. One of the major factors responsible for the constant shifting in the market is the need to stay on your toes and deliver propositions aimed to boost value in the face of ever-changing consumer preferences and tastes.
Top Player’s Company Profiles
- BÜCHI Labortechnik AG (Switzerland)
- Across International (US)
- Dimplex Thermal Solutions (US)
- LAUDA-Brinkmann (Germany)
- Lytron Chillers (US)
- Peter Huber Kältemaschinenbau (Germany)
- JULABO GmbH (Germany)
- Thermo Fisher Scientific (US)
- Polyscience (US)
- Opti Temp (US)
- Haskris (US)
- BV Thermal Systems (US)
- Huber USA (US)
- Brüel & Kjær Vibro (Germany)
- Solid State Cooling Systems (US)
Recent Developments
- In January 2023, one of the leading laboratory industries namely Agilent Technologies, Inc., released a new series of recirculating chillers. This new variant is more energy efficient in comparison to the previous models and can cause minimal damage to the environment.
- In February 2023, a newly designed recirculating chiller called JULABO GmbH was introduced that comes with an integrated heat exchanger. This new chiller claims to be the game changer of energy savings as it recycles the heat from the cooling process through the heat exchanger.
- A new line of compact recirculating chillers called LAUDA-Brinkmann, LP was unveiled in March 2023 that is designed specifically for the pharmaceutical sector. These chillers are easy to install and maintain and this is likely to help save energy on one side and do cost cutting on the other.
- In April 2023, Thermo Fisher Inc. introduced a new recirculating chiller into the market with a wireless remote monitoring system. With the use of a remote monitoring system, users can maintain track of the chiller’s efficacy from any location.
Recirculating Chillers Key Market Trends
- Sustainability-Driven Innovation: The market players are concentrating on product innovation with a focus on sustainability. Recirculating chillers that offer high-performance cooling coupled with eco-friendly features like lowered energy consumption, low-GWP refrigerants, and recyclability. Producers are joining the trend of shifting to sustainable methods and practices and manufacturing greener products.
Recirculating Chillers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis of the global recirculating chillers market, the market has entered its transformative phase, changing on the whims of several factors in the face of both challenges and opportunities. One of the key trends in the market are the installation of digital technologies to the chillers such as IoT-enabled sensors, real-time monitoring and remote operating control systems. This is resulting in products that ensure improved efficiency, reduced lulls, and enhanced performance, thus meeting the currency demand for advanced and automated solutions.
Also, concerns about the environment are also greatly influencing the development of the product and the dynamics of the market. An evolved emphasis on sustainability and stricter environmental laws put into perspective are pushing manufacturers to use greener technologies and techniques. Huge investments in R&D are being made to design and produce chillers that feature refrigerants with lower Global Warming Potential (GWP) and promote energy efficiency and recyclability. The growing focus of businesses and consumers on environmentally friendly products and practices is a major factor that will influence market rivalry, although this change comes with its challenges. Abiding by these stringent regulations can boost costs, affecting overall pricing and profitability.
Additionally, operation costs can also be increased with added maintenance and services costs. In order to retain their place in the dynamic market, businesses need to strike a balance between sustainability, affordability, and performance. To conclude, the global recirculating chillers market is being transformed constantly by increased digitalization and environmental concerns, posing the need for adaptability and innovation from market participants.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.52 Billion |
| Market size value in 2031 | USD 7.64 Billion |
| Growth Rate | 6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Recirculating Chillers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Recirculating Chillers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Recirculating Chillers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Recirculating Chillers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Recirculating Chillers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Recirculating Chillers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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