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HVAC Chillers Market to Grow at a CAGR of 4.56% to reach US$ 12,878.92 million from 2021 to 2028

According to our latest market study on “HVAC Chillers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Type, and Application,” the market is expected to grow from US$ 9,425.53 million in 2021 to US$ 12,878.92 million by 2028; it is estimated to grow at a CAGR of 4.56% from 2021 to 2028.

HVAC Chillers play a crucial role in maintaining the required temperature of any space, machinery or equipment. HVAC Chillers remove the heat and transfer it somewhere else. These chillers can be utilized in numerous residential spaces, for example small to large size rooms, garages, basements and crawlspaces. Popularity of HVAC chillers is increasing owing to various advantages such a portability, convenience and quick and easy maintenance. Moreover, the adoption of HVAC chillers is rising in restaurants, hotels, kitchens and dining rooms to handle the concerns regarding temperature levels. Other industry verticals where these chillers are used are rubber, petrochemicals, medical, plastic, commercial office buildings, sports venues, and others.

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Data centers need a lot of energy, and the main driver of data center design engineers’ work is to offer reliable, energy-efficient, and cost-effective HVAC systems. The newest commercial chiller equipment provides proven reliability, competitive energy performance, and integral controls in a modular package without the requirement for water. Efficiency is a crucial factor while selecting the chiller for the data center. So, when it comes to finalize the chiller for this application, the selection of a unit having the right compressor is a primary task. In data centers, free cooling doesn’t always need an extremely cold climate. Whenever the outdoor temperature is sufficient cold, the chillers turn off the compressors and take the advantage of favorable outdoor temperature. Now-a-days, many companies are outsourcing their data operations to the third-party providers, which have got expertise in data center operations. Colocation data centers are particularly famous because they offer power, physical space, and cooling systems for local communication systems. Thus, rise in the number of data centers is anticipated to drive the growth of the global HVAC chillers market in the future.

The HVAC chiller market in North America is further segmented into the US, Canada, and Mexico. Growing urbanization and ongoing economic growth have resulted in increased construction of hospitals, offices, large retails, and theaters. Governments of North American countries are encouraging the development of smart cities and expansion of airport facilities. Thus, increasing construction activities and smart city projects, and rising tourism industry are boosting the demand for HVAC chillers in the residential, industrial, and commercial sectors across the region. The US Department of Energy (DOE) is heavily investing in the improvement of energy efficiency standards throughout the country. The DOE’s mission is to ensure the security and prosperity of the US by addressing its environmental, energy, and nuclear challenges through transformative science and technology solutions. With the growing preference for adopting energy-efficiency standards, the adoption of modular chillers is also on rise in the country due to their low environmental impact. Further, continuous advancements in machine learning and the IoT are propelling the deployment of modular chillers in residential projects.

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Fired Air Heaters Market is expected to reach US$ 692.24 Million by 2028

According to our latest market study on “Fired Air Heaters Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User,” the market was valued at US$ 491.73 million in 2021 and is projected to reach US$ 692.24 million by 2028; it is expected to grow at a CAGR of 5.0% from 2021 to 2028.

The rise in demand for heating equipment for industrial applications in emerging countries is a major driving force for the fired air heaters market. The need for fired air heaters is driven by increased energy demand from companies in rising economies like China, India, Japan, and Brazil. Furthermore, due to short start time, high efficiency, and reliability, the demand for fired air heaters in manufacturing, power generation, and processing has increased. In addition, increased investment in power generation capacity is another driving factor for fired air heaters. Due to decades of developments in product production technology, the need for fired air heaters continues to expand significantly.

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The expansion of the petrochemical and chemical industries has resulted in a significant increase in demand for machinery and equipment used in these industries, which has prompted the usage of fired heaters to improve combustion performance. Companies in the end-use sector are searching for more optimized and efficient equipment to heat various hydrocarbons, and fired heaters have seen a steady demand for efficient energy provision to these operations. The attention of end users has switched to the adoption of fired heaters with closed combustion systems, which allow for the conveyance of combustion air from the environment due to critical advancements and ways to limit carbon emissions in the industry. Such fueled heaters save energy, allowing end users to save money while also increasing sales.

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Broaching Tools Market to Grow at a CAGR of 5.3% to reach US$ 216.90 Million from 2020 to 2028

According to our latest market study on “Broaching Tools Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End-User,” the market was valued at US$ 148.89 million in 2020 and it is projected to reach US$ 216.90 million by 2028; it is expected to grow at a CAGR of 5.3% from 2021 to 2028.

Owing to the global economic growth, the manufacturing sector has gained significant traction over the last two decades, especially in emerging economies of Asia Pacific. Broaching tools are widely used for producing various industrial components and sub-assembly parts. The rising demand for high speed and accurate finishing process from the end-use sectors such as automotive, aerospace & defense, and construction is encouraging broaching tools manufacturers to introduce advanced tools in the market.

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The manufacturing sector is one of the key economic growth drivers in APAC. Factors such as low labor cost, increased young population, and government benefits in the form of subsidiaries and tax incentives attract organizations to set up larger manufacturing bases in Asia Pacific. Further, government initiatives such as Made in China 2025 and Make in India are propelling the growth of the manufacturing sector in Asia Pacific. Also, the growing disposable income among the masses is leading to the increasing adoption of the modern lifestyle in the region, which is fueling the demand for consumer electronics and automobiles. This factor is bolstering the manufacturing sector. Therefore, the growing manufacturing sector is driving the growth of the broaching tools market in APAC.

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The mechanical pump market is expected to grow from US$ 49,639.6 million in 2021 to US$ 72,732.2 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.

According to the United Nations, the global population is anticipated to reach 9.7 billion by 2050. The conventional farming methods are likely to fall insufficient to meet the consequently rising food demands as environmental or climatic uncertainties influence the outcomes of these methods. Modern farming practices such as vertical farming are capable of producing more yield in smaller spaces, along with using 90% less water than conventional farming practices.

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The water cooling tower market is expected to grow from US$ 1,635.2 million in 2021 to US$ 2,105.0 million by 2028; it is estimated to register a CAGR of 3.7% from 2021 to 2028.

Stringent government policies regarding water consumption for cooling machinery and plants in power generating plants are favoring the water cooling tower market. The limited freshwater consumptions policy by the Government of India is increasing the application of water cooling towers in various types of power plants, such as nuclear power plants, coal-fired thermal power plants, and gas power thermal plants. For instance, the Ministry of Environment, Forest and Climate Change, India, recently approved the standard on water consumption limits for coal-fired thermal power plants (Central Pollution Control Board, 2015).