Recirculating chillers refer to a closed-loop system that is designed to cool an external device. These are portable systems and hence offer a high flexibility of operation irrespective of location and space. Today, manufacturers are focusing on developing compact chillers that can be installed over small places making them suitable for a wide array of applications. Due to these advantages, recirculating chillers have observed substantial adoption across the global markets. In addition, recirculating chillers use a refrigerant as a cooling agent. Thus, this significantly reduces the cost of water usage thereby reducing overheads and environmental impact. This is another prime factor fueling the overall market across different application segments.

Another major factor propelling the market growth is rising industrial sectors such as analytical instruments, semiconductor, medical and biotechnology, and others. Increasing expenditure on research & development has considerably fueled the demand for analytical instruments and related equipment. Most of the advanced analytical instruments require precise cooling. However, this becomes a challenge for water-based coolers, as tap water temperature may fluctuate significantly throughout the year. This has led to the wide adoption of recirculating chillers through different end-use applications. Rising analytical instruments and semiconductor is expected to greatly drive the market for recirculating chillers in the following years.  

The report provides an in-depth study of market driving and restraining factors related to the global recirculating chillers industry. The research study also covers current and future market trends in the global as well as regional markets. The report provides exhaustive information on technology development, pricing, and demand-supply trends. High-level analysis included in the report such as market competitive analysis, attractive analysis, and value chain analysis helps market players and trade partners to identify key investment areas in the industry.

Moreover, the report provides market estimates and forecast, market size of recirculating chillers different application segments in terms of both volume (number of units sold) and revenue (US$ Bn). This market is segmented on the basis of applications and region. The report also includes cross-sectional analysis on a regional basis i.e. regional market size by applications. This study includes market historical market size (2019 & 2020), market estimate (2021), and forecast for the period 2021 – 2029 in terms of volume and revenue. The report also includes market estimates and forecast of recirculating chillers market for major countries.

The report profiles key players in the global recirculating chillers industry. Company profiles include detailed information about business strategies, product portfolio, recent developments, and regional positioning of these manufacturers. The report also provides an in-depth analysis of market competition and positioning of key market players along with their market winning strategies. The report also highlights major players in each regional market.

Semiconductor industry represents the largest application segment for recirculating chillers and accounted for over 20% of market share in 2020. Temperature control is a critical component of semiconductor manufacturing. The intricate processes demand precise cooling to ensure product quality and smooth manufacturing of silicon wafers. Recirculating chillers for semiconductors are majorly used in applications such as implants, lithography, semiconductor testing, deposition, etc. 

The semiconductors industry has witnessed growth in recent years and the recirculating chillers manufacturers has harnessed this opportunity to grow. Large-scale production of semiconductor systems demand lower batch defects and higher yields during swift thermal processing of silicon wafers. Chillers that offer precise temperature control are also critical for energy conservation and environmental control.   

Laboratory and analytical is another major application segment for recirculating chillers. Recirculating chillers used for laboratory and analytical applications are often compact and ready to install, and use water or water with additives as cooling medium. Laboratory recirculating chillers are constructed in similar manner and intended function as those of chillers for cooling water. Subject to their design, laboratory recirculating chillers can be used as both atmospherically closed and open models, thus making them suitable for cooling open baths. For cooling laboratory apparatus, extraction, and distillation processes, cooling capacities of 300 W to 2kW are employed. 

Compact design, ease of use, and availability of both open and closed cooling atmospheres have urged the demand for laboratory and analytical recirculating chillers across a multitude of fields where the required environment prevails. 

The global recirculating chillers market is classified into four major regions i.e. North America, Europe, Asia Pacific, and Rest of the World (RoW). The Rest of the recirculating chillers market is further classified into Latin America, Africa, and Middle East.

Asia Pacific accounted for the largest market share worldwide in the overall recirculating chillers market. In 2020, the region contributed to over 40% of the total market revenue generated worldwide. The Asia Pacific recirculating chillers market is highly governed by China, Japan, India and some of the Southeast Asia countries having huge industrial manufacturing and processing sector. Asia Pacific represents the largest chemical industry across the world. Since China and Japan constitute a major chunk of the chemical industry here, the two countries have emerged as the largest markets for recirculating chillers in Asia Pacific. 

Europe is the second-largest regional market in the global recirculating chillers market. The market here is majorly governed by the Western Europe countries such as France, Germany, Italy, UK and others. The region comprises large number of healthcare products, electric and electronics components and automotive manufacturers generating substantial room for related industrial equipment (such as cooling). Recirculating chillers market in Europe is largely driven by the presence of numerous companies having strong investment on healthcare research & development. Since laboratories and analytical equipment are among the largest consumers of recirculating chillers, the market here is projected to continue witnessing robust growth in the following years.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Recirculating Chillers market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Recirculating Chillers market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Recirculating Chillers market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Recirculating Chillers market?
• Which is the largest regional market for Recirculating Chillers market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Recirculating Chillers market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Recirculating Chillers market worldwide?