South Korea Chillers Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 5.85% from 2023 to 2033
• The South Korea Chillers Market Size is Expected to Hold a Significant Share by 2033

The South Korea Chillers Market is anticipated to hold a significant share by 2033, growing at a CAGR of 5.85% from 2023 to 2033. The growing demand for HVAC systems, environmental awareness, frozen food consumption, urbanization, and technological advancements are driving the growth of the chillers market in the South Korea.     

Market Overview

Chillers are the basic refrigeration systems that use cycles of vapor compression, adsorption refrigeration, or adsorption refrigeration to remove heat from a liquid coolant. This device necessarily comprises of compressor, condenser, expansion valve, and evaporator. It has wide application in commercial and industrial sectors to offer the facility of cooling. With the increasing foodservice facilities, this technology is being used in the food & beverage sector, including commercial food service businesses, such as fast food restaurants, full-service and quick-service eateries, caterers, etc. There are numerous commercial uses for these chillers in the regional food and chemical industries. For market participants in the region, the growing demand for energy-efficient equipment is generating a number of opportunities. With suitable government efforts to preserve energy, developing markets are likely to meet the demand for these energy-efficient devices. The introduction of environmentally friendly and sustainable alternatives to current chiller technology has been made possible by continuous research and development aimed at achieving energy efficiency, which leads to an upsurge in market expansion. As the need for more affordable systems grows, absorption chillers that meet the needs of many applications for energy efficiency will be developed. Furthermore, the growing usage of multi-cloud services and the Internet of Things (IoT) and the modernization of data center expertise for tech-savvy customers are in trend.

Report Coverage

This research report categorizes the market for the South Korea chillers market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea chillers market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea chillers market.

Driving Factors

The HVAC industry is seeing substantial growth due to factors such as urbanization and development patterns. The need for HVAC installations in a variety of buildings, including residential, commercial, and industrial ones like factories, office buildings, retail malls, and apartments, is driving up the market. The high demand for convenience brought on by an aging population ultimately surges the demand for frozen food consumption, driving the market demand. Further, environmental awareness and technological advancements, including the development of large-capacity ultra-low temperature industrial chillers, are driving the growth of the South Korea chillers market.         

Restraining Factors

The growing usage of alternate cooling systems or variable refrigerant flow (VRF) systems that provide simultaneous heating and cooling facilities (with the usage of less energy) in the same mode of operation is impeding the market.

Market Segmentation

The South Korea Chillers Market share is classified into type and end-use.

• The screw segment is expected to grow at the fastest CAGR during the forecast period.

The South Korea chillers market is segmented by type into screw, scroll, centrifugal, and others. Among these, the screw segment is expected to grow at the fastest CAGR during the forecast period. The growing need in the healthcare industry for a refrigerated environment suitable for the purpose of storing medications, blood or plasma samples, and other therapeutic substances. The numerous applications of chillers in the region’s food and chemical industries are driving the market.

• The chemicals & petrochemicals segment dominates the market with the largest market share during the forecast period.

Based on the end-use, the South Korea chillers market is divided into food & beverages, chemicals & petrochemicals, medical & pharmaceutical, plastics, and others. Among these, the chemicals & petrochemicals segment dominates the market with the largest market share during the forecast period. In this industry, chillers are widely used to preserve equipment, limit production downtime, provide chilling, lessen exposure to intense heat, and ease transportation.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea chillers market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Daikin Industries Ltd.
• LG Corp
• Daeil Co. Ltd.
• Carrier Global Corp.
• Trane Technologies Plc.
• Mitsubishi Electric Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2024, LG Electronics (LG) presented its latest heating, ventilation, and air conditioning (HVAC) solutions at Mostra Convegno Expocomfort (MCE) 2024 in Milan, Italy, from March 12-15. LGs booth would showcase the company's energy-efficient HVAC solutions for homes and businesses, including the new DUALCOOL residential air conditioner indoor unit that provides a year-round pleasant indoor environment, residential heat pump solutions, and commercial hydronic solutions employing low-Global Warming Potential (GWP) refrigerants. 

Market Segment

This study forecasts revenue at SOUTH KOREA, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the South Korea Chillers Market based on the below-mentioned segments:

South Korea Chillers Market, By Type

• Screw
• Scroll
• Centrifugal
• Others

South Korea Chillers Market, By End-Use

• Food & Beverages
• Chemicals & Petrochemicals
• Medical & Pharmaceutical
• Plastics
• Others