Chilled water systems have been gaining widespread traction in recent times, on account of their ability to eliminate heat from water. In numerous commercial and residential buildings, a chilled water system is used as a refrigerant for preventing the buildings from heating. The chilled water then circulates through the loop and absorbs the heat.
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Increasing trends of urbanization coupled with the rise in the disposable income of the consumers have significantly influenced their spending capabilities on upgraded facilities, which has driven the demand for the chilled water system in recent times. With the gradually bridging information gap pertaining to the benefits offered by the chilled water system, commercial industries are anticipated to drive the sales of these systems. However, the high installation and maintenance cost of the chilled water system as compared to the direct expansion system could act as a growth deterrent for the Chilled Water System Market.
Chilled Water System Market – Novel Developments
Partakers operating in the chilled water system market have been striving to procure a significant share of the market by employing strategies such as mergers and acquisitions, productive collaborations, hefty investments for research and development, and new product launches.
Some of the significant players operating in the chilled water system market comprise of SPXs Corporation, SPIG S.p.A, Paharpur Cooling Towers, Johnson Controls Inc., Hamon Group, Brentwood Industries Inc., Bell Cooling Tower, Baltimore Aircoil Company, Cool Water Technologies, Wessels Company, King Sun Industry Co. Ltd., Berg Chilling Systems Inc., Johnson Controls, Delta Cooling Towers, Inc., Cooling Tower Systems, Inc., Cool Water Technologies, Horus Air Moving Co. Ltd., and Liang Cooling Tower Sdn Bhd.
In November 2018, Berg Chilling Systems Inc. expanded its operational facility in Edmonton, which will serve as a one-stop-shop for all the refrigeration need of the consumers. The company has been gradually fortifying its position in the food and beverage sector, with an utmost focus on offering tailor-made solutions as well as high-quality service.
Delta Cooling Towers, Inc., developed packaged cooling systems for myriads of applications that allow uncomplicated installation. The closed-circuit cooling systems developed by the company is such that the atmospheric air cannot establish any contact with the processed water, which eliminates the water from picking any foreign particles.
In November 2018, Baltimore Aircoil Company announced the launch of Vertex Evaporative Condenser, which offers high reliability and ease of maintenance. The condenser provides enhanced safety and accessibility. The product offers the lowest cost of ownership with significantly low installation and operational cost.
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Chilled Water System Market – Dynamics
Cost and Energy Efficiency of the Chilled Water System to Drive the Sales
With the rising cognizance pertaining to the benefits of water in the cooling systems as compared to thin air, manufacturers of chiller have been endeavoring towards making optimum use of water, which is available cheaply and in abundance. This further aids in making the chilled water systems cost-efficient, which is estimated to enhance the desirability of the systems.
Rising awareness apropos of the energy efficient systems has encouraged the consumers to invest in the high performing chilled water system, which has hard-pressed the manufacturers to enhance the efficiency of their products. As a result of which, the chilled water system market is anticipated to witness promising growth opportunities in the upcoming years.
Reduced Noise During Operations Make Chilled Water Systems Suitable for Residential and Commercial Buildings
Residential localities require systems that do not take a toll on the peaceful environment. In addition, businessmen require quiet areas to focus on their designated tasks. As a result, chilled water systems have been gaining traction, owing to its competency to operate at quieter levels than the customary air cooling systems.
The degree of quietness plays an important role in hospitals, schools, and colleges as well, which is anticipated to fuel the adoption rate of the chilled water system and, in turn, influence the growth of the chilled water system market in these establishments.
Poor Efficiency of the Systems to Operate in Humid Weather and High Maintenance Needs to Impede the Market Growth
High levels of humidity lead to an increase in the wet-bulb temperature, which results in the rising operational cost. Owing to the higher ambiguity of humidity, the comfort level reduces and the chilled water systems can create a clammy feeling for the residents. Such an increase in the humidity levels can be better handled with the help of air cooling systems that can efficiently extract moisture from the system.
Another significant factor impeding the growth of the chilled water market is the high installation and maintenance cost of chilled system water. Deposition of metal on the loop installed for the circulation of water needs periodic inspection and internal and external cleaning of the machinery, which causes a hesitance among the end-users for their adoption, thereby hindering the growth of the chilled water system market.
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Chilled Water System Market Regulations and Competitive Landscape Outlook to 2028
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