South & Central America Chillers Market Forecast to 2030 - Regional Analysis - by Technology, Type, and Application

The South & Central America chillers market is expected to grow from US$ 525.80 million in 2022 to US$ 728.79 million by 2030. It is estimated to register a CAGR of 4.2% from 2022 to 2030.

Development of IoT enabled HVAC Chillers Bolsters South & Central America Chillers Market

The initial stage of the IoT revolution is on the horizon, and IoT is making its mark on the heat, ventilation, and air conditioning (HVAC) industry. IoT enabled HVAC products are helping many customers to maximize the efficiency of their HVAC systems. People in smart cities are transforming their houses into smart homes with latest technologies and devices. The crucial reason behind the adoption of advanced technology in developed countries is the strong economic condition along with supportive infrastructure. In short period of time, HVAC chillers will be able to fine-tune and make changes in settings for themselves, with lesser or no human input at all. In simple words, HVAC chillers will be able to make the required judgment as per the specific condition on their own. TCS is helping Voltas in developing a remote chiller monitoring system which will be able to prevent the chiller breakdowns. Intel deployed their IoT gateway, TCS made use of their IoT framework and Voltas leveraged their chiller expertise for jointly developing a centralized system which can monitor chillers remotely across distinct country. End to end solutions from TCS helps in diagnosing the real-time health of the chillers via live dashboard, identifying anomalies in the equipment parameters and raise notifications and alerts for the respective field engineer and predict failures in equipment for proactive maintenance.

South & Central America Chillers Market Overview

The chillers market in South America is further segmented into Brazil, Argentina, and the Rest of South America. A continuous growth in population, revival of housing markets, and growing number of commercial and industrial units are among the kay factors contributing to the market growth in this region. Emerging greensmart building criteria are compelling HVAC chiller manufacturers to build and provide energy-efficient, technologically advanced HVAC chillers for major commercial, residential, institutional, and industrial applications, among others. Additionally, the Chiller market growth in the region is driven by rapid developments in the real estate sector, including the construction projects of residential buildings, hospitals, and departmental stores. The increasing popularity of HVAC systems enabled with advanced technologies such as the IoT is providing lucrative growth opportunities for the HVAC chillers manufacturers operating in the South America.

South & Central America Chillers Market Segmentation

The South & Central America chillers market is segmented into technology, type, application, and country.

Based on technology, the South & Central America chillers market is segmented into air-cooled, water-cooled, and steam-fired. The air-cooled segment held a larger share of the South & Central America chillers market in 2022.

In terms of type, the South & Central America chillers market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, absorption chillers, modular chillers, and reverse cycle chillers. The screw chillers segment held the larger share of the South & Central America chillers market in 2022.

Based on application, the South & Central America chillers market is segmented into industrial, commercial, and residential. The industrial segment held a larger share of the South & Central America chillers market in 2022

Based on country, the South & Central America chillers market is segmented into the Brazil, Argentina, and Rest of South & Central America. Brazil dominated the South & Central America chillers market in 2022.

LG Electronics Inc, Mitsubishi Electric Corp, Carrier Global Corp, Daikin Industries Ltd, Thermal Care, Inc, Trane Inc, Kaltra, and Airedale International Air Conditioning Ltd are some of the leading companies operating in the South & Central America chillers market.