Trane Technologies plc

Dublin, Jan. 15, 2025 (GLOBE NEWSWIRE) -- The "Chillers Market by Type, Medium, Capacity, End-Use Industry - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering. The chillers market is projected to reach USD 15.42 billion by 2029, at a CAGR of 5.0% from USD 12.08 billion in 2024. The market for chillers is propelled by the growing industrialization, urbanization along with immediate need of efficient energy usage systems. An upsurge in construction activities worldwide, especially in the developing world, is increasing the use of chillers for managing indoor environmental quality in business buildings and houses. Growing concerns towards energy efficiency have motivated the advances including green refrigerants and enhanced compressors. Business sectors that require temperature control use chillers, including pharmaceutical, food & beverages,and data centers. Moreover, climate change, government regulations for energy efficacious, and enhancement of intelligent infrastructure investments across Asia-Pacific and Middle East, as well as IoT-era smart cooling technologies are creating demand for this system. Based on medium, air-cooled accounted to be the second largest market during the forecast period, in terms of value. Air-cooled chillers are the second-largest segment in the chillers market, because of their multiple application, low cost and simply installation. Although compared to water-cooled chillers, they do not need a cooling tower and complex water circulation systems, they are particularly suitable for places where water availability is restricted or water rationing is practiced. These are popular with industries and commercial facilities that require efficient and low cost cooling systems with little demand for maintenance. These chillers can especially be used in climates that are moderate and do not need extra equipment to support chillers. Technological enhancements of air-cooled chillers due to higher regards to energy and sustainability include variation in compressor speed, use of environment-friendly refrigerants, and enhanced control systems that enhance the use of air-cooled chillers. Demand for air-cooled chillers is mainly driven by data centers, healthcare, manufacturing industries where the control of temperature is very important. Moreover, expansion in the intra-urban infrastructure and mainly the accession of advanced developing countries to industrialization have made them popular in business and residential complexes. Trends such as government's push for the enhancement of energy-efficient cooling systems and a rising infrastructure expenditure also have a positive impact on the market for chillers cementing the second biggest segment in the chillers market. Based on type, scroll chillers projected second largest market during the forecast period, in terms of value. Scroll chillers comprise the second largest market segment in chillers due to their high efficiency, compactness and versatility of operation. Such chillers incorporate scroll compressor which are reputed to have very high reliability and operational efficiency with low maintenance requirements. Owing to its design, the company's products are easy to install due to their small size and weight and are suitable for small to mid-sized commercial and industrial applications such as business offices, shops and small scale manufacturing factories. Moreover, the noise level of scroll chillers is low, thus recommendable for installations that cause excessive noise. Another factor that has lead to their use is energy efficiency. Some common technologies of scroll chillers are variable-speed drives, by which the operating costs are decreased according to requirements. Because of this, their size is flexible which means users can simply add more of them as demand for cooling increases. Also, the raise in concern with sustainable chemical and ecological aspects to reduce green effects of refrigerants has stimulated the growth of scroll chillers as many of them conform to other regulatory measures concerning environmental protection. They are cheap to acquire and offer users notably excellent performance due to their positioning in price- performance matrix. Based on capacity, 300-700 kW is the fastest growing market during the forecast period, in terms of value. The market growth in chillers is witnessed most in the segment of 300-700 kW due to their efficiency, adaptability, and suitability for mid-sized applications. The applications of this chillers include commercial buildings, hospitals, hotels, and industries, which typically require a moderate cooling capacity. Increasing urbanization brings in more and more smart city developments along with mixed-use projects, increasing the demand for compact and efficient cooling solutions. The 300-700 kW chillers serve this purpose by providing a balance between performance and space optimization. Energy efficiency regulations and sustainability goals also contribute to the growth of this segment. This type of chiller generally comprises advanced technologies like variable speed drives and intelligent controls to minimize energy consumption and running cost. They also offer suitability towards renewable sources and environmentally friendly refrigerants as well as conform to world trends of sustainability. Urbanization further drives up demand for district cooling systems, which these chillers easily fit into. Their ability to scale up makes them popular choices for expansion of facilities. Ability to meet varied cooling needs under high energy standards makes 300-700 kW chillers an essential part of the evolution of the HVAC market, propelling it rapidly across the globe. Based on end-use industry, food & beverages is the fastest growing market during the forecast period, in terms of value. The food & beverages industry projected fastest growth-inducing segment in the chillers market since they highly need to use the products under temperature control to ascertain safety, shelf life, and the quality of the product. Chilling is a very integral part of food & beverages productions. It is used as cooling during manufacturing, storing, and transporting. Increasing consumer demand for processed, frozen, and ready-to-eat foods in urban regions is raising the usage of high-tech chilling technologies. Also, regulatory standards for food safety and hygiene are very stringent; manufacturers want to invest in efficient and reliable cooling systems. Expansion of the cold chain logistics sector across the globe is increasing the demand for chillers. The export of perishable items such as dairy, meat, and seafood by food producers has made the control of precise temperature critical. In addition, growing demand for craft beverages and premium products, such as specialty wines and beers, mandates customized chilling solutions to ensure taste and quality. Asian-Pacific and Latin America's emerging markets, which are rapidly urbanizing and witnessing changes in diet, have been major contributors to growth. The innovation of energy-efficient and eco-friendly chillers is in tune with the industry's objective of cost-effective operation and less environmental impact, thus making this product more readily adopted within the food & beverages industry.» Mehr auf globenewswire.com

Trane Technologies (TT) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.» Mehr auf zacks.com

Trane Technologies is a profitable growth stock with a strong commitment to sustainability. Analysts expect double-digit earnings increases through 2026 and this analyst has a one-year price target of $450.00. The company's Q3-2024 results beat estimates, with revenue and earnings growth, a growing backlog, and a robust capital allocation strategy, including dividends and share buybacks.» Mehr auf seekingalpha.com