According to BSRIA, the sales value of China's chiller market in 2021 was $32 billion, up nearly 20% year on year. Among them, the oil free centrifuge chiller market grew fastest, with a year-on-year growth rate of more than 30%.
With the initial control of the pandemic in China, the Chinese government has made great efforts to promote economic recovery and increased the scale of investment in infrastructure, high-tech and digital economy. These measures have driven the development of the chiller market. At the same time, the country actively promotes the development of green industry in order to achieve the "double carbon" goal, and the development of the oil free centrifuge market has benefited accordingly.
In terms of infrastructure construction, local governments provide a large amount of financial support to improve the construction of transportation network, such as rail transit and airport construction, thus promote the development of chiller market.
In terms of high-tech industries, in order to achieve industrial upgrading, the state actively encourages the development of digital economy such as 5G, artificial intelligence and industrial Internet, and at the same time promotes the construction of high-tech industries such as ultra-high voltage and new energies, all above mentioned industries are in demand for chillers.
In terms of the development of digital economy, the Chinese government's digital transformation and enterprises' demand for cost reduction and efficiency increase are driving the rapid growth of data center in China. With the promotion of digital transformation in various regions and industries in China, the demand for data centers is increasing rapidly, and the market for high energy efficiency chiller has been developed accordingly.
At the same time, the Chinese government is also actively promoting emission reduction in accordance with the "dual carbon" target. Oil free centrifugal chiller has the advantages of energy saving and high efficiency, which is not only in line with the national green and low carbon goals, but also in line with the enterprise's business philosophy of cost efficiency. Oil free centrifugal is favored by the market and has achieved rapid development.
Although the chiller market has been impacted by the pandemic to some extent in the first half of 2022, the country's investment in infrastructure and green industries will continue, upkeeping the market performance of chillers, especially oil free centrifugal chillers.