USD 10.3 billion
Chillers Market Size, Share, and Growth Analysis
Chillers Market By Type (Screw Chiller, Scroll Chiller), By Product Type (Air Cooled Chiller, Water-Cooled Chiller), By Power Range, By End User, By Sales, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20I2293 |
Region:
Global |
Published Date: November, 2024
Pages:
186
|Tables:
0
|Figures:
0
Format -
Chillers Market Insights
Chillers Market size was valued at USD 10.3 billion in 2023 and is poised to grow from USD 10.84 billion in 2024 to USD 16.25 billion by 2032, growing at a CAGR of 5.2% during the forecast period (2025-2032).
Growing demand for HVAC (heating, ventilation, and air conditioning) systems around the world on the back of increasing infrastructure development activity is expected to boost sales of chillers in the future. Rising investments in data center construction to manage huge volumes of data and increasing digital transformation are also slated to promote the demand for chillers going forward. Rapid urbanization and industrialization around the world are also expected to present new opportunities for chiller providers over the coming years. High emphasis on sustainability and energy efficiency are also expected to offer new business scope for energy-efficient chillers in the long run. Efforts to promote economic growth in developing countries are also slated to favor the sales of chillers going forward. However, complexity in maintenance, high energy consumption concerns, fluctuations in raw material pricing, and high initial investments are slated to impede chillers industry growth across the study period and beyond.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Water-cooled
Fastest Growth
Air-cooled
Growth Rate
5.2% CAGR
Global Chillers Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Chillers Market Segments Analysis
Global Chillers Market is segmented by Type, Product Type, Power Range, End User, Sales and region. Based on Type, the market is segmented into Screw Chiller, Scroll Chiller, Centrifugal Chiller and Others. Based on Product Type, the market is segmented into Air Cooled Chiller and Water-Cooled Chiller. Based on Power Range, the market is segmented into Less than 50 kW, 50-200 kW and More than 200 kW. Based on End User, the market is segmented into Chemicals & Petrochemicals, Food & Beverages, Medical, Metal Manufacturing and Others. Based on Sales, the market is segmented into Rental Sales and New Sales. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Product
Water-cooled chillers are projected to account for a significant chillers market share over the coming years. High energy efficiency, cooling efficiency and long life are expected to be key benefits of water-cooled chillers allowing this segment to maintain its dominant stance. The availability of a broad cooling capacity and high suitability for indoor applications are expected to bolster the sales of water-cooled chillers in the future. Water-cooled chillers are capable of handling wide cooling loads, which makes them suitable for industrial operations in verticals such as manufacturing, chemical, and healthcare.
Meanwhile, the demand for air-cooled chillers is forecasted to increase at a robust pace across the study period and beyond. Smooth operation at low temperatures is a key benefit of air-cooled chillers allowing them to gain massive popularity in multiple industry verticals. Rising water scarcity and stringent mandates regarding water usage around the world are also estimated to promote the sales of air-cooled chillers in the long run. Lower installation and maintenance costs of air-cooled chillers are also forecasted to create new opportunities for chiller companies focusing on this segment through 2031.
Analysis by Application
The commercial application segment is forecasted to spearhead the global demand for chillers going forward. Surging demand for highly efficient HVAC systems in commercial buildings and growing emphasis on keeping commercial buildings cool are expected to boost sales of chillers in commercial settings. Complex cooling requirements of commercial structures and the increasing adoption of smart building technologies are also expected to create new opportunities for chiller providers in this segment. The growing number of data centers around the world and the need for efficient cooling systems are also promoting the demand for chillers in this segment.
Meanwhile, the demand for chillers in industrial applications is slated to rise at a robust pace in the future. Rapid industrialization and rising need for cooling systems in multiple industry verticals are expected to present new opportunities for chiller providers targeting this segment. Efforts to enhance the efficiency and productivity of industrial operations are also slated to promote the adoption of chillers in industrial settings. The use of chillers can also help maintain an optimal operating temperature of industrial equipment, thereby improving its life and reducing the need for maintenance as well.
Global Chillers Market By Product
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Chillers Market Regional Insights
The Asia Pacific region is forecasted to spearhead the global chillers demand outlook in the future. Robust industrialization and urbanization are projected to be key factors promoting the sales of chillers in this region. The increasing number of data centers in this region, rising infrastructure development activity, and the presence of key chiller providers are expected to make this the top market in the world. Japan, China, India, and South Korea are forecasted to be the leading markets for chiller companies looking to make a mark in the Asia Pacific region going forward.
On the other hand, North America is estimated to account for the second-largest share of the global chillers industry. High adoption of HVAC systems in multiple buildings and rising investments in data center construction are projected to create new opportunities for chiller providers in this region. High demand for industrial cooling systems in this region is also expected to bolster sales of chillers going forward. The United States and Canada are slated to remain the top markets for chiller companies operating in the North American region over the coming years. Adoption of smart building technologies are also slated to create new business scope for chiller suppliers through 2031.
Global Chillers Market By Region
- Largest
- Fastest
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Chillers Market Dynamics
Chillers Market Drivers
Growing Demand for HVAC Systems
- Rapidly increasing infrastructure development activity around the world is projected to primarily drive up the demand for HVAC systems thereby also benefiting sales of chillers. High demand for temperature control and cooling in offices, residential buildings, and industries are expected to promote the chillers market growth in the future.
Rise in Number of Data Centers
- Data centers are becoming more and more important in an increasingly digital world and so is the demand for cooling systems for them. Chillers offer an efficient means to manage the heat generated by servers, ensuring optimal performance and reliability thereby making them a mainstay in all types of data centers.
Chillers Market Restraints
Complex Maintenance Needs
- After the high initial costs of procurement and installation chillers also incur a substantial maintenance cost for end users. The requirement of constant cleaning, refrigerant replacement, component repairs, and monitoring of chillers to maintain their functionality requires skilled technicians thereby adding complexity to ownership and impeding adoption.
Energy Consumption Concerns
- Even though chillers are highly efficient cooling systems, concerns regarding their energy consumption are expected to hurt their sales going forward. High energy usage contributes to increased operational costs and environmental concerns, which in turn, is slated to impede the chillers market outlook in the long run.
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Chillers Market Competitive Landscape
Chiller companies should invest in the research and development of energy-efficient and sustainable products to maximize their sales potential. Targeting developing regions is expected to offer high returns on investment for chiller providers going forward. The development of modular chillers and use of eco-friendly refrigerants are also key trends that chiller manufacturers should emphasize in the long run.
Top Players in Chillers Market
- Carrier Global Corporation (USA)
- Trane Technologies (USA)
- Johnson Controls International plc (Ireland)
- Daikin Industries, Ltd. (Japan)
- Mitsubishi Electric Corporation (Japan)
- Hitachi, Ltd. (Japan)
- LG Electronics Inc. (South Korea)
- Samsung Electronics Co., Ltd. (South Korea)
- Baltimore Aircoil Company (USA)
- Climaveneta (Italy)
- Alfa Laval AB (Sweden)
- Danfoss A/S (Denmark)
- Bitzer SE (Germany)
- Parker Hannifin Corp (USA)
- Midea Group Co., Ltd. (China)
- Haier Group Corporation (China)
- Vertiv Holdings Co (USA)
- Thermoking (USA)
- McQuay (Daikin Applied) (USA)
Recent Developments
- In September 2024, Carrier, a leading name in the HVAC and cold chain business announced the launch of new screw chillers. The Eurovent- and AHRI-certified AquaForce 30XF high performance chillers were launched specifically for data center applications as demand for data center cooling solutions intensifies around the world.
- In February 2024, Daikin, a leading air conditioner manufacturer from Japan announced the launch of its new air-cooled chiller. The new R32 cooling-only chillers feature a scroll compressor with an impressive load capacity of 1010 kW for industrial, IT, process, and comfort cooling applications.
- In August 2024, Trane Technologies, a leading name in the chiller business announced its plans to launch its chillers in the Australian market by the end of 2024. MTA brand R290 chillers and heat pumps are expected to be made available in New Zealand and Australia by the end of 2024.
Chillers Key Market Trends
- Use of Eco-friendly Refrigerants: Chiller providers are projected to move towards the use of eco-friendly refrigerants as awareness and emphasis on sustainability increases around the world. Imposition of stringent mandates regulating the use of harmful refrigerants is expected to make this a key chillers market trend going forward. Low-GWP and natural refrigerants such as ammonia, CO2, and hydrocarbons are expected to gain popularity through 2031.
- Development of Modular Chillers: Chiller companies are expected to invest in the development of modular chillers that provide high scalability to meet varying needs of different end users in several industry verticals. These modular chillers also provide opportunities for chiller companies to target new customer bases as this trend makes chillers more affordable.
Chillers Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rapid industrialization and urbanization coupled with high use of HVAC systems are forecasted to bolster the demand for chillers over the coming years. On the contrary, high energy consumption concerns and complex maintenance requirements are forecasted to impede the adoption of chillers in the future. The Asia Pacific region is forecasted to account for a dominant chillers market share owing to presence of robust industrial and infrastructure development activity in countries such as China and India. Investing in the development of modular chillers that use eco-friendly refrigerants is expected to be a major trend for all chiller providers in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.3 billion |
| Market size value in 2032 | USD 16.25 billion |
| Growth Rate | 5.2% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Chillers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Chillers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Chillers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Chillers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Chillers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Chillers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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