Chillers Market Regional Analysis

Chillers Market size was valued at USD 9.93 Billion in 2023 and is poised to grow from USD 10.38 Billion in 2024 to USD 14.76 Billion by 2032, growing at a CAGR of 4.5% during the forecast period (2025-2032).

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. 'Trane', 'Cold Shot Chillers', 'Tandem Chillers', 'Drake Refrigeration, Inc', 'Refra', 'Carrier', 'FRIGEL FIRENZE S.p.A.', 'Midea', 'Daikin Industries, Ltd.', 'Johnson Controls', 'Rite-Temp', 'General Air Products', 'ClimaCool Corp.', 'Fluid Chillers, Inc.', 'Multistack International Limited', 'Honeywell International, Inc.'

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.

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.

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.