As per Intent Market Research, the Chillers Market was valued at USD 12.2 Billion in 2024-e and will surpass USD 15.3 Billion by 2030; growing at a CAGR of 3.8% during 2025-2030.
The global chillers market is experiencing robust growth, driven by increasing demand for efficient cooling solutions across various industries and residential applications. Chillers play a crucial role in temperature control by removing heat from a liquid via refrigeration, facilitating cooling processes in industrial, commercial, and residential settings. The market's growth is being propelled by technological advancements, energy efficiency demands, and expanding industrial operations, especially in sectors like food and beverage, pharmaceuticals, and electronics. As energy efficiency becomes a critical focus, industries are opting for more sustainable and cost-effective chiller systems.
Air-Cooled Chillers Segment is Largest Owing to Growing Industrial Applications
Among the product types, air-cooled chillers hold the largest market share due to their widespread use in industrial and commercial applications. These systems are favored for their ability to operate efficiently in environments where water availability is limited or where cooling requirements are not excessively high. Their installation is less complex, as they do not require water cooling towers, making them a cost-effective option for various industries. As industrial sectors expand, especially in developing regions, the demand for air-cooled chillers continues to rise. Furthermore, the increasing preference for modular cooling systems in commercial buildings is also contributing to the dominance of air-cooled chillers in the market.
Industrial Applications Lead in Cooling Requirements for Chillers
The industrial application segment is the fastest-growing subsegment in the chillers market. Industries such as chemicals, pharmaceuticals, food & beverage, and manufacturing rely heavily on chillers for process cooling and temperature control. With advancements in technology and increasing production capacities, industries are demanding more reliable and energy-efficient cooling systems to maintain product quality, ensure worker safety, and optimize energy use. The growing need for temperature-sensitive processes, such as in the pharmaceutical and food processing industries, is further accelerating the adoption of industrial chillers. Moreover, with heightened regulatory pressures surrounding energy consumption and environmental impact, the focus on energy-efficient chillers for industrial applications is stronger than ever.
Food & Beverage Industry Drives Chillers Demand in End-User Segment
The food and beverage industry is the largest end-user sector in the global chillers market, driven by its high demand for temperature control in production, storage, and transportation processes. Chillers are essential for maintaining food safety standards, ensuring proper refrigeration of perishable goods, and optimizing manufacturing processes. The growing global demand for processed food, beverages, and dairy products is further fueling the need for reliable chiller systems. Additionally, regulatory requirements surrounding food safety and quality assurance, along with consumer demand for fresh, safe products, continue to spur the adoption of advanced chiller technologies in this sector.
Asia-Pacific Region is Fastest Growing Due to Rapid Industrialization
Asia-Pacific is the fastest-growing region in the global chillers market, primarily driven by rapid industrialization, urbanization, and the expansion of commercial and residential construction. Countries such as China and India are investing heavily in infrastructure development, manufacturing, and industrial expansion, leading to an increased demand for cooling solutions across sectors like food & beverage, pharmaceuticals, and electronics. Additionally, the rising middle-class population and increased disposable income in these regions are contributing to the growing demand for residential and commercial cooling solutions. As regulations become more stringent regarding energy efficiency, there is also a shift toward adopting sustainable chiller technologies, further accelerating the growth in this region.
Leading Companies and Competitive Landscape in the Chillers Market
The competitive landscape of the global chillers market is characterized by the presence of established players that are continuously innovating to meet growing demand. Leading companies such as Trane Technologies, Carrier Global Corporation, Johnson Controls, and Daikin Industries are at the forefront of the market, offering a wide range of energy-efficient cooling solutions. These companies are focusing on product innovations, including the development of smart chillers that can be integrated with IoT technologies for remote monitoring and optimization of energy use. In addition to organic growth, these companies are pursuing strategic partnerships and acquisitions to expand their product offerings and strengthen their market presence globally. The increasing trend toward sustainable and eco-friendly refrigerants further adds to the competitive dynamics, prompting firms to enhance their portfolios with green technologies and solutions.
List of Leading Companies:
- Trane Technologies
- Carrier Global Corporation
- Johnson Controls
- Daikin Industries
- Mitsubishi Electric
- York International (Johnson Controls)
- LG Electronics
- Bosch Thermotechnology
- GEA Group
- Thermo King Corporation
- Fujitsu General Limited
- Zanotti S.p.A.
- Baltimore Aircoil Company
- Toshiba Carrier Corporation
- Airedale International Air Conditioning
Recent Developments:
- Trane Technologies announced the launch of its next-generation air-cooled chillers designed to reduce energy consumption and lower carbon emissions, targeting industrial applications.
- Carrier Global Corporation completed the acquisition of Rix Technologies, enhancing its capabilities in energy-efficient cooling solutions for commercial and industrial sectors.
- Mitsubishi Electric introduced a new range of water-cooled chillers featuring advanced heat pump technology, promising improved efficiency for large commercial buildings.
- Daikin has invested heavily in developing next-gen refrigeration and chiller units with eco-friendly refrigerants, in line with new global regulatory requirements to phase out harmful chemicals.
- Johnson Controls’ HVAC systems, including chillers, have been awarded a sustainability certification by the Global Environmental Management Initiative (GEMI) for their low energy consumption and reduced environmental footprint.
Report Scope:
Report Features |
Description |
Market Size (2024-e) |
USD 12.2 Billion |
Forecasted Value (2030) |
USD 15.3 Billion |
CAGR (2025 – 2030) |
3.8% |
Base Year for Estimation |
2024-e |
Historic Year |
2023 |
Forecast Period |
2025 – 2030 |
Report Coverage |
Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments |
Segments Covered |
Chillers Market By Product Type (Air-Cooled Chillers, Water-Cooled Chillers, Screw Chillers, Centrifugal Chillers, Scroll Chillers), By Application (Industrial, Commercial, Residential, HVAC, Process Cooling), By End-User Industry (Food & Beverage, Pharmaceutical, Chemical, Oil & Gas, Electronics & Semiconductor) |
Regional Analysis |
North America (US, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa) |
Major Companies |
Trane Technologies, Carrier Global Corporation, Johnson Controls, Daikin Industries, Mitsubishi Electric, York International (Johnson Controls), LG Electronics, Bosch Thermotechnology, GEA Group, Thermo King Corporation, Fujitsu General Limited, Zanotti S.p.A., Baltimore Aircoil Company, Toshiba Carrier Corporation, Airedale International Air Conditioning |
Customization Scope |
Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements |
Frequently Asked Questions
1. Introduction |
1.1. Market Definition |
1.2. Scope of the Study |
1.3. Research Assumptions |
1.4. Study Limitations |
2. Research Methodology |
2.1. Research Approach |
2.1.1. Top-Down Method |
2.1.2. Bottom-Up Method |
2.1.3. Factor Impact Analysis |
2.2. Insights & Data Collection Process |
2.2.1. Secondary Research |
2.2.2. Primary Research |
2.3. Data Mining Process |
2.3.1. Data Analysis |
2.3.2. Data Validation and Revalidation |
2.3.3. Data Triangulation |
3. Executive Summary |
3.1. Major Markets & Segments |
3.2. Highest Growing Regions and Respective Countries |
3.3. Impact of Growth Drivers & Inhibitors |
3.4. Regulatory Overview by Country |
4. Chillers Market, by Product Type (Market Size & Forecast: USD Million, 2023 – 2030) |
4.1. Air-Cooled Chillers |
4.2. Water-Cooled Chillers |
4.3. Screw Chillers |
4.4. Centrifugal Chillers |
4.5. Scroll Chillers |
5. Chillers Market, by Application (Market Size & Forecast: USD Million, 2023 – 2030) |
5.1. Industrial |
5.2. Commercial |
5.3. Residential |
5.4. HVAC (Heating, Ventilation, and Air Conditioning) |
5.5. Process Cooling |
6. Chillers Market, by End-User Industry (Market Size & Forecast: USD Million, 2023 – 2030) |
6.1. Food & Beverage |
6.2. Pharmaceutical |
6.3. Chemical |
6.4. Oil & Gas |
6.5. Electronics & Semiconductor |
7. Regional Analysis (Market Size & Forecast: USD Million, 2023 – 2030) |
7.1. Regional Overview |
7.2. North America |
7.2.1. Regional Trends & Growth Drivers |
7.2.2. Barriers & Challenges |
7.2.3. Opportunities |
7.2.4. Factor Impact Analysis |
7.2.5. Technology Trends |
7.2.6. North America Chillers Market, by Product Type |
7.2.7. North America Chillers Market, by Application |
7.2.8. North America Chillers Market, by End-User Industry |
7.2.9. By Country |
7.2.9.1. US |
7.2.9.1.1. US Chillers Market, by Product Type |
7.2.9.1.2. US Chillers Market, by Application |
7.2.9.1.3. US Chillers Market, by End-User Industry |
7.2.9.2. Canada |
7.2.9.3. Mexico |
*Similar segmentation will be provided for each region and country |
7.3. Europe |
7.4. Asia-Pacific |
7.5. Latin America |
7.6. Middle East & Africa |
8. Competitive Landscape |
8.1. Overview of the Key Players |
8.2. Competitive Ecosystem |
8.2.1. Level of Fragmentation |
8.2.2. Market Consolidation |
8.2.3. Product Innovation |
8.3. Company Share Analysis |
8.4. Company Benchmarking Matrix |
8.4.1. Strategic Overview |
8.4.2. Product Innovations |
8.5. Start-up Ecosystem |
8.6. Strategic Competitive Insights/ Customer Imperatives |
8.7. ESG Matrix/ Sustainability Matrix |
8.8. Manufacturing Network |
8.8.1. Locations |
8.8.2. Supply Chain and Logistics |
8.8.3. Product Flexibility/Customization |
8.8.4. Digital Transformation and Connectivity |
8.8.5. Environmental and Regulatory Compliance |
8.9. Technology Readiness Level Matrix |
8.10. Technology Maturity Curve |
8.11. Buying Criteria |
9. Company Profiles |
9.1. Trane Technologies |
9.1.1. Company Overview |
9.1.2. Company Financials |
9.1.3. Product/Service Portfolio |
9.1.4. Recent Developments |
9.1.5. IMR Analysis |
*Similar information will be provided for other companies |
9.2. Carrier Global Corporation |
9.3. Johnson Controls |
9.4. Daikin Industries |
9.5. Mitsubishi Electric |
9.6. York International (Johnson Controls) |
9.7. LG Electronics |
9.8. Bosch Thermotechnology |
9.9. GEA Group |
9.10. Thermo King Corporation |
9.11. Fujitsu General Limited |
9.12. Zanotti S.p.A. |
9.13. Baltimore Aircoil Company |
9.14. Toshiba Carrier Corporation |
9.15. Airedale International Air Conditioning |
10. Appendix |
A comprehensive market research approach was employed to gather and analyze data on the Chillers Market . In the process, the analysis was also done to analyze the parent market and relevant adjacencies to measure the impact of them on the Chillers Market . The research methodology encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.
Secondary Research
Secondary research involved a thorough review of pertinent industry reports, journals, articles, and publications. Additionally, annual reports, press releases, and investor presentations of industry players were scrutinized to gain insights into their market positioning and strategies.
Primary Research
Primary research involved conducting in-depth interviews with industry experts, stakeholders, and market participants across the E-Waste Management ecosystem. The primary research objectives included:
- Validating findings and assumptions derived from secondary research
- Gathering qualitative and quantitative data on market trends, drivers, and challenges
- Understanding the demand-side dynamics, encompassing end-users, component manufacturers, facility providers, and service providers
- Assessing the supply-side landscape, including technological advancements and recent developments
Market Size Assessment
A combination of top-down and bottom-up approaches was utilized to analyze the overall size of the Chillers Market . These methods were also employed to assess the size of various subsegments within the market. The market size assessment methodology encompassed the following steps:
- Identification of key industry players and relevant revenues through extensive secondary research
- Determination of the industry's supply chain and market size, in terms of value, through primary and secondary research processes
- Calculation of percentage shares, splits, and breakdowns using secondary sources and verification through primary sources
Data Triangulation
To ensure the accuracy and reliability of the market size, data triangulation was implemented. This involved cross-referencing data from various sources, including demand and supply side factors, market trends, and expert opinions. Additionally, top-down and bottom-up approaches were employed to validate the market size assessment.