opportunities due to expansion of e-commerce activities, are expected to drive market expansion in the near future at a CAGR of 4.5% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Chillers Market”that contains information from 2018 to 2032.

The Global Chillers Market is estimated to register a CAGR of 4.5% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the Global Chillers Market— Carrier Global Corporation, DAIKIN INDUSTRIES LTD, MITSUBISHI ELECTRIC CORPORATION, DIMPLEX THERMAL SOLUTIONS, LG Electronics, JOHNSON CONTROLS INTERNATIONAL PLC, Polyscience Inc, SMARDT CHILLER GROUP INC, THERMAX LTD., and TRANE Technologies Plc.

Market Highlights

The Global Chillers Market is estimated to register a CAGR of 4.5% during the forecast period and is estimated to reach USD 15,374.0 Million by 2032.

The growing need for cooling solutions in residential, commercial, and industrial setups is a key factor driving the demand for chillers.  According to the National Centres for Environmental Information (NCEI), March 2024 was the warmest March on record for the globe in NOAA's 175-year record. The March global surface temperature was 1.35°C (2.43°F) above the 20th-century average of 12.7°C (54.9°F). This is 0.01°C (°F) warmer than the previous March record set in 2016, and the tenth consecutive month of record-high global temperatures. As temperatures rise globally owing to various factors such as climate change and urbanization the need for efficient cooling systems is anticipated to rise in the forecast period.  Further, the growing populations and developing economies are projected to hugely increase global demand for space cooling, dehumidification, and refrigeration. The ongoing trend of infrastructure development contributes positively to the increasing demand for Chillers in the market. According to data published by the United States Census Bureau 2024, construction spending rose from USD 1,901,401 million to USD 2,083,926 Million in March 2024. This growth is anticipated to trigger a significant uptick in HVAC installation owing to increased demand from newly constructed commercial buildings. As more commercial buildings, data centres, healthcare facilities, and industrial complexes are constructed, the demand for effective and scalable cooling solutions is anticipated to rise. The increasing construction of smart cities and green buildings further propels the demand for modern and sustainable chiller systems.

The global chiller market is growing in regions experiencing industrialization and urbanization. Developing regions such as India, China, Brazil, and South Africa have been experiencing significant growth in industrialization and urbanization trends. This has been creating significant market opportunities for market players to invest in such regions to gain from the rising demand for Chillers in the region. For instance, according to the India Cooling Action Plan (ICAP), chiller systems will comprise 11% of space cooling energy use by 2037–38. Additionally, the installed capacity of chillers in India is expected to reach 38.1 million Tons of Refrigeration (TR) by 2037-38, growing from the present 5.7 million TR as of 2017-18. Thus, market players looking to expand their offerings globally have profitability in shifting to growing regions such as India, and China where there has been significant growth in demand for chillers. These regions are also actively investing in infrastructure projects, and there has been a notable rise in commercial buildings which again create substantial demand for efficient cooling systems in the region. For instance, China’s Belt and Road Initiative has led to massive infrastructure projects requiring efficient cooling systems. Also, the government's push for energy-efficient solutions is pushing market players to come up with new and innovative solutions to cater to the demand.

Access full report @ https://www.marketresearchfuture.com/reports/chillers-market-11556s           

Segment Analysis

The Global Chillers Market has been segmented based on type, product type, power range, End User, and Sales.

Based on type, the global Chillers are segmented into Screw Chiller, Scroll Chiller, Centrifugal Chiller, Others. The Screw Chiller dominated the global market in 2023, while the Scroll Chiller are projected to be the fastest–growing segment during the forecast period. Screw chillers have a large cooling capacity and are frequently utilized in commercial and industrial settings. There are two types of screw chillers: water-cooled and air-cooled. Depending on their intended uses and architectural layouts, screw chillers can be either water- or air-cooled. They are made up of two helical slot rotors that compress refrigerant gases to provide cooling. Applications requiring high power circulation are utilized with these chillers. The printing, automotive, and chemical sectors all employ screw chillers. Additionally, they provide extremely energy-efficient cooling capabilities that are needed by commercial and industrial end customers. Compared to other chiller types, screw chillers are lightweight, simple to install, and energy efficient. They are frequently used to chill goods in the food business.

Based on Product Type, the global Chillers are segmented into Air Cooled Chiller and Water-Cooled Chiller. The Water-Cooled Chiller segment dominated the global market in 2023, while the Air Cooled Chiller is projected to be the fastest–growing segment during the forecast period. Industrial and commercial buildings utilize air-cooled chillers as refrigeration systems to dehumidify air and/or cool liquids. Hotels, business gatherings, dining establishments, athletic events, large-scale building sites, manufacturing and industrial facilities, and more are just a few of the places they are utilized. The heat from processed water is actively absorbed by air-cooled chillers, which then release it into the surrounding air. In locations where increased heat discharge is advantageous rather than a problem, this kind of unit is usually utilized. In comparison to conventional heating systems, the extra heat can be utilized to warm a space in the winter.

Based on Power Range, the global Chillers are segmented into Less than 50 kW, 50-200 kW, and More than 200 kW. The More than 200 kW segment dominated the global market in 2023, while Less than 50 kW projected to be the fastest–growing segment during the forecast period. The domination of more than 200 kW attributed to a range of factors, which includes the increase of industrial and business sectors, such as huge workplace complexes, shopping department shops, statistics centers, and industrial production facilities, all of which require robust cooling infrastructure to maintain optimal operating conditions. Furthermore, technological developments, such as more efficient and sustainable chiller designs, is growing the market by providing improved performance and cost-effectiveness for large-capacity cooling applications.

Based on End User, global Chillers are segmented into Chemicals & Petrochemicals, Food & Beverages, Medical, Metal Manufacturing, and Others. The others segment dominated the global market in 2023, while metal manufacturing projected to be the fastest–growing segment during the forecast period. In others, commercial, data center, textiles, hotels, jewel shops etc. The market for chillers is expanding in several industries, including hotels, jewelers, textiles, data centers, and commercial buildings. Efficient cooling systems are becoming more and more necessary in commercial settings to keep customers and employees comfortable while reducing energy expenses. Reliable chillers are necessary in data centers because sensitive equipment needs precise temperature control to operate at its best. Chillers are used by textile manufacturers to keep the perfect environment for their production processes. Chilterns are used by hotels and jewelry stores to maintain product quality and improve customer comfort. The need for chillers is growing as these sectors develop and grow, with an emphasis on dependable, energy-efficient systems that can be customized to meet unique cooling needs.

Based on Sales, global Chillers are segmented into Rental Sales and New Sales. The new sales segment dominated the global market in 2023 and projected to be the fastest–growing segment during the forecast period. The market for chillers is expanding due to multiple important factors that are driving the development in new sales. First, there is a growing need for new chillers as enterprises realize more and more how crucial effective cooling systems are to their operations. Second, companies aiming to modernize their cooling infrastructure are drawn to the more energy-efficient and ecologically friendly chiller solutions that have been made possible by technical breakthroughs. In addition, businesses are encouraged to invest in up-to-date, compliant equipment by regulatory standards and sustainability objectives.

Regional Analysis

The Global Chillers Market, based on region, has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America consists of US, Canada, and Mexico. The Europe Chillers Market comprises of Germany, France, UK, Spain, Italy, and the rest of Europe. The Global Chillers Market in Asia-Pacific has been segmented into China, India, Japan, and the rest of Asia-Pacific. The Middle East & Africa Chillers Market consists of Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa. The Global Chillers Market in South America has been segmented into Brazil, Argentina, and Rest of South America.

The Asia-Pacific Chillers market accounted for the largest market share in 2023 and is expected to exhibit significant CAGR growth during the study period. The demand for chillers in the region is considerable due to the rapid rise in investments from many industrial giants. As demand for frozen items rises, the food and beverage industry are growing, which is spurring the growth of chillers. Additionally, the quantity of money the industrial industry spends on passive cooling technologies. With strong growth that boosts income and creates new prospects for industry, the Asia Pacific area is currently the second-largest hub for data centers. Asia Pacific's data center footprint is growing, and operators are aggressively looking into new markets for further growth.

Moreover, North America is the second-largest region in the Chillers Market. The building of theaters, offices, hospitals, and massive retail establishments has increased as a result of rising urbanization and sustained economic expansion. The governments of the countries in North America are in favor of developing smart cities and expanding airport infrastructure. Thus, the need for chillers in the residential, commercial, and industrial sectors of the region is being driven by growing tourism, smart city projects, and construction activities. To improve energy efficiency standards across the country, the US Department of Energy (DOE) is investing heavily. The DOE seeks to address the nation's nuclear, energy, and environmental issues by creating ground-breaking scientific and technological solutions. Companies are releasing new items into the market to satisfy a diverse variety of consumer wants and expand their market share.

Additionally, the Europe Chillers Market has grown significantly in recent years, driven by region’s industrial sector expansion because of urbanization and increasing global economic conditions. The need for HVAC chillers is being driven by an increase in the construction of medical centers, shopping centers, complexes, hotels, commercial buildings, and manufacturing facilities. People's lifestyles have altered because of urbanization, and their desire for security and safety has grown. The governmental and organizational rules pertaining to temperature control have been modified in conjunction with technological advancements to foster the growth of the Chiller industry. It is expected that the need for chillers in the medical industry will continue to increase. The European countries' urbanization and population increase are the main drivers of the chillers market's expansion in this area.

Also, the Chillers in the MEA region has witnessed sizable growth and promising prospects in recent years. This is due to the construction industry's rapid expansion—with a particular emphasis on lodging and dining—is a key driver of the Chillers market's growth. Other important factors pushing regional and international companies to invest in the HVAC market in the Middle East and Africa include extreme weather, population increase, infrastructure and urban development projects, and the expansion of the food industry. Furthermore, stringent government laws that promote the use of energy-efficient systems should foster the growth of the Chiller market in the upcoming years.

Furthermore, the Chillers Market in South America is anticipated to grow at a substantial rate over the forecast period. This is due to the Increasing numbers of commercial and industrial units, a resurgence of housing markets, and a steady increase in population are some of the key drivers of market expansion in this area. Manufacturers of chillers are under pressure to develop and supply cutting-edge, energy-efficient units for significant commercial, residential, institutional, and industrial applications, among others, due to the emergence of green and smart building standards. In addition, the region's fast real estate development, including the erection of hospitals, department shops, and residential structures, is a major factor in the expansion of the Chiller market.

Key Findings of the Study

• The Global Chillers Market is expected to reach USD 15,374.0 Million by 2032, at a CAGR of 4.5% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the rapid rise in investments from many industrial giants.


• Based on End User, the others segment was attributed to holding the largest market in 2023.


• Carrier Global Corporation, DAIKIN INDUSTRIES LTD, MITSUBISHI ELECTRIC CORPORATION, DIMPLEX THERMAL SOLUTIONS, LG Electronics, JOHNSON CONTROLS INTERNATIONAL PLC, Polyscience Inc, SMARDT CHILLER GROUP INC, THERMAX LTD., and TRANE Technologies Plc are the key market players.