Chillers Global Market Report 2025

Chillers are essential systems used for controlled cooling in various industries. They are refrigeration systems designed to lower the temperatures of process fluids, machinery, and other applications by extracting heat and transferring it to other spaces. Chillers play a crucial role in regulating and maintaining temperatures in different industrial settings.

The primary types of chillers include air-cooled chillers and water-cooled chillers. Air-cooled chillers are commonly utilized in commercial and industrial facilities. They function by absorbing heat from process water and transferring it to cool fluids, also contributing to the dehumidification of air. Chillers are categorized based on their power range, which includes less than 50 kW, 50-200 kW, and more than 200 kW. Additionally, chillers vary by compressor type, with options such as screw chillers, centrifugal chillers, absorption chillers, and reciprocating chillers. These chillers find applications in commercial, industrial, and residential spaces.

The Chillers Global market research report is one of a series of new reports from The Business Research Company that provides Chillers Global market statistics, including Chillers Global industry global market size, regional shares, competitors with a Chillers Global market share, detailed Chillers Global market segments, market trends and opportunities, and any further data you may need to thrive in the Chillers Global industry. This Chillers Global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The chillers market size has grown steadily in recent years. It will grow from $10.68 billion in 2024 to $11.14 billion in 2025 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to growth in industrial and commercial construction, expansion of hvacr systems in residential and commercial buildings, adoption of process cooling in industrial applications, increased in demand for air conditioning and refrigeration, focus on energy efficiency and sustainable cooling solutions.

The chillers market size is expected to see steady growth in the next few years. It will grow to $13.22 billion in 2029 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to urbanization and growth of megacities driving demand for cooling solutions, expansion of data centers and IT infrastructure, adoption of chillers in food and beverage processing, demand for district cooling systems in urban developments, market growth in developing economies and emerging markets. Major trends in the forecast period include transition to low-gwp refrigerants, integration with smart building systems, modular and scalable chiller systems, heat recovery chillers for cogeneration, use of advanced controls and predictive analytics.

The uptick in the construction of new commercial buildings is anticipated to drive the growth of the chillers market. Chillers play a crucial role in these structures by facilitating temperature control through the removal of heat from the air. The integration of smart technologies in commercial buildings, such as occupancy sensors, smart thermostats, and HVAC and lighting controls, contributes to energy efficiency by reducing consumption in unoccupied spaces. According to The American Council for an Energy Efficient Economy (ACEEE), the implementation of smart building technologies can lead to an 18% reduction in energy consumption for HVAC systems, a 28% decrease for plugged equipment, and a 33% decline for lighting. This trend creates opportunities for stakeholders in the chillers market as new commercial constructions seek advanced cooling solutions.

The burgeoning food and beverage industry is set to propel the expansion of the chillers market. Across various segments, including production, distribution, and retail, chillers play a vital role in maintaining precise temperatures during food processing, storage, and transportation, ensuring the quality and safety of products. Notably, the industry witnessed a significant 31% increase in exports in 2022 compared to the previous year, as reported by the Food and Drink Federation. The sector's robust performance, with a turnover of $10.84 billion (£10.3 billion) in 2022, making up 33% of Scotland's total manufacturing output, emphasizes the critical role of chillers in supporting the growth of the food and beverage market.

Key players in the chillers market are directing their efforts towards developing energy-efficient water chillers to enhance their competitive position. These advanced chillers contribute to reduced energy consumption and operational costs in cooling systems by efficiently cooling water for various applications. In March 2023, Atlas Copco Compressors LLC introduced its TCA water chiller range, featuring patented adiabatic pre-cooling systems and integrated free-cooling sections. The flagship model, TCA55-215, offers a range of configurations with cooling capacities from 55 to 228 kW. Equipped with innovative features, these units prioritize energy efficiency, operational safety, simplified installation and maintenance processes, and cost-effectiveness. This strategic focus on energy-efficient solutions positions companies to meet the evolving demands of the chillers market.

Prominent players in the chillers market are strategically investing in the development of cutting-edge technologies, specifically focusing on innovative gas and electric hybrid chillers to secure a competitive advantage. Gas and electric hybrid chillers integrate natural gas and electricity for cooling purposes, presenting a dual-energy solution that enhances energy efficiency and offers flexibility in managing cooling loads. A noteworthy example is Tecogen Inc., a US-based manufacturer of combined heat and power products, which introduced the Tecochill Hybrid-Drive air-cooled chiller in January 2023. This hybrid chiller seamlessly integrates cost-effective natural gas and grid electricity, utilizing hybrid drive technology to achieve efficient output adjustments similar to traditional variable frequency drive (VFD) chillers while significantly reducing operational costs.

In January 2022, Piovan Group, an Italy-based company with a subsidiary named Aquatech, completed the acquisition of IPEG, Inc. for approximately $125 million. This strategic move involved Piovan acquiring 100% of the outstanding shares of Ipeg, which owns four prominent brands-Conair, Thermalcare, Pelletron, and Republic Machine. The acquisition provides Piovan with a substantial market share in North America, bolstered by IPEG's formidable customer base. Moreover, it expands production capacity, both in India and the United States, to manufacture advanced chillers. IPEG, Inc., a US-based company specializing in industrial chiller manufacturing, operates globally with subsidiaries in the US, India, Mexico, Germany, China, Taiwan, and Singapore. This acquisition enhances Piovan's position in the chillers market and positions them for further growth and innovation.

Major companies operating in the chillers market include Carrier Corporation, Daikin Industries Ltd., Trane Technologies plc, Hitachi Air Conditioning Company Ltd., Johnson Controls International plc, Thermax Limited, Smardt Chiller Group Inc., Mitsubishi Electric Corporation, Midea Group Co. Ltd., LG Electronics Inc., Reynold India Pvt. Ltd., Dimplex Thermal Solutions, Dunham-Bush Ltd., Frigel Firenze SpA, Friulair S.R.L., HYDAC International GmbH, Thermal Care Inc., SKM Air Conditioning, Meccanotecnica Applicata S.r.l., KKT Chillers, Delta T Systems Inc., Chase Cooling Systems, TopChiller, CAREL UK Ltd., Frost Italy S.r.l., Cold Shot Chillers, York International Corporation, Multistack LLC, Airedale International Air Conditioning Ltd., Blue Star Limited, Danfoss A/S, Climaveneta S.p.A., Lennox International Inc.

Asia-Pacific was the largest region in the Chillers market in 2024. The regions covered in the global chillers market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the Chillers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The chillers market consists of sales of condenser, compressor, evaporator, expansion valves. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Chillers Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on chillers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for chillers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The chillers market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

• Markets Covered:1) By Product Type: Air Cooled Chiller; Water Cooled Chiller
• 2) By Power Range: Less than 50 kW; 50-200 kW; More than 200 kW
• 3) By Compressor Type: Screw Chillers; Centrifugal Chillers; Absorption Chillers; Reciprocating Chillers
• 4) By End User: Commercial; Industrial; Residential
• Subsegments:
• 1) By Air Cooled Chiller: Scroll Air Cooled Chillers; Screw Air Cooled Chillers; Reciprocating Air Cooled Chillers
• 2) By Water Cooled Chiller: Centrifugal Water Cooled Chillers; Screw Water Cooled Chillers; Reciprocating Water Cooled Chillers
• Companies Mentioned: Carrier Corporation; Daikin Industries Ltd.; Trane Technologies plc; Hitachi Air Conditioning Company Ltd.; Johnson Controls International plc
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.