Asia Pacific Chiller Market Report and Forecast 2024-2032

Asia Pacific Chiller Market Size

The Asia Pacific chiller market reached around USD 5.89 billion in 2023. The market is projected to grow at a CAGR of 5.1% between 2024 and 2032, reaching almost USD 9.22 billion by 2032.

Asia Pacific Chiller Market Outlook

• By 2040, as India overtakes China in AC production and consumption, the demand for chillers is expected to increase substantially.

• Australia is expected to witness a significant increase in demand for chillers.

• Eco-friendly chiller technologies are expected to garner significant consumer appeal over the forecast period.

Asia Pacific Chiller Market Growth

As per the Asian Development Bank, the Asia Pacific region needs to invest $1.7 trillion annually through 2030 to maintain the rate of its economic growth, tackle poverty, and mitigate climate change. Increasing investor appetite for funding green infrastructure projects is expected to enhance infrastructure development in low and middle-income countries like India, Indonesia, Thailand, Philippines, and Vietnam. This is expected to substantially increase the demand for reciprocating chillers in the region.

With the shift towards sustainability, hydrogen-powered absorption chillers are expected to witness widespread adoption in the forecast period as they have the potential to substantially reduce carbon emissions. These chillers are designed with a backfire prevention device and have a function to inject noble gases, which ensures the safety of operation. These are also equipped with a special NOx burner, which can withstand the high flame temperature of hydrogen. Modern chillers are equipped with various energy-saving features, including controlling the variable flow rate of cooling water, among others.

The expansion of existing data centre facilities across the region is expected to enhance the requirement for large air-cooled chillers, which can facilitate the maintenance of optimum temperature conditions within data centres.

Asia Pacific Chiller Industry Segmentation

Asia Pacific Chiller Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type of Cooling

• Water Cooled 

• Air Cooled

Market Breakup by Compressor Type

• Screw Chillers 

• Scroll Chillers

• Reciprocating Chillers

• Centrifugal Chillers

• Absorption Chillers

Market Breakup by End Use

• Food and Beverage

• Chemicals and Petrochemicals

• Medical and Pharmaceutical

• Plastics

• Others

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia

• Others

Asia Pacific Chiller Market Share

Based on the type of cooling, the market is divided into water cooled and air cooled. Over the forecast period, air cooled compressors are expected to emerge as the leading segment, as they minimise industrial wastage of water, and can adapt to different cooling requirements in varying climatic conditions. They are relatively eco-friendly alternatives to water coolers, while also being cost-effective.

Leading Companies in the Asia Pacific Chiller Market

Major market players are introducing sustainable and energy-efficient models of air-cooled chillers for commercial and residential usage.

• Daikin Industries Ltd.

• Carrier Global Corp.

• LG Corp.

• Johnson Controls International Plc

• Trane Technologies Plc

• Smardt Chiller Group, Inc.

• Panasonic Holdings Corp.

• Mitsubishi Electric Corporation

• Midea Group Co. Ltd.

• Ebara Corp.

• Others

Key Highlights of the Report