Global Chiller Market Report and Forecast 2024-2032

Global Chiller Market Outlook

The global chiller market size reached a value of more than USD 11.41 billion in 2023. The market is expected to grow at a CAGR of 3.90% between 2024 and 2032, likely to attain a value of USD 16.10 billion by 2032.

Global Chiller Market Trends

Chillers refer to the type of machine that is utilized in industrial fields and HVAC systems to provide cooling and heating services. It circulates coolant around the chiller to remove the heat from a target object. After the heat is absorbed by the coolant, it then goes through cooling process where outside water or air is taken to reduce the temperature of the coolant. The coolant that has cooled down is then reused to cool the target object, creating a loop that provides continuous cooling of the target object.

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Increasing Demand for Cooling Form Different Industries

Industrial operations produce a lot of heating due to friction between components in high powered equipments, making chiller units necessary to ensure the proper functioning of an equipment. The increasing industrial activities has propelled the demand for chiller systems, enhancing the market growth.

Rising Adoption of Chiller Systems in Food and Beverage Industry

The food production industry has been increasingly implementing chilling machines due to rising consumption of frozen and packaged foods. During the processing of products, a lot of heat is generated, and it is essential to remove the heat so the product can be stored in a proper form.

Global Chiller Market Analysis

Based on type, the market can be segmented into screw, scroll, and centrifugal, among others. Based on product type, the market can be bifurcated into air-cooled and water-cooled, among others. Based on the power range, the division includes less than 50 kW, 50-200 kW, and more than 200 kw. Based on industry, the market can be divided into food and beverage, plastic and rubber, chemicals and petrochemicals, and pharmaceuticals, among others. The regional markets for the chiller market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global chiller market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans. 

• Carrier Global Corporation

• Daikin Industries, Ltd.

• LG Electronics

• Panasonic Corporation

• Smardt Chiller Group, Inc.

• Mitsubishi Electric Corporation

• Others

Types of Chillers in the Market

Based on types, the market bifurcations include screw, scroll, and centrifugal, among others. Among these segments, centrifugal chillers are expected to hold a significant share of the market, owing to their increased utilisation because of their low maintenance and manufacturing costs.

Centrifugal chillers are cooling systems that utilise a vapour compression cycle to cool down by collecting heat from one water loop and compressor to a second water loop that is cooled by a cooling water tower. It is capable of providing high capacity while maintaining excellent energy efficiency.

Industries in the Market that Utilise Chillers

Based on industries, the market can be segmented into food and beverage, plastic and rubber, chemicals and petrochemicals, and pharmaceuticals, among others.

The plastic and rubber industry is expected to hold a significant share of the market owing to the increasing utilization of plastic products across various applications in the plastic industry. Companies have also started to increase the implementation of Chillers to cool down the equipment used in the manufacturing process. The rising demand from this industry will significantly help market growth.

The food and beverage industry follows the plastic and rubber industry with a rapid growth rate which can be attributed to the increasing consumption of frozen food. They are utilized to draw the heat away from products after various processes including mixing, cooking, or fermentation, among other processes.

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Competitive Landscape

Carrier Global Corporation is a multinational company specializing in HVAC systems, refrigeration, and fire and security equipment. The company was founded in 1915 and it headquarter is located in Florida, United States.

Daikin Industries, Ltd. is a Japanese multinational company, leading in the air conditioner manufacturing market. The company’s products and services include control systems, air-cooled chillers, water-cooled chillers, ventilation, and refrigeration, among many other different products. The company was founded in 1924 and is headquartered in Osaka, Japan.

LG Electronics is a South Korean multinational conglomerate engaged in computer and electronics manufacturing. It is the largest family-owned business in South Korea headquartered in Seoul, South Korea, and it was founded in 1947. The company has a wide variety of products including home appliances, wearable devices, monitors, and cooling systems including chillers of multiple types including centrifugal chiller, screw and scroll chiller, and absorption chiller.

Other market players include Panasonic Corporation, Smardt Chiller Group, Inc., and Mitsubishi Electric Corporation, among others.

Key Highlights of the Report

Chiller Market Report Snapshots

Chiller Market Size

Chiller Market Trends

Chiller Market Analysis

Chiller Companies