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Report Overview
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.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
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.
Chiller Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market for chillers reached a value of USD 11.41 billion.
The market is expected to grow at a CAGR of 3.90% during the period 2024-2032.
The market is expected to reach a value of USD 16.10 billion by 2032.
The market is driven by the growing demand for chillers in manufacturing industries to cool down equipment used in the manufacturing process and the rising demand for energy-efficient chillers.
The increasing industrial and construction activities are leading to increased demand for chillers and are expected to bring new growth opportunities to the market.
The regional markets for the global chiller market include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The types of chillers available in the market include screw, scroll, and centrifugal, among others.
The product types available in the market include air-cooled and water-cooled, among others.
The different power ranges for chiller in the market are less than 50 kW, 50-200 kW, and more than 200 kw.
The industries utilizing chillers include food and beverage, plastic and rubber, chemicals and petrochemicals, and pharmaceuticals, among others.
The key players in the market include Carrier Global Corporation, Daikin Industries, Ltd., LG Electronics, Panasonic Corporation, Smardt Chiller Group, Inc., and Mitsubishi Electric Corporation, among others.
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30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124