Europe Chiller Market Report and Forecast 2024-2032

Europe Chiller Market Size

The Europe chiller market reached around USD 1.88 billion in 2023. The market is projected to grow at a CAGR of 5.2% between 2024 and 2032, reaching almost USD 2.96 billion by 2032.

Europe Chiller Market Outlook

• In 2022, it was reported that less than 10% of European households are equipped with air conditioners.

• Sustainability concerns are expected to shift consumer preferences towards air cooled chillers.

• Increasing demand for modern chillers from the food and beverage sector is expected to drive the market growth.

Europe Chiller Market Growth

The decarbonisation of various industries, including retail, data centre construction, HVAC manufacturing, food processing, and cold storage has necessitated the need for modern refrigerants, which have low global warming potential. This has prompted increasing innovations in refrigerant materials designed for commercial water-cooled and air-cooled chillers. For instance, Honeywell designed Sostice ze, a refrigerant that reduces the maintenance requirements of chillers by 20% and makes them 30% more lightweight and small as compared to ammonia-powered chillers. This is expected to enhance the energy efficiency of modern chillers and drive the market growth.

As major HVAC manufacturers like Johnson & Johnson expand their existing production capacities in Europe to meet the burgeoning demand for air conditioning systems, the sale of chillers is expected to grow significantly.

The anticipated growth of the European semiconductor industry is expected to enhance the demand for high-capacity industrial chillers, which deliver a cooling performance of nearly 10kW at temperatures below -99 degrees Celsius. The use of turbo-brayton technology for cooling is expected to boost the performance of chillers, and the use of eco-friendly refrigerants like neon is expected to enhance its consumer appeal. Over the forecast period, nitrogen and other chemically inert materials are expected to find increasing applications in chiller manufacturing, thereby fuelling the market expansion.

Europe Chiller Industry Segmentation

Europe 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

• Germany

• United Kingdom

• France

• Italy

• Others

Europe Chiller Market Share

Based on country, the market is divided into Germany, the United Kingdom, France, and Italy, among others. Over the forecast period, Germany is projected to grow at a CAGR of 5.9% during 2024-2032 as the government implements its plan of integrating district heating and cooling systems into commercial and residential buildings on a large scale.

Leading Companies in the Europe Chiller Market

Major market players are launching sustainable chillers for usage in the chemicals and petrochemicals sector.

• Daikin Industries Ltd.

• Carrier Global Corp.

• LG Corp.

• Johnson Controls International Plc

• Trane Technologies Plc

• Aermec S.p.A.

• Panasonic Holdings Corp.

• Mitsubishi Electric Corporation

• Midea Group Co. Ltd.

• HYDAC International GmbH

• Others

Key Highlights of the Report

Europe Chiller Market Report Snapshots

Europe Chiller Market Size

Europe Chiller Market Growth

Europe Chiller Market Share

Europe Chiller Companies