North America Chiller Market Report and Forecast 2024-2032

North America Chiller Market Size

The North America chiller market reached around USD 2.58 billion in 2023. The market is projected to grow at a CAGR of 4.1% between 2024 and 2032, reaching almost USD 3.70 billion by 2032.

North America Chiller Market Outlook

• In 2022, $1.2 billion was spent by Canadians on purchasing new heating and cooling equipment.

• In 2022, Canada manufactured and shipped $5.5 billion worth of HVAC equipment.

• Quebec and New Brunswick are expected to register a significant uptick in the adoption of HVAC systems.

North America Chiller Market Growth

As per the US Energy Information Administration, the demand for household cooling within the United States is expected to register a 71% growth by 2050. States like Texas, Arizona, Florida, Nevada, and Utah are experiencing a significant growth in the number of CDD (cooling degree days), which refers to the minimum cooling required to maintain indoor temperature.

Driven by climate change and rising global temperatures, the cooling requirements of commercial establishments are also expected to record a growth of 30% by 2050. The Inflation Reduction Act is expected to subsidise the adoption of heat pumps, which minimise carbon emissions and are relatively more eco-friendly than existing HVAC systems. This is expected to drive the demand for cost-effective chillers in the coming years.

With the Environmental Protection Agency’s increasing emphasis on minimising the use of hydrocarbons, major manufacturers are developing refrigerant-free chillers which utilise Peltier technology to provide heating and cooling effects simultaneously. Moreover, consumers are exhibiting an increasing preference for NRTL-certified electrical products in the region, which is prompting chiller manufacturing companies to develop state-of-the-art testing facilities to ensure their products adhere to the highest quality standards. Modern chillers are also expected to witness a surge in demand from the food processing industry, which is growing at a faster rate than the overall US economy.

North America Chiller Industry Segmentation

North America 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

• United States

• Canada

North America Chiller Market Share

Based on type of cooling, the market is divided into water-cooled and air-cooled chillers. Over the forecast period, water-cooled chillers are projected to grow at a CAGR of 4.3% during 2024-2032 as they deliver a comparatively higher energy-efficient performance (15%)  than air-cooled chillers.

Leading Companies in the North America Chiller Market

Major market players are shifting towards the usage of low GWP (global warming potential) refrigerants in their products, which is lowering their carbon footprint and driving sustainability within production practices.

• Daikin Industries Ltd.

• Carrier Global Corp. 

• LG Corp.

• Johnson Controls International Plc

• Trane Technologies Plc 

• Fluid Chillers, Inc.

• Panasonic Holdings Corp.

• Mitsubishi Electric Corporation

• Midea Group Co. Ltd.  

• HYDAC International GmbH

• Others

Key Highlights of the Report