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North America Chiller Market Share, Growth, Analysis, Report: By Type of Cooling: Water Cooled, Air Cooled; By Compressor Type: Screw Chillers, Scroll Chillers, Reciprocating Chillers, Centrifugal Chillers, Absorption Chillers; By End Use: Food and Beverage, Chemicals and Petrochemicals, Others; Competitive Landscape; 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 Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 2.58 |
| Market Size 2032 | USD Billion | 3.70 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.1% |
| CAGR 2024-2032 - Market by Region | United States | 4.5% |
| CAGR 2024-2032 - Market by Region | Canada | XX% |
| CAGR 2024-2032 - Market by Type of Cooling | Water Cooled | 4.3% |
| CAGR 2024-2032 - Market by End Use | Food and Beverage | 4.5% |
| Market Share by Country | United States | 86.3% |
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
| CAGR 2024-2032 - Market by | Type of Cooling |
| Water Cooled | 4.3% |
| Air Cooled | XX% |
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
| CAGR 2024-2032 - Market by | End Use |
| Food and Beverage | 4.5% |
| Chemicals and Petrochemicals | 4.2% |
| Medical and Pharmaceuticals | XX% |
| Plastics | XX% |
| Others | XX% |
Market Breakup by Country
- United States
- Canada
| CAGR 2024-2032 - Market by | Country |
| United States | 4.5% |
| Canada | XX% |
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.
| Market Share by | Country |
| United States | 86.3% |
| Canada | XX% |
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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type of Cooling |
|
| Breakup by Compressor Type |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Chiller Market Overview
8.1 Key Industry Highlights
8.2 Global Chiller Historical Market (2018-2023)
8.3 Global Chiller Market Forecast (2024-2032)
8.4 Global Chiller Market Breakup by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Chiller Market Overview
9.1 Key Industry Highlights
9.2 North America Chiller Historical Market (2018-2023)
9.3 North America Chiller Market Forecast (2024-2032)
10 North America Chiller Market by Type of Cooling
10.1 Water Cooled
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Air Cooled
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 North America Chiller Market by Compressor Type
11.1 Screw Chillers
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Scroll Chillers
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Reciprocating Chillers
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Centrifugal Chillers
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Absorption Chillers
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
12 North America Chiller Market by End Use
12.1 Food and Beverage
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Chemicals and Petrochemicals
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Medical and Pharmaceutical
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Plastics
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Others
13 North America Chiller Market by Country
13.1 United States
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Canada
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Daikin Industries Ltd.
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Carrier Global Corp.
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 LG Corp.
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Johnson Controls International Plc
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Trane Technologies Plc
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Fluid Chillers, Inc.
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Panasonic Holdings Corp.
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Mitsubishi Electric Corporation
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 Midea Group Co. Ltd.
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.2.10 HYDAC International GmbH
17.2.10.1 Company Overview
17.2.10.2 Product Portfolio
17.2.10.3 Demographic Reach and Achievements
17.2.10.4 Certifications
17.2.11 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Chiller Market: Key Industry Highlights, 2018 and 2032
2. North America Chiller Market: Key Industry Highlights, 2018 and 2032
3. North America Chiller Historical Market: Breakup by Type of Cooling (USD Billion), 2018-2023
4. North America Chiller Market Forecast: Breakup by Type of Cooling (USD Billion), 2024-2032
5. North America Chiller Historical Market: Breakup by Compressor Type (USD Billion), 2018-2023
6. North America Chiller Market Forecast: Breakup by Compressor Type (USD Billion), 2024-2032
7. North America Chiller Historical Market: Breakup by End Use (USD Billion), 2018-2023
8. North America Chiller Market Forecast: Breakup by End Use (USD Billion), 2024-2032
9. North America Chiller Historical Market: Breakup by Country (USD Billion), 2018-2023
10. North America Chiller Market Forecast: Breakup by Country (USD Billion), 2024-2032
11. North America Chiller Market Structure
Key Questions Answered in the Report
The market reached nearly USD 2.58 billion in 2023.
The market is projected to grow at a CAGR of 4.1% between 2024 and 2032.
The market is assessed to witness a healthy growth in the forecast period to reach around USD 3.70 billion in 2032.
The different cooling types in the market include water cooled and air cooled.
The different compressor types in the market include screw chillers, scroll chillers, reciprocating chillers, centrifugal chillers, and absorption chillers.
The different end uses of chiller are food and beverage, chemicals and petrochemicals, medical and pharmaceutical, and plastics, among others.
The different countries covered in the market report include United States and Canada.
The key market players are 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., and HYDAC International GmbH, among others.
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