Singapore Chiller Market Report and Forecast 2024-2032

Singapore Chiller Market Size

The Singapore chiller market is projected to grow at a CAGR of 4.8% between 2024 and 2032. The market is being driven by the robust growth of the food and beverage and medical and pharmaceutical sectors in Singapore.

Singapore Chiller Market Outlook

• In Singapore, the demand for cooling is expected to reach 25.4TWh by 2030, recording a growth of 66% from current levels.

• Water cooled chillers are expected to dominate the demand over the forecast period.

• The food and beverage sector is projected to become one of the main end users of chillers over 2024-2032, growing at a CAGR of 5.5%.

Singapore Chiller Market Growth

Rising global temperatures and infrastructure development are expected to compound the urban heat island effect in Singapore, which is expected to raise the demand for cooling between residential and industrial spaces substantially. By 2030, GHG emissions from cooling are expected to contribute 40%  to the national emissions, thereby signifying an important need for establishing sustainable cooling mechanisms.  District cooling networks, that distribute hot/cold water to various buildings through a network of underground pipes, are expected to become important over the forecast period. This is expected to drive the demand for powerful chillers, which can maximise the cooling effect, lower operational costs, and minimise carbon emissions easily.

In 2022, Singapore’s pharmaceutical sector produced products worth $19 billion  for the global market. Increasing investments towards drug discovery and enhancing vaccine manufacturing capacities are expected to play a critical role in driving the demand for chillers in the country. Besides, the expansion of quality testing laboratories and storage facilities is expected to enhance the demand for high quality chillers. Hence, the medical and pharmaceutical sector is projected to grow at a CAGR of 5.2% during the forecast period of 2024-2032.

In February 2024 , food caterers’ sales recorded a year-on-year growth of nearly 40% in Singapore, with restaurants witnessing a similar trend. This is expected to contribute towards the market expansion, as chillers play a critical role in keeping food and its ingredients fresh and minimising wastage.

Singapore Chiller Industry Segmentation

Singapore 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

Singapore Chiller Market Share

Based on type of cooling, the market is divided into water cooled and air cooled. Over the forecast period of 2024-2032, water cooled chillers are estimated to grow at a CAGR of 5.3%, driven by their operational efficiency and energy-saving benefits, among others. Such coolers are typically installed indoors and boast improved production speed and flexibility as compared to their air cooled counterparts.

Leading Companies in the Singapore Chiller Market

Major market players are expected to adopt sustainable manufacturing practices to deliver energy efficient chillers which provide adequate heating and cooling conditions in various commercial and institutional environments.

• Daikin Industries Ltd.

• Carrier Global Corp. 

• LG Corp.

• Johnson Controls International Plc

• Trane Technologies Plc 

• Smardt Chiller Group, Inc. 

• Panasonic Holdings Corp. 

• Mitsubishi Electric Corporation 

• Midea Group Co. Ltd.  

• Ebara Corp. 

• Others

Key Highlights of the Report