The South Korea chiller market is projected to grow at a CAGR of 5.10% between 2025 and 2034.
Base Year
Historical Year
Forecast Year
In February 2024, the Korea Institute of Machinery and Materials (KIMM) developed a large-capacity ultra-low temperature chiller with zero GWP refrigerant.
South Korea’s frozen food consumption is increasing due to the rising consumer price of vegetables, boosting the demand for chillers for storage.
Water-cooled and air-cooled types are expected to grow at a CAGR of 5.6% and 4.6% respectively between 2024-2032.
| South Korea Chiller Market Report Summary | Description | Value |
| Base Year | USD Million | 2024 |
| Historical period | USD Million | 2018-2024 |
| Forecast Period | USD Million | 2025-2034 |
| Market Size 2024 | USD Million | XX |
| Market Size 2034 | USD Million | XX |
| CAGR 2018-2024 | Percentage | XX% |
| CAGR 2025-2034 | Percentage | 5.10% |
| CAGR 2025-2034 - Market by Type of Cooling | Air Cooled | 4.6% |
| CAGR 2025-2034 - Market by End Use | Food and Beverage | 5.7% |
| Market Share By Type of Cooling | Water Cooled | 58.0% |
The market growth of chillers can be attributed to the increasing demand for efficient HVAC systems, a rise in environmental awareness, increasing frozen food consumption, urbanization, and advancements in technology. Additionally, inverter chillers and energy-efficient chillers are gaining traction and propelling the demand of South Korea chiller market.
Prominent market players are introducing innovative chiller systems integrated with building management systems (BMS) designed for the country’s flourishing industrial, residential, and commercial facilities, to gain an edge in the market. For instance, In May 2024, LG Corp- a leader in HVAC systems launched the brand-new LG inverter scroller. It offers user-friendly features, and easy maintenance, monitoring, and analysis tools coupled with an R32 refrigerant with a relatively low global warming potential.
Moreover, ongoing research and development to achieve energy efficiency has enabled the creation of sustainable and environment-friendly alternatives to existing chiller technology and has fueled chiller demand. For instance, the Turbo-Brayton cooling system developed by Korean researchers at the Department of Energy Storage Systems in KIMM functions at ultra-low temperatures with zero GWP refrigerant, reducing greenhouse emissions. It will be further developed in the next three years for usage in different industries including semiconductors.
Growing popularity of HVAC systems, increased frozen food consumption, extreme climate conditions, and rising transport sales are accelerating the South Korea chiller market value.
HVAC (Heating, Ventilation, and Air Conditioning) systems are gaining popularity in South Korea owing to growth in the industrial and residential sectors. These systems provide complete temperature regulation and primarily operate on efficient chiller technologies. Key market players are increasingly investing in the development and sale of HVACs, driving the growth of the South Korea chiller market. For instance, leading South Korean electronics brand LG, announced its plan to more than double the sales volume of its residential and commercial HVAC business by 2030.
The demand for instant frozen food is increasing in the country owing to the busy lifestyle of the South Korean population. Supermarkets and grocery stores are employing the best quality chillers to enhance the shelf life of processed frozen food for a long time. This coupled with the rise of the food processing sector is driving the chiller market demand growth in the country. According to the US Department of Agriculture, over 31,000 food processing companies were operating in South Korea in 2023, generating a total revenue of USD 63.3 billion. This value is expected to rise in the coming years, thereby propelling the chiller market growth.
South Korea, being a tropical nation, records a hot and humid climate throughout the year, increasing the requirement for chillers across industrial, residential, and commercial sectors. With the increasing effects of climate change making the weather conditions more extreme and unprecedented, chillers are expected to become a necessity in the coming years, thereby propelling market growth.
Chillers have a high demand in the automobile industry as they serve several applications including acting as a coolant for battery liquids and operating air conditioner units. Therefore, growth in the transportation sector is expected to have a positive impact on the South Korea chiller market revenue. According to Statistics Korea, a government organization, the annual sales recorded in the “Transportation and Storage” industry were 232.5 trillion in 2022. The value is expected to rise further considering the increasing urbanization in the country.
“South Korea Chiller Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type of Cooling:
Market Breakup by Compressor Type:
Market Breakup by End Use:
| CAGR 2025-2034 - Market by | Type of Cooling |
| Air Cooled | 4.6% |
| Water Cooled | XX% |
| CAGR 2025-2034 - Market by | End Use |
| Food and Beverage | 5.7% |
| Chemicals and Petrochemicals | 5.4% |
| Medical and Pharmaceutical | XX% |
| Plastics | XX% |
| Others | XX% |
Based on end-use, the market is mainly divided into food and beverage, chemicals and petrochemicals, medical and pharmaceutical, and plastics. The chemicals and petrochemicals sector holds a dominant position in the market and is expected to grow at a CAGR of 5.4% in the forecast period. Industrial chillers are deployed on a large scale in this sector to reduce extreme heat exposure, protect equipment, minimize production downtime, provide cooling, and facilitate transportation.
| Market Share by | Type of Cooling |
| Water Cooled | 58.0% |
| Air Cooled | XX% |
The need for refrigeration and cooling systems is rapidly growing in other sectors such as food and beverage, medical, and pharmaceutical as well, driving demands for chillers and other alternatives. The food production industry has been increasingly implementing chilling machines due to the rising consumption of frozen and packaged foods. Thus, the food and beverage industry is expected to grow at a CAGR of 5.7% between 2025-2034.
Market players are constantly developing technology to meet industrial standards for chiller systems.
South Korea Chiller Market Size
South Korea Chiller Market Growth
*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.*
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
The chiller market in South Korea is estimated to grow at a CAGR of 5.10% between 2025 and 2034.
The major drivers include in growing demand for chillers in manufacturing industries and the expansion of existing data centre facilities across the region which will increase the requirement for large air-cooled chillers.
The key trends include the demand for eco-friendly chillers, the emergence of smart inverter chillers, and the demand for energy-efficient cooling equipment.
The end-use sector are, chemicals and petrochemicals, food and beverage, medical and pharmaceutical, and plastics, among others.
The major players in the market are Daikin Industries Ltd., Carrier Global Corp., LG Corp, Daeil Co. Ltd., Trane Technologies Plc, and Mitsubishi Electric Corporation, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| 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 |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Datasheet
One User
USD 2,499
USD 2,249
tax inclusive*
Single User License
One User
USD 3,999
USD 3,599
tax inclusive*
Five User License
Five User
USD 4,999
USD 4,249
tax inclusive*
Corporate License
Unlimited Users
USD 5,999
USD 5,099
tax inclusive*
*Please note that the prices mentioned below are starting prices for each bundle type. Kindly contact our team for further details.*
Flash Bundle
Small Business Bundle
Growth Bundle
Enterprise Bundle
*Please note that the prices mentioned below are starting prices for each bundle type. Kindly contact our team for further details.*
Flash Bundle
Number of Reports: 3
20%
tax inclusive*
Small Business Bundle
Number of Reports: 5
25%
tax inclusive*
Growth Bundle
Number of Reports: 8
30%
tax inclusive*
Enterprise Bundle
Number of Reports: 10
35%
tax inclusive*
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-723-689-1189
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-723-689-1189
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +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
+84-865-399-124
Share