Chillers Market Growth, Size, Trends, Analysis and Segment Forecast to 2034
Global Chillers Market Growth, Size, Trends Analysis - By Product, By Application, By Compressor - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Sep-2025 | Report ID: COAM2513 | Pages: 1 - 244 | Formats*: |
| Category : Construction & Manufacturing | |||
Chillers Market Introduction and Overview
According to SPER Market Research, the Global Chillers Market is estimated to reach USD 16.92 billion by 2034 with a CAGR of 4.82%.
The report includes an in-depth analysis of the Global Chillers Market, including market size and trends, product mix, Applications, and supplier analysis.The global chillers market was valued at USD 10.57 billion in 2024 and is projected to grow at a CAGR of 4.82% from 2025 to 2034. This expansion is driven mostly by rising demand for low-cost, energy-efficient cooling systems in both the commercial and industrial sectors. As a result, this trend is likely to increase demand for chillers over the projection period.
By Product Insights
In 2024, water-cooled chillers represented a significant portion of the market due to their compact design, exceptional energy efficiency, and longevity. These chillers provide a wide cooling capacity ranging from 10 to 4,000 tons, making them an excellent option for indoor applications. They are particularly well-suited for various industrial uses that require high thermal output. Water-cooled chillers are capable of managing extensive cooling loads, which are typically found in chemical plants, manufacturing facilities, and medical institutions.
By Application Insights
The commercial application sector accounted for a considerable share of the market in 2024. Chillers are essential in commercial buildings, delivering vital cooling effects. Their main purpose is to offset the heat generated from multiple internal and external sources. External elements such as sunlight, wind, and outdoor temperatures contribute to heat gain, while internal factors include moisture from occupants, lighting, and heat produced by electrical or mechanical devices. The advantages that chillers bring in managing these numerous influences in commercial environments are expected to increase their demand in the coming years.
By Compressor Insights
The screw chillers compressor segment led the market in 2024. Screw chillers can be categorized as either air-cooled or water-cooled, depending on their design and functionality. They consist of two helical slot rotors that compress refrigerant gases for cooling applications. These chillers are utilized in scenarios that require high-power circulation. Screw chillers are used in the printing, automotive, and chemical industries. Additionally, they deliver highly energy-efficient cooling solutions that are essential for both industrial and commercial users.
Regional Insights
The Asia Pacific chillers sector dominated the global market, capturing the largest revenue share in 2024. The industry is experiencing rapid growth due to swift industrialization, urbanization, and a heightened need for cooling solutions. Nations such as China, India, and Japan are propelling market expansion through ongoing infrastructure development, industrial activities, and a growing requirement for air conditioning systems.
In North America, the chiller industry is witnessing substantial growth, driven by the rising demand for energy-efficient solutions in commercial and industrial sectors. Heightened environmental concerns and stringent regulations regarding energy consumption are compelling businesses to adopt more sustainable cooling systems.
Market Competitive Landscape
The market for chillers is extremely competitive, driven by rising demand from a variety of end-user industries. Industry players are making significant investments in research and development to secure a competitive advantage, resulting in notable advancements in chiller technology. As demand escalates, companies are forming strategic partnerships and collaborations to improve operational efficiency and broaden their market reach. This competitive environment has led to a fragmented market, with companies vying for market share through innovation, quality, and strategic alliances.
Recent Developments:
January 2025 - Daikin introduced the VRX-series scroll chiller, which includes a built-in inverter compressor and multi-refrigerant control for R-32 and R-1234yf.
August 2024 - Johnson Controls revealed a partnership with the U.S. Department of Energy to test ultra-low GWP centrifugal chillers under real-time load conditions.
January 2023: Tecogen Inc., a clean energy firm that offers ultra-efficient and environmentally friendly on-site power, heating, and cooling solutions, announced the launch of its smart Tecochill Hybrid-Drive Air-Cooled chiller (the "Hybrid-Drive") at AHR 2023, the largest HVAC trade show in North America.
May 2023: Trane acquired MTA, an Italian company specializing in industrial refrigeration and air conditioning equipment. This strategic acquisition is anticipated to strengthen Trane's commercial HVAC capabilities by integrating MTA's process chillers and expanding its rental and service operations.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Product, By Application, By Compressor |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa |
| Companies Covered | Trane, Cold Shot Chillers, Tandem Chillers, Drake Refrigeration, Inc, Refra, Carrier, FRIGEL FIRENZE S.p.A, Midea, Rite-Temp, Multistack, LLC, DAIKIN INDUSTRIES, Ltd, General Air Product, ClimaCool Corp. |
Key Topics Covered in the Report
- Global Chillers Market Size (FY’2021-FY’2034)
- Overview of Global Chillers Market
- Segmentation of Global Chillers Market By Product (Water-Cooled, Air-Cooled)
- Segmentation of Global Chillers Market By Application (Industrial, Commercial, Residential)
- Segmentation of Global Chillers Market By Compressor (Screw Chillers, Centrifugal Chillers, Absorption Chillers, Scroll Chillers, Reciprocating Chillers)
- Statistical Snap of Global Chillers Market
- Expansion Analysis of Global Chillers Market
- Problems and Obstacles in Global Chillers Market
- Competitive Landscape in the Global Chillers Market
- Details on Current Investment in Global Chillers Market
- Competitive Analysis of Global Chillers Market
- Prominent Players in the Global Chillers Market
- SWOT Analysis of Global Chillers Market
- Global Chillers Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1.Introduction
1.1.Scope of the report1.2.Market segment analysis
2.Research Methodology
2.1.Research data source2.1.1.Secondary Data2.1.2.Primary Data2.1.3.SPERs internal database2.1.4.Premium insight from KOLs2.2.Market size estimation2.2.1.Top-down and Bottom-up approach2.3.Data triangulation
3.Executive Summary
4.Market Dynamics
4.1.Driver, Restraint, Opportunity and Challenges analysis
4.1.1.Drivers4.1.2.Restraints4.1.3.Opportunities4.1.4.Challenges
5.Market variable and outlook
5.1.SWOT Analysis5.1.1.Strengths5.1.2.Weaknesses5.1.3.Opportunities5.1.4.Threats5.2.PESTEL Analysis5.2.1.Political Landscape5.2.2.Economic Landscape5.2.3.Social Landscape5.2.4.Technological Landscape5.2.5.Environmental Landscape5.2.6.Legal Landscape5.3.PORTERs Five Forces5.3.1.Bargaining power of suppliers5.3.2.Bargaining power of buyers5.3.3.Threat of Substitute5.3.4.Threat of new entrant5.3.5.Competitive rivalry5.4.Heat Map Analysis
6.Competitive Landscape
6.1.Global Chillers Market Manufacturing Base Distribution, Sales Area, Product Type6.2.Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Chillers Market
7.Global Chillers Market, By Product (USD Million) 2021-2034
7.1.Water-Cooled7.2.Air-Cooled
8.Global Chillers Market, By Application (USD Million) 2021-2034
8.1.Commercial8.1.1.Corporate Offices8.1.2.Data Centers8.1.3.Public Buildings8.1.4.Mercantile & Service8.1.5.Healthcare8.1.6.Others8.2.Industrial8.2.1.Chemicals & Petrochemicals8.2.2.Food & Beverage8.2.3.Metal Manufacturing & Machining8.2.4.Medical & Pharmaceutical8.2.5.Plastics8.2.6.Others8.3.Residential
9.Global Chillers Market, By Compressor (USD Million) 2021-2034
9.1.Screw Chillers9.2.Centrifugal Chillers9.3.Absorption Chillers9.4.Scroll Chillers9.5.Reciprocating Chillers
10.Global Chillers Market, (USD Million) 2021-2034
10.1.Global Chillers Market Size and Market Share
11.Global Chillers Market, By Region, (USD Million) 2021-2034
11.1.Asia-Pacific11.1.1.Australia11.1.2.China11.1.3.India11.1.4.Japan11.1.5.South Korea11.1.6.Rest of Asia-Pacific11.2.Europe11.2.1.France11.2.2.Germany11.2.3.Italy11.2.4.Spain11.2.5.United Kingdom11.2.6.Rest of Europe11.3.Middle East and Africa11.3.1.Kingdom of Saudi Arabia11.3.2.United Arab Emirates11.3.3.Qatar11.3.4.South Africa11.3.5.Egypt11.3.6.Morocco11.3.7.Nigeria11.3.8.Rest of Middle-East and Africa11.4.North America11.4.1.Canada11.4.2.Mexico11.4.3.United States11.5.Latin America11.5.1.Argentina11.5.2.Brazil11.5.3.Rest of Latin America
12.Company Profile
12.1.Trane12.1.1.Company details12.1.2.Financial outlook12.1.3.Product summary12.1.4.Recent developments12.2.Cold Shot Chillers12.2.1.Company details12.2.2.Financial outlook12.2.3.Product summary12.2.4.Recent developments12.3.Tandem Chillers12.3.1.Company details12.3.2.Financial outlook12.3.3.Product summary12.3.4.Recent developments12.4.Drake Refrigeration, Inc12.4.1.Company details12.4.2.Financial outlook12.4.3.Product summary12.4.4.Recent developments12.5.Carrier12.5.1.Company details12.5.2.Financial outlook12.5.3.Product summary12.5.4.Recent developments12.6.FRIGEL FIRENZE S.p.A12.6.1.Company details12.6.2.Financial outlook12.6.3.Product summary12.6.4.Recent developments12.7.Midea12.7.1.Company details12.7.2.Financial outlook12.7.3.Product summary12.7.4.Recent developments12.8.Daikin Industries, Ltd12.8.1.Company details12.8.2.Financial outlook12.8.3.Product summary12.8.4.Recent developments12.9.Johnson Controls12.9.1.Company details12.9.2.Financial outlook12.9.3.Product summary12.9.4.Recent developments12.10.Rite-Temp12.10.1.Company details12.10.2.Financial outlook12.10.3.Product summary12.10.4.Recent developments12.11.General Air Products12.11.1.Company details12.11.2.Financial outlook12.11.3.Product summary12.11.4.Recent developments12.12.ClimaCool Corp12.12.1.Company details12.12.2.Financial outlook12.12.3.Product summary12.12.4.Recent developments12.13.Others
13.Conclusion
14.List of Abbreviations
15.Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Chillers Market size from 2025. The Market is expected to reach USD 16.92 by 2034, at a CAGR of 4.82% during the forecast period.
Chillers Market CAGR of 4.82 % during the forecast period.
You can get the sample pages by clicking the link - Click Here
Chillers Market size is USD 16.92 from 2025 to 2034.
Chillers Market covered By Product, By Application, By Compressor
The North America is anticipated to have the highest Market share in the Chillers Market .
3M Company, Parker Chomerics, Dow Inc, ETS-Lindgren, Henkel AG & Co. KGaA, Kitagawa Industries, Laird Technologies Inc, Leader Tech Inc.
The report includes an in-depth analysis of the Global Chillers Market, including market size and trends, product mix, Applications, and supplier analysis
Chillers Market is projected to reach USD 16.92 by 2034, growing at a CAGR of 4.82% during the forecast period.
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