Chillers Market Analysis

Global Chillers Market Overview

The Chillers market is projected to grow from USD 4.34 billion in 2023 to USD 5.72 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.50% during the forecast period (2024 - 2032). Chillers Market Size was valued at USD 4.2 billion in 2022. The growing demand for chillers from a variety of industries and the evolving industrial policies of the government are the key market drivers boosting the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Chillers Market Trends

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  The growing popularity of smart chillers is driving the market growth

  
  

The requirement to integrate IoT into chillers has led to the creation of connected chillers. Preventive maintenance and other unique features are expanding in popularity. The intelligent chillers provide decreased outages, fewer disruptions, and extended equipment life. Therefore, manufacturers are concentrating on the creation of connected chillers. The intelligent chillers prevent problems by reacting swiftly to emergencies and deteriorating conditions. Thus, the increased demand for smart chillers is a result of the improved efficacy of chillers. Thus, growing IoT integration is expected to aid the market CAGR during the projected period.

in many industries, chillers are used to regulate the temperature of apparatus and surroundings. Growing demand from a variety of industries, such as semiconductors, paper & cement, blow molding machines, medical imaging, and the power generation sector, is anticipated to propel the market's expansion. The expansion of government initiatives in several nations is driving the expansion of industrial construction, which in turn is driving the expansion of the cooling system market. In addition, the increase in milk and beverage chillers is anticipated to fuel market demand in the near future. Equally contributing to the prevalence of chillers are prepared foods. The increasing consumption of processed foods is a result of consumers' altering lifestyle patterns and their desire for convenience. The various benefits of processed food, such as simple preservation and storage, immediate consumption, time efficiency, and cooking simplicity, are anticipated to drive the processed food market. Thus, the growing applications in various industrial verticals are driving the chiller market revenue.

Chillers Market Segment Insights

Chillers Type Insights

The Chillers Market segmentation, based on type includes scroll, screw, centrifugal, reciprocating, and absorption. The scroll segment dominated the market in 2022.  The popularity of a product is a result of its cost-effectiveness, minimal maintenance requirements, and high performance.

Figure 1: Chillers Market, by Type, 2022 & 2032 (USD billion)Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Chillers Capacity Insights

The Chillers Market segmentation, based on Capacity includes >17.5 kW, 17.6-50 kW, 51-100 kW, 101-200 kW, 201-350 kW, 351-500 kW, 701-900 kW, 901-1200 KW, 1201-1500 kW, 1501-2000 kW, 2001-25000 kW, and >2501 kW. The 701-900 kW segment dominated the market in 2022 as they are most commonly used in the industries.

Chillers End-use Industry Insights

The heat-absorbing refrigerant Market segmentation, based on the end-use industry includes plastics, food & beverage, medical & pharmaceuticals, chemicals & petrochemicals, rubber, printing, laser cutting, alternative energy, and others. The food & beverage segment dominates the market. Food and beverage manufacturers and distributors use water chillers for food processing more frequently than any other refrigeration system. Food processing and packaging applications require dependable indirect refrigeration equipment for precise and consistent temperature regulation.

Chillers Regional Insights

By region, the section provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Industrial Process Chillers market area will dominate this market in 2022. As a consequence of continued economic growth and urbanization, the number of hospitals, offices, large retail stores, and theaters being built has increased. Governments in North America endorse the expansion of airport infrastructure and the development of smart cities. Thus, increased tourism, smart city initiatives, and construction activities are driving the residential, commercial, and industrial demand for chillers in the region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: CHILLERS MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe Chillers market accounts for the second-largest market share in 2022.  As a result of the rising consumption of refrigerated foods, the product demand in Europe's food and beverage industry contributes to the region's industrial sector revenue. In addition, rising demand for small and medium-powered cooler units in Southern Europe is anticipated to fuel the region's product demand. Further, the German Chillers market held the largest market share, and the U.K. Chillers market was the fastest-growing market in the European region

The Asia-Pacific Chillers Market is expected to grow at the fastest CAGR from 2023 to 2032. Due to the increasing investments in the commercial and residential construction industries, the Asia-Pacific market is expanding. The increasing number of data centers in the region is expected to have a positive effect on the growth of the chillers market during the forecast period. Moreover, China’s Chillers market is expected to hold the largest market share, and the Indian Chillers market is to be the fastest-growing market in the Asia-Pacific region.

Chillers Key Market Players & Competitive Insights

Leading market players are expanding via mergers and acquisitions and joint ventures. In addition, they conform to the regulatory authorities' numerous energy-efficiency standards. Market participants are also undertaking a variety of initiatives to expand their footprint in the market, with key market developments such as new product launches, mergers and acquisitions, increasing investments, and collaboration with other companies. These businesses offer an extensive selection of systems that are sold through multiple channels, such as distributors, company-owned websites, retailers and their websites, and e-commerce websites.

Manufacturers are concentrating on technological advancement to provide customers with highly efficient chillers that are low in cost, maintenance, pollution, and vibrations in the global Chillers industry to benefit clients’ growth in the marketplace. In the past few years, the Chillers industry has offered some of the most advanced chillers in the market. Major players in the cooling water circulation device market, including Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, Dimplex Thermal Solutions, LG Electronics, Johnson Controls International Plc, Gree Electric Appliances Inc of Zhuhai, Midea Group Co. Ltd, Thermax Ltd, Trane Technologies Plc.

Carrier Global Corporation provides worldwide technologies for heating, ventilation, air conditioning (HVAC), refrigeration, fire, security, and building automation. The company operates in three divisions: HVAC, Refrigeration, and Fire & Security. The company markets its wares under Autronica, Det-Tronics, Edwards, GST, Kidde, LenelS2, Marioff, Aritech, Onity, and Supra; Carrier, Toshiba, Automated Logic, CIAT, Bryant, e Day & Night, Heil, NORESCO, and Riello; and Carrier Commercial Refrigeration, Carrier Transicold, and Sensitech trademarks. The corporation is headquartered in Palm Beach Gardens, Florida, and was founded in 2019.

Johnson Controls is a global leader in constructing intelligent buildings that are safe, healthy, and sustainable. Johnson Controls added the Quantech QWC4 water-cooled screw chiller to its portfolio of chillers in June 2021. It employs R-134a refrigerant, which poses no threat to the ozone layer. According to the manufacturer, the chiller's variable-speed motor technology reduces energy costs and carbon emissions relative to conventional chillers. The chiller is designed for use with methods of heat rejection such as an open cooling tower, adiabatic cooler, dry cooler, heat recovery, or heat pump.

Key Companies in the Chillers market include

• Carrier Global Corporation


• Mitsubishi Electric Corporation


• Daikin Industries Ltd


• Dimplex Thermal Solutions


• LG Electronics


• Johnson Controls International Plc


• Gree Electric Appliances Inc of Zhuhai


• Midea Group Co. Ltd


• Thermax Ltd


• Trane Technologies Plc.

Chillers Industry Developments

February 2022: Fujinetsu, an air-conditioning designer, and Meiwa, a chiller manufacturer, displayed a new prototype of propane (R290) chiller for air-conditioning applications at the HVAC&R Japan 2022 trade exhibition. According to company representatives, the cooling capacity of the prototype was effectively tested.

June 2021: Carrier Corporation acquired Guangdong Giwee Group (Giwee Group) and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. The goal of the acquisition is to broaden Carrier Corporation's access to the swiftly expanding variable refrigerant flow (VRF) and light commercial market, which is projected to reach approximately USD 20 billion by 2025.

Chillers Market Segmentation

Chillers Type Outlook

• Scroll


• Screw


• Centrifugal


• Reciprocating


• Absorption

Chillers Capacity Outlook

• >17.5 kW


• 6-50 kW


• 51-100 kW


• 101-200 kW


• 201-350 kW


• 351-500 kW


• 701-900 kW


• 901-1200 KW


• 1201-1500 kW


• 1501-2000 kW


• 2001-25000 kW


• >2501 kW

Chillers Application Outlook

• Plastics


• Food & beverage


• Medical & Pharmaceuticals


• Chemicals & petrochemicals


• Rubber


• Printing


• Laser cutting


• Alternative energy


• Others

Chillers Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK.
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America