Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
global chillers industry, chillers market segments, chillers market growth, chillers market research, chillers market forecast, chillers market scope
What Is the Projected Market Size and Growth Rate for the Global Chillers Market?
The chillers market size has experienced a healthy growth rate in recent years with it growing from $10.68 billion in 2024 to projected $11.14 billion in 2025, representing a compound annual growth rate (CAGR) of 4.3%. Growth during the historic period has been driven by a surge in industrial and commercial construction, expansion of HVACR systems in residential and commercial buildings, increased adoption of process cooling in industrial applications, and a rise in demand for air conditioning and refrigeration. The market has also seen a focus on energy efficiency and sustainable cooling solutions.
The chillers market size is forecasted to continue its steady growth, reaching $13.22 billion in 2029 at a compound annual growth rate (CAGR) of 4.4%. Growth in the forecast period is expected to be influenced by factors such as urbanization and the creation of megacities driving demand for cooling solutions, expansion of data centers and IT infrastructure, increased use of chillers in food and beverage processing, and growing demand for district cooling systems in urban developments. Additionally, market growth in developing economies and emerging markets is anticipated to contribute to the overall growth. Some of the leading trends in the forecast period include transition to low-GWP refrigerants, integration with smart building systems, and the development of modular and scalable chiller systems.
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What Are the Key Drivers of the Chillers Market?
The rise in new commercial construction buildings is expected to spur the growth of the chillers market. Commercial buildings use chillers to remove heat from the air, facilitating proper temperature control. Smart commercial buildings are incorporating technologies such as occupancy sensors, smart thermostats, and HVAC and lighting controls, which help reduce energy usage in vacant offices, conference rooms, and other spaces. For instance, according to The American Council for an Energy Efficient Economy (ACEEE), smart building technologies can reduce energy consumption by 18% for HVAC systems, 28% for plugged equipment, and 33% for lighting.
What Are the Key Segments in the Chillers Market?
The chillers market includes the following segments:
1) By Product Type: Air Cooled Chiller, Water Cooled Chiller
2) By Power Range: Less than 50 kW, 50-200 kW, More than 200 kW
3) By Compressor Type: Screw Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers
4) By End User: Commercial, Industrial, Residential
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Which Companies Are the Major Players in the Chillers Market?
Major companies operating in the chillers market include Carrier Corporation, Daikin Industries Ltd., Trane Technologies plc, Hitachi Air Conditioning Company Ltd., Johnson Controls International plc, Thermax Limited, Smardt Chiller Group Inc., Mitsubishi Electric Corporation, Midea Group Co. Ltd., LG Electronics Inc., Reynold India Pvt. Ltd., and others.
What Are the Emerging Trends in the Chillers Market?
Increasingly, major companies in the chillers market are focusing on developing energy-efficient water chillers in order to gain a competitive edge. Energy-efficient water chillers help reduce energy consumption and operational costs in cooling systems by cooling water in an efficient manner. For instance, in March 2023, Atlas Copco Compressors LLC introduced its TCA water chiller range, with its flagship model, TCA55-215, boasting innovative features aimed at maximizing energy efficiency and ensuring operational safety.
Which Region Is the Largest in the Chillers Market?
In 2024, Asia-Pacific was identified as the largest region in the chillers market. Other regions covered in the chillers market report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Chillers Market Report 2025 Offer?
Defined as a refrigeration system used to lower temperatures for process fluids, machinery, and more, chillers are essential for regulating and maintaining temperatures in various industries. The Chillers Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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