Chillers Market To Reach $13,457.0 Million By 2030 | CAGR 4.5%

Chillers Market Growth & Trends

The global chillers market is anticipated to reach USD 13,457.0 million by 2030 and is anticipated to grow at a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. Government initiatives, such as proposed legislation and funding initiatives for cold storage facilities, are likely to positively impact the market growth.

The cold storage sector is one of the key application areas for chillers. In simple terms, cold storage means storing different kinds of goods in a cold environment, where all heat is removed, to preserve items like food and medicines, extend their longevity, and inhibit the growth of bacteria. Cold storages range from warehouses and research labs to restaurants, breweries, and portable transportation devices. Chillers are of vital importance in cold storage, as their key function is to remove heat from one location to another.

The market growth is significantly fueled by the increasing number of commercial construction projects underway worldwide. These projects are related to the development of shopping malls, retail stores, educational institutions, office buildings, public buildings, hospitals, transportation infrastructures, and fitness centres. The ongoing urbanization and industrialization across the world are creating new opportunities for commercial construction projects. This fuels the demand for chillers, which play a vital role in maintaining the temperature, air quality, and ventilation in hospitals, educational buildings, airports, and spas & swimming pools.

Moreover, with the flourishing global travel and tourism industry owing to the increasing disposable income of the middle-class population and ongoing globalization, mid-range hotels are observed to be emerging in large numbers across the world. This fuels the demand for chillers that are installed in hotels for various functions and operations. The surging number of new hotel construction projects across the world is anticipated to fuel the installation of chillers.

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Chillers Market Report Highlights

• In terms of applications, the residential segment led the market with the largest revenue share of 15.9% in 2023. Due to surge in the demand for single-family homes stands out as the primary driving force behind the swift growth of residential construction in the air

• Based on compressor type, the absorption chillers segment held the largest revenue share of 17.3% in 2023

• In terms of application, the medical & pharmaceutical sub-segment in industrial chillers is anticipated to witness the fastest CAGR over the forecast period

• The demand for chillers in healthcare facilities is experiencing an upward trajectory, driven by several key factors, as healthcare facilities, including hospitals and research institutions, require precise temperature control to maintain optimal conditions for medical equipment, laboratories, and patient comfort

• Chillers play a pivotal role in the education sector, contributing to the comfort and well-being of students, faculty, and staff while also ensuring the optimal functioning of various educational facilities

• North America, led by the U.S., Canada, and Mexico accounted for a significant share in terms of revenue of the global market in 2023. The market growth in this region can be attributed to the expansion of urban areas, the presence of industrially developed countries, and the stringent implementation of rules and regulations in North America

• In January 2023, DAIKIN INDUSTRIES, Ltd. started the construction of two new production plants in the Millenium Industrial Park, located in the Industrial Zone of San Luis Potosí, Mexico. The first plant will have an investment of USD 230.0 million and will produce residential air conditioning with an annual production target of 2.7 million units. The second plant will have the capacity to manufacture 4,500 commercial chillers with an investment of USD 50.0 million. Both the plants are expected to start operations in April 2024

Chillers Market Segmentation

Grand View Research has segmented the chillers market based on the product, application, compressor type, and region:

Chillers Product Outlook (Revenue, USD Million, 2018 - 2030)

• Water-Cooled

  • <50kW

  • 51-100kW

  • 101-500kW

  • 501-1000kW

  • 1001-1500kW

  • >1501kW

• Air -Cooled

  • <50kW

  • 51-100kW

  • 101-500kW

  • 501-1000kW

  • 1001-1500kW

  • >1501kW

Chillers Application Outlook (Revenue, USD Million, 2018 - 2030)

• Commercial

  • Corporate Offices

  • Data Centers

  • Public Buildings

  • Mercantile & Service

  • Healthcare

  • Others

• Industrial

  • Chemicals & Pharmaceuticals

  • Food & Beverage

  • Metal Manufacturing & Machining

  • Medical & Pharmaceutical

  • Plastics

  • Others

• Residential

Chillers Compressor Type Outlook (Revenue, USD Million, 2018 - 2030)

• Screw Chillers

• Centrifugal Chillers

• Absorption Chillers

• Scroll Chillers

• Reciprocating Chillers

Chillers Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Russia

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • Thailand

  • South Korea

  • Indonesia

  • Malaysia

• Central & South America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • South Africa

  • UAE

List of Key Players in the Chillers Market

• Trane

• Cold Shot Chillers

• Tandem Chillers

• Drake Refrigeration, Inc

• Refra

• Carrier

• FRIGEL FIRENZE S.p.A.

• Midea

• Daikin Industries, Ltd.

• Johnson Controls

• Rite-Temp

• General Air Products

• ClimaCool Corp.

• Fluid Chillers, Inc.

• Multistack International Limited

• Honeywell International, Inc.