• In September 2024, Trane Technologies expanded its HVAC network by acquiring Damuth Services, adding approximately 240 employees and strengthening service operations across Coastal Virginia, Northeastern North Carolina, and Bermuda.

• In May 2025, Samsung Electronics agreed to acquire Germany's FlaktGroup for 1.5 billion to enhance its advanced cooling solutions for AI‑focused data centers.

In this report, the Chillers Market has been segmented by Form, Source, Type, End-Use, and Geography.

Chillers Market, Segmentation by Form

The Chillers Market has been segmented by Form into Liquid and Powder.

Liquid

Liquid chillers dominate the market due to their wide application in HVAC systems for commercial buildings, data centers, and industrial facilities. They offer efficient cooling and precise temperature control, making them suitable for high-capacity installations. This segment accounts for approximately 78% of the chillers market.

Powder

Powder chillers are typically used in specialized cooling systems where space-saving or unique application conditions exist. Though less common, they are valued for their portability and customization potential. This segment represents about 22% of the market share.

Chillers Market, Segmentation by Source

The Chillers Market has been segmented by Source into Shrimp, Crab, and Lobster.

Shrimp

Shrimp-based chillers are widely used due to the abundance of raw materials and their cost-effective application in various food preservation and processing industries. They dominate the segment with an estimated market share of approximately 47%.

Crab

Crab-derived chillers are gaining traction, especially in regions with established shellfish processing industries. They offer a valuable alternative for high-protein byproducts and functional material recovery, accounting for around 31% of the market.

Lobster

Lobster-based chillers represent a niche segment, primarily used in premium seafood processing and nutraceutical applications. Due to limited raw material availability, this segment holds a smaller share of approximately 22%.

Chillers Market, Segmentation by Type

The Chillers Market has been segmented by Type into Screw, Scroll, Centrifugal, Absorption, and Reciprocating.

Screw

Screw chillers are widely used in large commercial buildings and industrial applications due to their high efficiency and ability to operate under partial load conditions. Known for quiet performance and reliability, they account for approximately 34% of the chillers market.

Scroll

Scroll chillers are compact and energy-efficient, making them ideal for small to medium-sized commercial spaces such as offices and retail outlets. Their ease of maintenance and lower cost contribute to a market share of around 22%.

Centrifugal

Centrifugal chillers are preferred for large-scale cooling operations such as airports, hospitals, and data centers. With high cooling capacity and excellent energy performance, they hold approximately 19% of the market.

Absorption

Absorption chillers operate using heat energy instead of electricity, making them suitable for locations with access to waste heat or solar thermal energy. Their application in green buildings and district cooling systems gives them a market share of about 15%.

Reciprocating

Reciprocating chillers are used for low-capacity cooling needs and are popular in residential complexes and light commercial buildings. Although being phased out in favor of newer technologies, they still make up approximately 10% of the market.

Chillers Market, Segmentation by End-Use

The Chillers Market has been segmented by End-Use into Plastics, Food & Beverage, Chemicals & Petrochemicals, Rubber, Medical & Pharmaceutical, and Others.

Plastics

The plastics industry is a major user of chillers, employing them for mold cooling and temperature regulation in processes like injection molding and extrusion. High demand for precision manufacturing gives this segment a market share of approximately 30%.

Food & Beverage

In the food & beverage sector, chillers are essential for process cooling, preservation, and maintaining hygienic temperatures. Applications include dairy processing, breweries, and cold storage, accounting for around 24% of the market.

Chemicals & Petrochemicals

This segment relies on chillers for reactor cooling, solvent condensation, and heat exchange systems. The need for precise thermal control in hazardous environments drives its market share to about 18%.

Rubber

Chillers in the rubber industry are used for cooling mills and processing equipment, ensuring consistent quality during mixing and molding. This segment holds roughly 9% of the market.

Medical & Pharmaceutical

Chillers ensure stable environmental conditions and equipment cooling in applications like MRI machines, laboratories, and drug production. Due to stringent temperature control needs, this segment represents around 12% of the global market.

Others

The “Others” category includes sectors such as data centers, HVAC infrastructure, and marine applications where chillers support both industrial and operational cooling. This segment makes up approximately 7% of market share.

Chillers Market, Segmentation by Geography

In this report, the Chillers Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Chillers Market Share (%), by Geographical Region

North America

North America holds a strong position in the chillers market due to demand from the HVAC, pharmaceutical, and food processing industries. Technological advancements and sustainability initiatives contribute to its market share of approximately 24%.

Europe

Europe’s chillers market is driven by strict energy efficiency regulations, widespread use in industrial automation, and growth in green buildings. Key contributors like Germany, France, and the UK help maintain a share of around 21%.

Asia Pacific

Asia Pacific dominates the chillers market, led by rapid urbanization, industrial expansion, and demand from countries like China, India, and Japan. Strong growth across manufacturing and food sectors gives the region a commanding market share of approximately 38%.

Middle East and Africa

The Middle East and Africa region benefits from rising infrastructure investments, especially in hospitality, healthcare, and construction sectors. The region contributes about 9% of the total market.

Latin America

Latin America sees steady demand for chillers, particularly in beverage processing, plastic manufacturing, and urban cooling systems. Brazil and Mexico lead regional activity, contributing roughly 8% of the global market.

This report provides an in depth analysis of various factors that impact the dynamics of Chillers Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers

• Rising Temperatures & Climate Change
• Urbanization and Smart Buildings

• Industrial Process Cooling - Rising demand for industrial process cooling is a major force propelling the chillers market. Modern manufacturing lines—ranging from pharmaceutical reactors and food-beverage filling stations to injection-molding and laser-cutting systems—operate within tight thermal tolerances to maintain product quality and throughput. Even minor temperature deviations can warp plastics, deactivate enzymes, or destabilize chemical reactions. As factories ramp capacity and adopt higher-precision equipment, they rely on heavy-duty chillers to remove process heat, ensure stable operating conditions, and minimize downtime.

  The geographic spread of high-tech hubs amplifies this trend. Semiconductor fabs, EV-battery gigafactories, and data-center campuses in Asia-Pacific, North America, and Europe are investing in sophisticated water-cooled and air-cooled chiller systems to safeguard sensitive electronics and chemical slurries. These facilities often run 24/7, consuming large thermal loads that only purpose-built chillers with variable-speed compressors, advanced heat exchangers, and adaptive controls can handle. As capital spending on these sectors accelerates, so does the installed base of process chillers.

  Energy efficiency and sustainability goals further reinforce market momentum. New regulations and corporate ESG targets push plant managers to upgrade to high-COP chillers featuring magnetic-bearing compressors, free-cooling loops, and low-GWP refrigerants. Although initial costs are higher, reduced electricity use and lower carbon footprints translate into attractive life-cycle economics, accelerating replacement cycles within existing factories and encouraging greenfield projects to specify premium chiller technology from day one.

Restraints

• Lack of Awareness in Developing Regions
• Limited Awareness and Education

• Stringent Environmental Regulations -Stringent environmental regulations targeting high--warming-potential (GWP) refrigerants have become one of the toughest restraints on the chillers market. Europe’s revised F-gas Regulation (EU) 2024/573 accelerates the phasedown of HFCs and bans new stationary chillers that use refrigerants above specified GWP thresholds, while the U.S. AIM Act is cutting national HFC supply to 15 % of baseline levels by 2036. Manufacturers must therefore abandon legacy gases such as R-134a and R-410A far sooner than expected, or face restrictions on placing their equipment on the market.

  Complying with these mandates forces OEMs to redesign systems around low-GWP refrigerants like HFO-1234ze, natural hydrocarbons, ammonia, or CO₂. Each alternative demands new compressors, heat-exchanger geometries, oil management schemes, and safety features, pushing up R&D expenditure, component costs, and certification fees. The technology shift also creates transitional supply-chain risks as compressor and refrigerant producers race to qualify parts, occasionally leading to price spikes and allocation quotas that ripple through project budgets.

  Regulatory compliance does not end at product launch. Operators must now implement leak-detection, record-keeping, and recovery programs to curb fugitive emissions, adding maintenance complexity and cost. In regions where multiple schemes overlap—such as the EU F-gas quota system, local carbon-pricing mechanisms, and energy-efficiency directives—navigating permits and audits slows procurement cycles and discourages investment in large-capacity chillers for new factories and district-cooling projects.

  End users also feel the pinch: chillers charged with phased-down HFCs face service-gas scarcity and escalating refrigerant prices, shortening the economic life of existing fleets and raising total cost of ownership for replacement units. Until the industry fully scales up next-generation refrigerants and harmonizes global standards, stringent environmental regulations will continue to temper growth and elongate payback periods in the chillers market.

Opportunities

• Smart Chillers & IoT Integration
• Retrofitting Existing Systems

• Smart Cooling Solutions - Adoption of smart cooling solutions—chillers equipped with IoT sensors, edge controllers, and AI-driven analytics—is opening a lucrative growth avenue for the chillers market. By connecting compressors, pumps, and valves to cloud dashboards, manufacturers deliver real-time performance data that optimizes set-points, detects fouling early, and balances load across multiple units. Market studies note that the addition of advanced control systems and predictive algorithms is now a core differentiator for new chiller installations worldwide.

  Energy savings and uptime improvements make the business case compelling. The U.S. Department of Energy reports that IoT-enabled predictive maintenance can cut unplanned downtime by up to 50 % and extend equipment life by improving part-load efficiency and reducing sudden failures. These gains are amplified when chillers incorporate variable-speed drives, digital twins, and adaptive free-cooling logic, slashing annual electricity use and lowering scope-2 emissions—key metrics for facilities chasing aggressive ESG targets.

  Smart functionality is spilling over into modular and packaged chiller segments, where factory-installed controllers support plug-and-play integration with building-management systems. Analysts highlight rising orders for units that ship “ready-connected,” allowing operators to monitor energy, refrigerant pressure, and vibration signatures from mobile apps and remote service centers. These capabilities enhance fleet reliability and unlock premium service contracts for OEMs.

  Convergence with smart-grid and demand-response programs positions intelligent chillers as active assets in the energy transition. By dynamically shifting cooling loads away from peak tariff windows and leveraging on-site renewables, facilities can monetize flexibility while meeting stricter efficiency codes. As digital retrofits become easier and sensor prices fall, “smart cooling” is set to transition from a niche upgrade to the market norm, driving sustained opportunity for chiller makers and their technology partners.

Key players in Chillers Market include;

• Daikin Industries, Ltd.
• Carrier Corporation
• Trane (a brand of Trane Technologies plc)
• Johnson Controls Hitachi Air Conditioning
• Smardt Chiller Group Inc.
• Broad Group
• Dunham Bush
• GEA Group
• Midea Group Co.
• Thermax Limited

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Market Share Analysis
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis