Global Chillers Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

• In January 2021, Daikin acquired ABCO HVACR Supply + Solutions "ABCO." This strategy provides a winning platform for Daikin's wide range of equipment, parts, and accessories. In addition to this, it strengthens Daikin's opportunity for collaboration in the local territories among ABCO branches, Daikin group companies, and Daikin's entire regional customer base.

• In June 2021, Carrier Corporation acquired china-based HVAC manufacturer Guangdong Giwee Group (Giwee Group) and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. The acquisition aims to expand Carrier Corporation's access to the rapidly growing variable refrigerant flow (VRF) and light commercial market, which is expected to reach approximately USD 20 billion by 2025

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 global 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 global 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 global 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 Global Chillers Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers

• Energy Efficiency
• Sustainability
• Regulatory Compliance

• Industrialization - Industrialization, the process of transitioning from an agrarian and handicraft economy to one dominated by industry and machine manufacturing, has had profound impacts on societies, economies, and the environment worldwide.

  Firstly, industrialization has been a driving force behind economic growth and development. By harnessing the power of machinery, mass production techniques, and technological advancements, industrialized nations have been able to significantly increase their productivity and output across various sectors. This increased efficiency has led to higher standards of living, improved infrastructure, and greater economic opportunities for individuals and communities. Moreover, industrialization has facilitated the rise of urban centers, as people have migrated from rural areas to cities in search of employment in factories and other industrial establishments.

  Industrialization also brings challenges and complexities. One major concern is its environmental impact, including pollution, deforestation, and resource depletion. The rapid expansion of industries often leads to increased emissions of greenhouse gases and pollutants, contributing to climate change and air and water pollution. Additionally, industrialization can exacerbate social inequalities, as wealth and power become concentrated in the hands of a few, while others face exploitation and marginalization. Moreover, the shift towards industrial economies can disrupt traditional ways of life and cultural practices, leading to social upheaval and resistance.

  Despite these challenges, industrialization also presents opportunities for innovation and progress. Technological advancements driven by industrialization have led to the development of new industries, products, and services, creating jobs and fostering entrepreneurship. Moreover, industrialization has enabled countries to diversify their economies, reduce dependency on agriculture, and participate in global trade networks. By leveraging these opportunities while addressing its challenges, societies can harness the transformative power of industrialization to create more sustainable and equitable futures.

Restraints

• High Initial Investment
• Maintenance Costs
• Limited Awareness and Education

• Volatility in Energy Prices - Volatility in energy prices presents both challenges and opportunities across various sectors, including industrialization.

  On one hand, fluctuations in energy prices can significantly impact production costs for industries heavily reliant on energy, such as manufacturing and transportation. Sudden spikes in energy prices can strain profit margins, leading to cost-cutting measures or increased prices for consumers. This can create uncertainty for businesses, making long-term planning and investment decisions more challenging. Additionally, industries with high energy consumption may face increased competition and reduced competitiveness in global markets during periods of elevated energy prices.

  Volatility in energy prices also stimulates innovation and investment in energy efficiency and alternative energy sources. Industries seeking to mitigate the impact of fluctuating energy costs often implement measures to improve energy efficiency, such as upgrading equipment, optimizing processes, and adopting renewable energy technologies. Moreover, volatility in energy prices can incentivize the development of alternative energy sources, such as solar, wind, and bioenergy, which offer greater stability and lower long-term costs compared to traditional fossil fuels.

  Fluctuating energy prices can drive regulatory and policy changes aimed at promoting energy security and sustainability. Governments may implement measures such as subsidies for renewable energy, carbon pricing mechanisms, and energy efficiency standards to reduce dependence on fossil fuels and mitigate the impacts of energy price volatility. These policies create opportunities for industries to transition towards cleaner and more sustainable energy sources, positioning them for long-term growth and resilience in the face of changing energy markets.

Opportunities

• Green Technologies
• Retrofitting Existing Systems
• Emerging Markets

• Smart Cooling Solutions - Smart cooling solutions represent a promising avenue for addressing the challenges of energy efficiency, environmental sustainability, and operational optimization in various sectors, including industrialization.

  Smart cooling solutions leverage advancements in technology, such as the Internet of Things (IoT), data analytics, and automation, to optimize cooling systems and processes. By integrating sensors and actuators into cooling equipment and infrastructure, smart solutions enable real-time monitoring and control of temperature, humidity, and energy consumption. This granular level of control allows for dynamic adjustments based on factors like occupancy, ambient conditions, and equipment performance, maximizing efficiency while maintaining optimal conditions.

  One key advantage of smart cooling solutions is their ability to reduce energy consumption and operating costs. By continuously monitoring and analyzing data, these solutions can identify inefficiencies, optimize equipment runtime, and preemptively detect and address issues before they escalate. For example, predictive maintenance algorithms can anticipate equipment failures and schedule repairs during off-peak hours, minimizing downtime and disruption to operations. Additionally, smart cooling systems can prioritize the use of energy-efficient cooling technologies and adjust cooling levels based on real-time demand, further reducing energy waste.

  Smart cooling solutions offer opportunities for enhanced flexibility and responsiveness to changing needs and conditions. Advanced control algorithms can dynamically adjust cooling setpoints and airflow patterns based on occupancy patterns, production schedules, and weather forecasts, ensuring optimal comfort and productivity while minimizing energy consumption. Furthermore, these solutions can facilitate remote monitoring and management, allowing operators to access and control cooling systems from anywhere via web-based interfaces or mobile apps, improving operational efficiency and agility.

Key players in Global 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
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis