Chiller Market Outlook
According to the report by Expert Market Research (EMR), the global chiller market share grew substantially in 2023. Aided by the expanding industrial and commercial sectors and the increasing demand for energy-efficient cooling solutions, the market is expected to grow at a CAGR of 3.90% between 2024 and 2032.
Chillers are cooling systems used in various industrial and commercial applications to remove heat from a liquid via vapor-compression or absorption refrigeration cycle. These systems play a crucial role in air conditioning and process cooling, ensuring the efficient operation of equipment and comfortable indoor environments. The versatility and efficiency of chillers make them indispensable in industries like plastics, food and beverage, medical, and chemical processing, as well as in large commercial spaces like shopping malls, hotels, and hospitals.
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The chiller market growth is primarily driven by the increasing demand for energy-efficient cooling solutions across various industries. With the rising focus on sustainable development and energy conservation, there has been a significant shift towards advanced chillers that offer higher efficiency and lower environmental impact. Technological advancements in chiller design, such as the integration of IoT and smart controls, have further augmented their appeal, leading to an increased adoption rate.
Another factor contributing to the chiller market demand is the rising need for cooling systems in the data centre industry. As the demand for data storage and processing capacity surges globally, so does the requirement for efficient cooling solutions to maintain optimal operating conditions in data centres. Chillers are an integral part of these solutions, offering reliable and precise temperature control.
In the pharmaceutical and medical sectors, chillers are crucial for maintaining precise temperature conditions, essential for the stability and efficacy of pharmaceutical products and medical equipment. The growth in these sectors, particularly in emerging economies, is expected to boost the demand for chillers.
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The commercial sector, including hotels, shopping centres, and office buildings, also presents substantial opportunities for the chiller market growth. The rising urbanisation and construction activities, especially in developing countries, are likely to drive the demand for chillers in these applications.
Moreover, the market’s outlook remains optimistic, supported by ongoing technological innovations aimed at improving efficiency and reducing environmental impact. The increasing adoption of renewable energy sources in chiller systems and the development of chillers with lower global warming potential (GWP) refrigerants are expected to provide new growth avenues.
Chiller Market Segmentation
The market can be divided based on type, product type, power range, industry, and region.
Market Breakup by Type
- Screw
- Scroll
- Centrifugal
- Others
Market Breakup by Product Type
- Air Cooled
- Water Cooled
Market Breakup by Power Range
- Less than 50 kW
- 50 – 200 kW
- More than 200 kW
Market Breakup by Industry
- Food and Beverage
- Plastic and Rubber
- Chemicals and Petrochemicals
- Pharmaceuticals
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global chiller market. Some of the major players explored in the report by Expert Market Research are as follows:
- Carrier Global Corporation
- Daikin Industries, Ltd.
- LG Electronics
- Panasonic Corporation
- Smardt Chiller Group, Inc.
- Mitsubishi Electric Corporation
- Others
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