Chiller Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2025-2034)

The global chiller market size reached a value of more than USD 11.41 Billion in 2024. The market is expected to grow at a CAGR of 3.90% between 2025 and 2034, likely to attain a value of USD 16.73 Billion by 2034.

Global Chillers Market Trends

Chillers refer to the type of machine that is utilized in industrial fields and HVAC systems to provide cooling and heating services. It circulates coolant around the chiller to remove the heat from a target object. After the heat is absorbed by the coolant, it then goes through cooling process where outside water or air is taken to reduce the temperature of the coolant. The coolant that has cooled down is then reused to cool the target object, creating a loop that provides continuous cooling of the target object.

Increasing Demand for Cooling Form Different Industries

Industrial operations produce a lot of heating due to friction between components in high powered equipments, making chiller units necessary to ensure the proper functioning of an equipment. The increasing industrial activities has propelled the demand for chiller systems, enhancing the market growth.

Rising Adoption of Chiller Systems in Food and Beverage Industry

The food production industry has been increasingly implementing chilling machines due to rising consumption of frozen and packaged foods. During the processing of products, a lot of heat is generated, and it is essential to remove the heat so the product can be stored in a proper form.

Global Chillers Market Segementation

The report titled “Chiller Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

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

Types of Chillers in the Market

Based on types, the market bifurcations include screw, scroll, and centrifugal, among others. Among these segments, centrifugal chillers are expected to hold a significant share of the market, owing to their increased utilisation because of their low maintenance and manufacturing costs.

Centrifugal chillers are cooling systems that utilise a vapour compression cycle to cool down by collecting heat from one water loop and compressor to a second water loop that is cooled by a cooling water tower. It is capable of providing high capacity while maintaining excellent energy efficiency.

Industries in the Market that Utilise Chillers

Based on industries, the market can be segmented into food and beverage, plastic and rubber, chemicals and petrochemicals, and pharmaceuticals, among others.

The plastic and rubber industry is expected to hold a significant share of the market owing to the increasing utilization of plastic products across various applications in the plastic industry. Companies have also started to increase the implementation of Chillers to cool down the equipment used in the manufacturing process. The rising demand from this industry will significantly help market growth.

The food and beverage industry follows the plastic and rubber industry with a rapid growth rate which can be attributed to the increasing consumption of frozen food. They are utilized to draw the heat away from products after various processes including mixing, cooking, or fermentation, among other processes.

Competitive Landscape

The comprehensive report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global chillers industry, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

Carrier Global Corporation

Carrier Global Corporation is a multinational company specializing in HVAC systems, refrigeration, and fire and security equipment. The company was founded in 1915 and it headquarter is located in Florida, United States.

Daikin Industries, Ltd.

Daikin Industries, Ltd. is a Japanese multinational company, leading in the air conditioner manufacturing market. The company’s products and services include control systems, air-cooled chillers, water-cooled chillers, ventilation, and refrigeration, among many other different products. The company was founded in 1924 and is headquartered in Osaka, Japan.

LG Electronics

LG Electronics is a South Korean multinational conglomerate engaged in computer and electronics manufacturing. It is the largest family-owned business in South Korea headquartered in Seoul, South Korea, and it was founded in 1947. The company has a wide variety of products including home appliances, wearable devices, monitors, and cooling systems including chillers of multiple types including centrifugal chiller, screw and scroll chiller, and absorption chiller.

Other market players include Panasonic Corporation, Smardt Chiller Group, Inc., and Mitsubishi Electric Corporation, among others.