According to The Insight Partners' research, the North America Industrial Chillers Market was valued at US$ 674.5 Million in 2024 and is expected to reach US$ 931.2 Million by 2031, registering a CAGR of 4.8% from 2025 to 2031.
Integration of advanced technologies with industrial chillers and key strategic developments in industrial chillers are among the critical factors attributed to drive the North America industrial chillers market growth.
The integration of IoT with several manufacturing processes, equipment, tools, and machines can offer various benefits to the business. The use of IoT boosts productivity and ensures safety, as well as helps monitor remote and hard-to-access equipment, automate procedures, and minimize the impact of operations on the environment, thereby ensuring that products and equipment comply with regulations and save energy and operational costs. With the rapid adoption of the Industry 4.0 concept, integrating various sensors, cameras, and other advanced technologies such as artificial intelligence (AI) and machine learning can boost the overall efficiency in the manufacturing sector. The adoption of these technologies helps the manufacturer to keep monitoring an industrial chiller's critical parameters and predict failures in advance, as well as directly notifying the manufacturer to quickly solve the issue; this factor helps save the overall maintenance cost. For example, Frigofluid S.r.l., a global industrial chiller provider, offers Industry 4.0-ready industrial chillers for the plastic processing industry. Moreover, AI-based chiller systems, with the help of predictive maintenance, can collect and analyze the chiller system's operational data to determine when maintenance must be performed before a catastrophic failure occurs. Also, these systems will help the manufacturers remain compliant with all the regulatory requirements as well as the energy efficiency standards. The deployment of AI-driven liquid cooling systems in major data centers operated by Google and Microsoft. In August 2024, Microsoft commissioned next-generation data centers based on chip-level liquid cooling that saves water by preventing water evaporation, with an outright Water Usage Effectiveness (WUE) of only 0.30 L/kWh. Google, on the other hand, starting from early 2023, has expanded its AI-powered cooling systems-designed jointly with DeepMind-to maximize chiller performance and minimize energy consumption across its global network. The breakthroughs lead the world in smart, sustainable industrial cooling. Thus, the integration of advanced technologies such as AI and IoT is anticipated to bring new trends in the industrial chillers market in the coming years.
On the contrary, supply chain disruption hampers the growth of the North America industrial chillers market.
North America Industrial Chillers Market Segmentation Analysis:
- By Chiller Type, the market is segmented into Water Cooled Chillers and Air Cooled Chillers. The Water Cooled Chillers segment is projected to expand at 4.2% CAGR during 2025 - 2031.
- By Process, the market is segmented into Continuous Flow Chillers and Immersion Chillers. The Continuous Flow Chillers segment is projected to expand at 5.2% CAGR during 2025 - 2031.
- By Application, the market is segmented into Industrial Manufacturing, Food and Beverage Processing, Medical Equipment, and Others. The Industrial Manufacturing segment is projected to expand at 4.5% CAGR during 2025 - 2031.
- By Type, the market is segmented into Machine Tool, Laser Systems, and Others. The Machine Tool segment is projected to expand at 4.3% CAGR during 2025 - 2031.
By country, the market is categorized into the United States, Canada, and Mexico. The United States is projected to expand at 5.4% CAGR during 2025 - 2031.
Key players operating in the Industrial Chillers Market are Panasonic Holdings Corp, Blue Star Ltd, Mitsubishi Heavy Industries Ltd, Daikin Industries Ltd, Carrier Global Corp, Trane Technologies Plc, Stulz SpA, Johnson Controls International Plc, HYDAC International GmbH, Thermo Fisher Scientific Inc., among others.
- In February 2025, Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, announced the launch of a new model of its "Ene-Conductor" Heat Source Control System for integrated control of centrifugal chillers and peripheral equipment such as chilled water pumps, cooling water pumps, and cooling towers. The new EC-8 model, to be added to the lineup this spring, allows for control of up to 8 centrifugal chiller units. With these features, the new model can be more widely used and installed in overseas large-scale facilities, as well as enhancing energy conservation for the whole facility.
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