Chillers Market Outlook, Segments, Geography, Dynamics, Recent Developments, and Strategic Insights by 2031

Chillers Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Chiller Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Technology (Process Chillers, Scroll Chillers, Screw Chillers, Centrifugal Chillers, Absorption Chillers, Modular Chillers, and Reverse Cycle Chillers), and Application (Commercial, Industrial, and Residential) and Geography

  • Report Code : TIPRE00005476
  • Category : Electronics and Semiconductor
  • No. of Pages : 150
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The chillers market size is projected to reach US$ 15,467.86 million by 2031 from US$ 10,422.80 million in 2023. The market is expected to register a CAGR of 5.1% during 2023–2031. Improvement in living standards and growth in healthcare spending augment the demand for chiller which is likely to remain a key trend in the market.

Chillers Market Analysis

The dynamic and promising economic outlook in developing countries and technological advancement in various Asian countries allow the development of the chillers market. Moreover, the residential and commercial sectors in developed countries are spending more on cooling systems, which is also acting as a major driver for the market. The major stakeholders in the Chiller market include component & raw material providers, HVAC chiller manufacturers, and various end users. HVAC chillers are made up of different types of metal. Mostly, plastic and other nontraditional materials are widely utilized for reducing the cost and the weight. Aluminum tubing or copper are critical ingredients in many chiller components. They offer a positive influence on system efficiency along with superior thermal properties. Various components in the HVAC chillers may differ with the application, but generally, they are comprised of corrosion-resistant metals and stainless steel. LG Electronics, Mitsubishi Electric Corporation, Carrier Global Corporation, DAIKIN INDUSTRIES, Ltd., and Thermal Care, Inc. are some of the significant manufacturers of chillers across the globe.

Chillers Market Overview

The increase in demand for smart homes, growing industrialization and urbanization are strengthening the demand for chillers across the globe. Additionally, the growing focus on the construction of skyscrapers in China and Japan has increased awareness about chilled water-cooled systems and is offering new opportunities to drive the demand for chillers globally. Extreme weather conditions, increasing population, growth in infrastructure and urban development projects, and rising healthcare concerns are some of the key factors that will compel global players to invest in the heating, ventilation, and air conditioning business. Moreover, the rising construction industry, along with hotels and restaurants, is anticipated to help the growth of the chillers market.

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Chillers Market: Strategic Insights

Chillers Market

  • CAGR (2023 - 2031)
    5.1%
  • Market Size 2023
    US$ 10,422.80 Million
  • Market Size 2031
    US$ 15,467.86 Million

Market Dynamics

GROWTH DRIVERS
  • Increasing Number of Data Centres to Boost Market Growth
FUTURE TRENDS
  • Development of IoT enabled HVAC Chillers
OPPORTUNITIES
  • Economic Growth in Developing Countries Across the World

Key Players

  • Danfoss
  • Carrier Global Corporation
  • DAIKIN Industries LTD
  • Johnson Controls
  • Kaltra
  • LG Electronics
  • Mitsubishi Electric Corporation
  • SKM Air Conditioning
  • Trane Technologies Inc
  • Thermal Care Inc.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Chiller Technology
  • Air-Cooled
  • Water-Cooled
  • Steam-Fired
Technology
  • Process Chillers
  • Scroll Chillers
  • Screw Chillers
  • Centrifugal Chillers
  • Absorption Chillers
  • Modular Chillers
  • Reverse Cycle Chillers
Application
  • Commercial
  • Industrial
  • Residential
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Chillers Market Drivers and Opportunities

Increasing the Number of Data Centres to Favor Market

Growing urban development and proliferation of advanced technologies, coupled with an increase in the population, have resulted in high energy demand and consumption, due to which there is a rise in energy-efficient chillers globally. Moreover, there is a rise in the installation of HVAC chiller as the new HVAC technologies use AI to maximize productivity. The rise in the count of data centers is anticipated to drive the growth of the chillers market in the near future all over the world. Data centers need a lot of energy, and the major driver of data center design engineers’ work is to offer reliable, energy-efficient, and cost-effective HVAC systems, which are acting as a major driver for the market.

Economic Growth in Developing Countries Across the World

Positive economic outlook in developing countries such as China and Japan, allowing the development of the chillers market. The chiller market is growing due to commercial construction projects along with growing number of shopping complexes and retail stores. High standard of living and rise in health expenditure augment the demand for chiller in the developed nations. Furthermore, increasing demand for small- and medium-power cooler units in Southern Europe is anticipated to drive the product demand in the region, which is also projected to drive the growth of the chillers market globally over the coming years.

Chillers Market Report Segmentation Analysis

Key segments that contributed to the derivation of the chillers market analysis are chiller technology, technology, and application.

  • Based on the chiller technology, the chillers market is divided into air-cooled, water-cooled, and steam-fired. The air-cooled segment held a larger market share in 2023.
  • By Technology, the market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, absorption chillers, modular chillers, and reverse cycle chillers. The screw chillers segment held a significant share of the market in 2023.
  • By Application, the market is segmented into commercial, industrial, and residential. The industrial segment held a significant share of the market in 2023.

Chillers Market Share Analysis by Geography

The geographic scope of the Chillers market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific is leading the market. Increasing government inclination towards green building technology benefits associated with green building technology, such as higher energy efficiency, lower carbon footprints, and reduced impact on the environment, are attracting many residential and commercial developers and governments to implement chillers technology in the region. The rising implementation of advanced technologies, like the Internet of Things in HVAC systems, is projected to steer the growth of the chillers market. Moreover, ongoing initiatives such as green building construction by several emerging and developed countries are providing enormous development opportunities for the market in the Asia Pacific region.

Chillers Market Report Scope

Report Attribute Details
Market size in 2023 US$ 10,422.80 Million
Market Size by 2031 US$ 15,467.86 Million
Global CAGR (2023 - 2031) 5.1%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Chiller Technology
  • Air-Cooled
  • Water-Cooled
  • Steam-Fired
By Technology
  • Process Chillers
  • Scroll Chillers
  • Screw Chillers
  • Centrifugal Chillers
  • Absorption Chillers
  • Modular Chillers
  • Reverse Cycle Chillers
By Application
  • Commercial
  • Industrial
  • Residential
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Danfoss
  • Carrier Global Corporation
  • DAIKIN Industries LTD
  • Johnson Controls
  • Kaltra
  • LG Electronics
  • Mitsubishi Electric Corporation
  • SKM Air Conditioning
  • Trane Technologies Inc
  • Thermal Care Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Chillers Market News and Recent Developments

    The chillers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the chillers market are listed below:

    • Airedale International Air Conditioning Ltd. announced the launch of a new production facility in Virginia, US. The new plant will manufacture cooling solutions to capture opportunities in the growing data center industry. (Source: Airedale International Air Conditioning Ltd, Press Release, November 2022)
    • WaterFurnace International announced the completion of the Air-Conditioning, Heating, and Refrigeration Institute's (AHRI) Water-Cooled Water-Chilling and Heat Pump Package certification program. (Source: WaterFurnace International, Press Release, April 2022)

    Chillers Market Report Coverage and Deliverables

    The “Chillers Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Chillers market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Chillers market trends as well as market dynamics such as drivers, restraints, and key opportunities
    • Detailed PEST and SWOT analysis
    • Chillers market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Chillers market
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Chiller Technology, Technology, and Application

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Which region dominated the chillers market in 2023?

    Asia Pacific dominated the chillers market in 2023.

    What are the future trends of the chillers market?

    The development of IoT-enabled HVAC chillers is the future trend of the chillers market.

    Which are the leading players operating in the chillers Market?

    Danfoss, Carrier Global Corporation, DAIKIN Industries LTD, Johnson Controls, Kaltra, LG Electronics, Mitsubishi Electric Corporation, SKM Air Conditioning, Trane Technologies Inc., and Thermal Care Inc. are some of the leading players in the market.

    What would be the estimated value of the chillers market by 2031?

    US$ 15,467.86 million estimated value of the chillers market by 2031.

    What is the expected CAGR of the chillers market?

    5.1% is the expected CAGR of the chillers market.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

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    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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