Europe Industrial Chillers Market Developments and Forecast by 2031

The Europe industrial chillers market size is expected to reach US$ 803.53 million by 2031 from US$ 509.36 million in 2023. The market is estimated to record a CAGR of 5.9% during 2023–2031. The rise in energy transition goals is likely to bring a new set of key trends in the market in the coming years.

Europe Industrial Chillers Market Analysis

The key factors fueling the growth of the Europe industrial chillers market include the rise in the adoption of industrial chillers for energy-efficient operations in industries, government initiatives and regulations toward reducing carbon emissions, and the growing demand from the pharmaceutical and food & beverages industries in Europe. However, the high initial investment in industrial chillers restrains the market growth. Moreover, the key strategic developments in the chillers industry are projected to create opportunities for the key companies operating in the Europe industrial chillers market during the forecast period. Further, the adoption of industrial chillers to achieve energy transition goals in Europe is expected to be the key trend in the Europe industrial chillers market from 2023 to 2031.

Europe Industrial Chillers Market Overview

Industrial chiller systems are essential for temperature control and cooling in several industries. Selecting the right industrial chiller for process and space cooling can reduce cooling costs, minimize downtime, and improve operational efficiency. The rapid industrialization in developing economies and the expansion of existing industry verticals in Europe are expected to fuel the need for cooling systems in the coming years. Water-cooled industrial chillers are the most commonly used for various processing operations, followed by air-cooled industrial chillers. Different types and sizes of industrial chillers are used to cool down the machinery in an industrial environment. The requirement to maintain the temperature of machinery to optimize the production, safety, and quality of industrial produce is rising with the surge in manufacturing activities, which, in turn, is expected to boost the market growth during the forecast period.

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Europe Industrial Chillers Market: Strategic Insights

Europe Industrial Chillers Market

• Market Size 2023
  US$ 509.36 Million
• Market Size 2031
  US$ 803.53 Million

Market Dynamics

GROWTH DRIVERS

• Rise in adoption of industry chillers across industrial operations
• Government initiatives and rules to address carbon emission
• Rising demand from pharmaceutical and F&B industry

FUTURE TRENDS

• Rise in energy transition goals

OPPORTUNITIES

• Key strategic developments
• EU's Strong regulatory focus on energy Efficiency

Regional Overview

• Europe

Market Segmentation

Chiller Type

• Water Cooled Chillers
• Air Cooled Chillers

Process

• Continuous Flow Chillers
• Immersion Chillers

Application

• Industrial Manufacturing
• Food and Beverage Processing
• Medical Equipment

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Europe Industrial Chillers Market Drivers and Opportunities

Rise in Adoption of Industrial Chillers for Energy-Efficient Operations in Industries

Industrial chillers play a major role in conducting proper cooling operations in industries such as manufacturing, pharmaceuticals, food & beverages, plastics, and chemicals. By ensuring precise temperature control, industrial chillers boost productivity, product quality, and equipment longevity. In the manufacturing industry, industrial chillers are used to cool molds in plastic injection molding, maintain stable temperatures during chemical reactions, and protect the integrity of sensitive electronic components, as well as support the operation of plant supply equipment such as air compressors. In the pharmaceutical sector or the food & beverages industry, air- or water-cooled versions of process chillers are used to cool the process water used for operations.

Energy-efficient industrial chillers are in line with the European Union's goals to reduce energy consumption as well as support the transition to a low-carbon economy. These chillers use less electricity and reduce greenhouse gas emissions. Therefore, the manufacturers in Europe are focused on providing industrial chillers to various processing operations in industries, including food & beverages, chemicals & pharmaceuticals, manufacturing, rubber, plastics, automotive, and electronics, among others. For example, Zudek, an ammonia industrial chiller manufacturer, launched an air-cooled ammonia chiller (R717) that was used in a pharmaceutical site in Belgium. It improved the energy efficiency of the cooling system by 20% as compared to hydrofluorocarbon (HFC)-based unit. Thus, the rising adoption of industrial chillers for energy-efficient operations in industries boosts the market growth.

Key Strategic Developments in Industrial Chillers

The industrial growth in the European Union, supported by the rise in demand for various products such as food and beverages, pharmaceuticals, and chemicals, requires heavy machinery, such as industrial chillers, for manufacturing. A few manufacturers of such types of machinery include Cosmotec, Pfannenberg Group Holding GmbH, Daikin Industries Ltd, Aggreko, MTA SpA, Johnson Controls, HYFRA Industrial Cooling Systems GmbH, and Frigel Firenze SpA, among others. These companies are engaged in adopting key strategies, such as business expansion, product launch, product development, and investment, to remain competitive in the market. A few of the key developments adopted by the players operating in the market are mentioned below:

• In March 2024, Mitsubishi Heavy Industries Thermal Systems, Ltd announced its plan to add Hydrolution PRO air-cooled heat pump chillers to its product portfolio for the European market by the end of 2024. The three models will have the capacity of 50 kW, 75 kW, and 100 kW classes, respectively, which will be used for heating and cooling in residential, commercial, and industrial applications in Europe.
• In August 2024, Aggreko invested in the cooling fleet for industrial applications in Europe. The company aims to introduce reliable, clean, and energy-efficient cooling solutions in the region. With this, the company is expected to grow its chillers portfolio to maintain critical operations in the industrial environment.

Such key developments in the industrial chillers market are expected to create lucrative opportunities for the Europe industrial chillers market growth in the coming years.

Europe Industrial Chillers Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Europe industrial chillers market analysis are chiller type, process, and application.

• On the basis of chiller type, the market is bifurcated into water cooled chillers and air cooled chillers. The water cooled chillers segment held a larger Europe industrial chillers market share in 2023.
• By process, the Europe industrial chillers market is divided into continuous flow chillers and immersion chillers. The continuous flow chillers segment dominated the market in 2023.
• In terms of application, the Europe industrial chillers market is segmented into food & beverage processing, medical equipment, industrial manufacturing, and others. The industrial manufacturing segment held the largest share of the market in 2023.

Europe Industrial Chillers Market Share Analysis by Geography

The Europe industrial chillers market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2023, followed by North America and Europe.

The growing adoption and manufacturing of electric vehicles, advanced driver-assistance systems (ADAS), and telecommunication are creating the need for the development of various electronic components, which drives the Europe industrial chillers market. Moreover, Europe is prominent in automotive manufacturing and is experiencing a rise in demand for advanced semiconductors for the electrification and automation of vehicles. The growing demand for semiconductors is fulfilled by the construction of various semiconductor manufacturing facilities across Europe. For example, in August 2023, Robert Bosch, Taiwan Semiconductor Manufacturing Company (TSMC), Infineon Technologies, and NXP have formed a joint venture to invest in a new semiconductor plant in Dresden, Germany. Further, the European Semiconductor Manufacturing Company (ESMC) project began construction in the second half of 2023, with manufacturing expected to commence by the end of 2027. It will have a monthly production capability of 40,000 300 mm (12 inches) wafers using TSMC's 28/22 nanometer planar CMOS and 16/12 nanometer finFET process technologies.

Europe Industrial Chillers Market Report Scope

Europe Industrial Chillers Market News and Recent Developments

The Europe industrial 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 Europe industrial chillers market are listed below:

• MTA SpA, an Italian process cooling manufacturer, introduced a series of low-capacity air-cooled industrial chillers using propane (R290) refrigerant. Through this, the company strengthened its product portfolio in the industrial chillers industry in Europe. (Source: Wafer Works, Press Release, March 2022)
• Johnson Controls expanded its heat pump and chiller plant in Nantes, France, to double its capacity; this expansion aimed at supporting the increasing consumer demand in Europe. (Source: Wafer Works, Press Release, March 2024)
• Carrier launched HFO R-1234ze chillers. These new chillers are optimized for industrial processing applications such as food manufacturing, pharmaceuticals, chemicals, metal, and plastics, to provide ultra-reliable cooling. (Source: Wafer Works, Press Release, March 2022)

Europe Industrial Chillers Market Report Coverage and Deliverables

The "Europe Industrial Chillers Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:

• Europe industrial chillers market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Europe industrial chillers market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Europe industrial chillers market analysis covering key market trends, 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 Europe industrial chillers market
• Detailed company profiles