North America Industrial Chillers Market Dynamics and Trends by 2031

The North America industrial chillers market size is expected to reach US$ 931.20 million by 2031 from US$ 646.39 million in 2023. The market is estimated to record a CAGR of 4.7% from 2023 to 2031. The demand for energy-efficient and sustainable industrial chillers is expected to bring new market trends.

North America Industrial Chillers Market Analysis

An increase in demand from the manufacturing industry, the growth of the market for renting and leasing industrial chillers, and stringent regulations in the food and pharmaceutical industries are driving the North America industrial chillers market. However, fluctuations in the pricing of raw materials and high energy costs are restraining the market's growth. Furthermore, retrofitting older chillers to meet new energy efficiency standards and growing number of craft breweries and microbreweries in North America are expected to create an opportunity for the market growth. The demand for energy-efficient and sustainable industrial chillers is likely to bring new trends to the market.

North America Industrial Chillers Market Overview

Industrial chillers act as a chiller system that removes heat from the industrial processes. These chillers cool viscous liquids, such as chemicals and water, used in various industries such as pharmaceuticals, food & beverages, and industrial manufacturing. The industrial process generates heat from activities such as friction, burning, or equipment. Industrial chillers are used to avoid any fire breakout and increase the longevity of the equipment. These conventional systems differ from HVAC chillers in most ways, including water circuitry and component integration. Pharmaceuticals, food production, petrochemicals, plastic production, and metal plating are among the industries that use industrial chiller for their manufacturing process. For example, in food processing plants, to chill food or beverage storage units, industrial chillers are used to circulate chilled propylene glycol through cooling coils. Wineries and breweries widely use these chillers to maintain the ideal temperature for their products. Food manufacturers use them to cool ice cream makers and dough mixers.

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North America Industrial Chillers Market: Strategic Insights

North America Industrial Chillers Market

• Market Size 2023
  US$ 646.39 Million
• Market Size 2031
  US$ 931.20 Million

Market Dynamics

GROWTH DRIVERS

• Increase in Demand from Manufacturing Industry
• Growth of Market for Renting and Leasing Industrial Chillers
• Stringent Regulations in Food and Pharmaceutical Industries

FUTURE TRENDS

• Demand for Energy-Efficient and Sustainable Industrial Chillers

OPPORTUNITIES

• Retrofitting Older Chillers to Meet New Energy Efficiency Standards
• Growing Number of Craft Breweries and Microbreweries in North America

Regional Overview

• North America

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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North America Industrial Chillers Market Drivers and Opportunities

Increase in Demand from Manufacturing Industry

The manufacturing industry in North America is the prime source that drives economic growth. According to the OECD TiVA database 2023 update, the US is the second-largest manufacturing country after China. The government authorities in the region are focused on boosting their manufacturing industry to drive their economic growth, promote innovation, and fuel the industrial competitiveness of the region in the global market. Various government initiatives, research and development spending, focus on the domestic markets, and a rise in trade activities are among the factors that drive the manufacturing industry in the region. For example, investments under CHIPS and the Science Act have encouraged the growth of the semiconductor industry. In August 2022, the Biden-Harris Administration implemented an industrial strategy to revitalize domestic manufacturing by signing into law the bipartisan CHIPS and Science Act of 2022. It strengthened American manufacturing, supply chains, and national security and invested in research and development, science, and technology. As industrial chillers are crucial in the manufacturing industry, the growth of the manufacturing industry drives the industrial chillers market growth.

Retrofitting Older Chillers to Meet New Energy Efficiency Standards

Due to the rising concern over CO2 emissions, government authorities in North America are focused on integrating energy-efficient and sustainable solutions. With the stringent regulations, market players are focused on reducing their energy costs and environmental impact. This fosters the demand for the retrofits of the industrial chiller system. Government authorities also support the renovation of the older facilities and equipment. For example, in August 2023, the Biden Administration announced an investment of US$ 15.5 billion to support a strong and just transition to electric vehicles, retool existing plants, and rehire existing workers. Moreover, in February 2024, the governments of Canada and Ontario invested more than US$ 13 million through the Sustainable Canadian Agricultural Partnership (Sustainable CAP) to assist free-standing meat processors and abattoirs in the province with upgrades to increase productivity and efficiency while maintaining Ontario's high food safety standards. The Sustainable CAP is providing cost-shared funding for 151 projects to upgrade meat handling and processing equipment, technologies, and practices to increase production capacity and competitiveness in Ontario's meat processing plants and abattoirs. With the retrofit approach, manufacturers can meet the energy efficiency and sustainability standards. Retrofitting also helps avoid the higher capital expenditure of full system replacement. Such investments foster the retrofitting of older chiller systems and drive the demand for energy-efficient and sustainable industrial chillers. Thus, retrofitting older chillers to meet new energy efficiency standards is expected to provide a growth opportunity for the industrial chillers market.

North America Industrial Chillers Market Report Segmentation Analysis

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

• Based on chiller type, the industrial chiller market is segmented into water cooled chillers and air cooled chillers. The water cooled chillers segment dominated the market in 2023.
• In terms of process, the industrial chiller market is segmented into continuous flow chillers and immersion chillers. The continuous flow chillers segment dominated the market in 2023.
• Based on application, the industrial chiller market is segmented into food & beverage processing, medical equipment, industrial manufacturing, and others. The industrial manufacturing segment dominated the market in 2023.

North America Industrial Chillers Market Share Analysis by Country

• The North America industrial chillers market is segmented into the US, Canada, and Mexico.
• According to Cadrex Manufacturing Solutions, the manufacturing industry in North America is reviving post-pandemic, fueled by strong incentives and consumer demand. The region was inclined toward faster production at lower cost through partnerships with players in Asia Pacific. However, the manufacturing industry in the region began to foster growth by partnering with contract manufacturers and precision local manufacturing companies. The government authorities in the region are focused on introducing various legislations, initiatives, and regulations that complement the growth of the manufacturing industry in the region. For example, as part of the Inflation Reduction Act (IRA), the government authorities are focused on minimizing inflation and investments in domestic energy production. For example, IRA features an Advanced Manufacturing Production tax credit that incentivizes the domestic production of clean energy technologies—including wind components, solar components, inverters, and battery components. The 2022 bipartisan CHIPS and Science Act drives the research development and production of semiconductors in the region. Bipartisan Infrastructure Law includes funding for battery production, water treatment plants, and other activities, creating huge opportunities for the contractor manufacturers of the region. Thus, the rise in the production of semiconductors, batteries, and several other components contributes to the demand for industrial chillers to dissipate the heat during the various stages of manufacturing.

North America Industrial Chillers Market Report Scope

North America Industrial Chillers Market News and Recent Developments

The North America 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 North America industrial chillers market are listed below:

• Carrier (Carrier Corporation) introduced the AquaForce Vision 30KAV with PUREtec refrigerant, a new line of high-performance, compact process cooling chillers with ultra-low Global Warming Potential (GWP) refrigerant R-1234ze. The new chiller line is optimized for industrial processing such as food manufacturing, pharmaceuticals, chemicals, plastics, metal industries, and applications requiring ultra-reliable cooling up to -12 degrees Celsius. Carrier is part of Carrier Global Corporation, the global provider of healthy, safe, sustainable, and intelligent building and cold-chain solutions.

(Source: Carrier Corporation, Press Release, March 2022)

• Daikin Applied introduced an enhanced Navigator WWV water-cooled screw chiller with low-global warming potential (GWP) R-513A refrigerant. In addition to delivering industry-leading performance, customers can pair the new chiller with an optional Templifier TWV water heater for an energy- and cost-efficient heat recovery solution.

(Source: Daikin Applied, Press Release, March 2024)

North America Industrial Chillers Market Report Coverage and Deliverables

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

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