North America Industrial Chillers Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The North America Industrial Chillers Market size is expected to reach US$ 931.2 Million by 2031 from US$ 674.5 Million in 2024. The market is estimated to record a CAGR of 4.8% from 2025 to 2031.

Executive Summary and North America Industrial Chillers Market Analysis:

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: Strategic Insights

North America Industrial Chillers Market Segmentation Analysis:

• By Chiller Type, the market is segmented into Water Cooled Chillers and Air Cooled Chillers. Water Cooled Chillers held the largest share of the market in 2024.
• By Process, the market is segmented into Continuous Flow Chillers and Immersion Chillers. Continuous Flow Chillers held the largest share of the market in 2024.
• By Application, the market is segmented into Industrial Manufacturing, Food and Beverage Processing, Medical Equipment, and Others. Industrial Manufacturing held the largest share of the market in 2024.
• By Type, the market is segmented into Machine Tool, Laser Systems, and Others. Machine Tool held the largest share of the market in 2024.

North America Industrial Chillers Market Players Density: Understanding Its Impact on Business Dynamics

The North America Industrial Chillers Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

North America Industrial Chillers Market Outlook

The metalworking industry is the process of forming and shaping metals to create required structures, tools, equipment, and objects for automotive, food & beverages, oil & gas, and other industries. Large-scale projects involving oil rigs, ships, and bridges, as well as small components, including engines, require metalworking. Various techniques, such as cutting, welding, casting, and molding, are used to develop the desired structure of the metal. These techniques or processes can be carried out efficiently at a constant required temperature. Industrial chillers are used to enhance product quality during metalworking processes. If the heat is not dissipated properly, the quality of the finished products gets adversely affected. For example, for spot welding, resistance electrodes are used for welding a joint, where an industrial chiller prevents the electrodes from undergoing premature burnout. In the die-casting process, an industrial chiller is used to cool the basin/mold into which the molten metal can be poured by extracting the heat from the liquid.

Owing to growing industrialization globally, manufacturers across various industries, such as automotive, aerospace, and food & beverages, use metalworking machines. The rise in sales of metalworking machines indicates the use of equipment such as industrial chillers that maintain the optimal machine temperature and performance and dissipate the heat generated during the various metalworking techniques, such as casting, grinding, welding, and others. In Calvert, Alabama, USA, ArcelorMittal is constructing a new steel manufacturing facility that will enable it to produce 150,000 metric tons of premium electrical steel each year by 2027. The facility consists of multiple heat-intensive metalworking processes, including rolling and annealing, that rely on controlled temperatures. Industrial chillers keep temperatures under control, ensuring the quality of the product and protecting the equipment from overheating. This expansion exemplifies how growth in U.S. metalworking generates demand for industrial chillers. The rise in sales of metalworking machines and the new launch of manufacturing plants indicate the growth in the metalworking industry. Thus, the expansion of the metalworking industry fuels the industrial chillers market growth.

North America Industrial Chillers Market Country Insights

By country, the North America Industrial Chillers Market is segmented into the United States, Canada, and Mexico. The United States held the largest share in 2024.

The pharmaceutical industry in the US is growing due to the rise in the aging population and the increase in the prevalence of chronic diseases. Amid the US-China trade war, the trade of pharmaceutical products has fueled the US pharmaceutical market. US pharmaceutical exports to China have also increased, which indicates the growing production of pharmaceutical products in the US. According to the US Census Bureau, the US global exports of immunological products have more than doubled in 2022 since 2017 due to the USG policies planned to increase the onshore manufacturing capacity of critical drugs. In addition, the government authorities are investing in fostering the pharmaceutical industry. For example, in September 2022, The Regional Challenge, funded by President Biden's American Rescue Plan and administered by the U.S. Department of Commerce's Economic Development Administration (EDA), awarded approximately US$ 52.9 million in grants to the Virginia Advanced Pharma Manufacturing (APM) and R&D Cluster, led by the Virginia Biotechnology Research Partnership Authority (Activation Capital), to boost Virginia's pharmaceutical industry. Thus, the growing pharmaceutical industry and increasing government investment in the expansion of the pharmaceutical industry led to an increase in pharmaceutical production, further generating the demand for chiller systems in pharmaceutical manufacturing plants.

The pet nutrition industry is one of the other prime industries in the US. According to Pet Food Processing, various new facility announcements, expansions, and investments have been made in the industry from January to June 2024 that contribute to the industrial chillers market. A few instances are mentioned below:

• In February 2024, Petsource by Scoular completed a US$ 75 million expansion that delivers extra capacity to help current customers grow and space to accommodate new customers seeking production at the state-of-the-art facility.
• In March 2024, State officials, community partners, and Nestlé Purina PetCare leaders gathered to commemorate the official opening of the pet care company's newest pet food factory in Eden, North Carolina.

North America Industrial Chillers Market Company Profiles

Some of the key players operating in the market include 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, and Thermo Fisher Scientific Inc.

These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Industrial Chillers Market Research Methodology

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations
• Industry trade journals and other relevant publications
• Government documents, statistical databases, and market reports
• News articles, press releases, and webcasts specific to companies operating in the market

Note:

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research
• Enhance the expertise and market understanding of the analysis team
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, Business Development Managers, Market Intelligence Managers, and National Sales Managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise