North America HVAC Chillers Market Key Players and Forecast by 2031
North America HVAC Chillers Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Type (Process Chillers, Scroll Chillers, Centrifugal Chillers, and Absorption Chillers), Application (Industrial, Commercial, and Residential), and Country
- Status : Published
- Report Code : TIPRE00026117
- Category : Electronics and Semiconductor
- No. of Pages : 107
- Available Report Formats :
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The incremental growth expected to be recorded for the North America HVAC chillers market during the forecast period is US$ 958.83 million.
The North America HVAC chillers market is expected to reach US$ 3481.65 million by 2031.
The key players holding majority shares in the North America HVAC chillers market are Carrier; DAIKIN INDUSTRIES, Ltd.; LG Electronics Inc.; Johnson Controls; Trane Technologies; and Mitsubishi Electric Corporation.
Development of IoT-enabled smart HVAC chillers is anticipated to play a significant role in the North America HVAC chillers market in the coming years.
Growing use of HVAC chillers in data centers; rising significance of HVAC chillers in food and beverages and pharmaceutical industries; and growing significance of HVAC chillers in various industries are the major factors that propel the North America HVAC chillers market.
The North America HVAC chillers market was estimated to be US$ 2522.82 million in 2023 and is expected to grow at a CAGR of 4.11 % during the forecast period 2023 – 2031.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. North America HVAC Chillers Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. North America HVAC Chillers Market – Key Market Dynamics
5.1 North America HVAC Chillers Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Use of HVAC Chillers in Data Centers
5.2.2 Rising Significance of HVAC Chillers in Food and Beverages and Pharmaceutical Industries
5.2.3 Growing Significance of HVAC Chillers in Various Industries
5.3 Market Restraints
5.3.1 Potential Climate Impact of HVAC Systems
5.3.2 Less Efficiency in Humid Environment and High Maintenance Costs
5.4 Market Opportunities
5.4.1 Surge in Demand for Absorption Chillers
5.4.2 Smart City Initiatives and Infrastructure Development Projects
5.5 Future Trends
5.5.1 Development of IoT-enabled Smart HVAC Chillers
5.6 Impact of Drivers and Restraints:
6. North America HVAC Chillers Market Analysis
6.1 North America HVAC Chillers Market Revenue (US$ Million), 2021–2031
6.2 North America HVAC Chillers Market Forecast and Analysis
7. North America HVAC Chillers Market Analysis – by Technology
7.1 Air-Cooled
7.1.1 Overview
7.1.2 Air-Cooled: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Water-Cooled
7.2.1 Overview
7.2.2 Water-Cooled: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Steam-Fired
7.3.1 Overview
7.3.2 Steam-Fired: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8. North America HVAC Chillers Market Analysis – by Type
8.1 Process Chillers
8.1.1 Overview
8.1.2 Process Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Scroll Chillers
8.2.1 Overview
8.2.2 Scroll Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Screw Chillers
8.3.1 Overview
8.3.2 Screw Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Centrifugal Chillers
8.4.1 Overview
8.4.2 Centrifugal Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.5 Absorption Chillers
8.5.1 Overview
8.5.2 Absorption Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9. North America HVAC Chillers Market Analysis – by Application
9.1 Industrial
9.1.1 Overview
9.1.2 Industrial: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Commercial
9.2.1 Overview
9.2.2 Commercial: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Residential
9.3.1 Overview
9.3.2 Residential: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10. North America HVAC Chillers Market – Country Analysis
10.1 North America
10.1.1 North America HVAC Chillers Market Breakdown by Countries
10.1.2 North America HVAC Chillers Market Revenue and Forecast and Analysis – by Country
10.1.2.1 North America HVAC Chillers Market Revenue and Forecast and Analysis – by Country
10.1.2.2 United States: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.2.1 United States: North America HVAC Chillers Market Breakdown by Technology
10.1.2.2.2 United States: North America HVAC Chillers Market Breakdown by Type
10.1.2.2.3 United States: North America HVAC Chillers Market Breakdown by Application
10.1.2.3 Canada: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.3.1 Canada: North America HVAC Chillers Market Breakdown by Technology
10.1.2.3.2 Canada: North America HVAC Chillers Market Breakdown by Type
10.1.2.3.3 Canada: North America HVAC Chillers Market Breakdown by Application
10.1.2.4 Mexico: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.4.1 Mexico: North America HVAC Chillers Market Breakdown by Technology
10.1.2.4.2 Mexico: North America HVAC Chillers Market Breakdown by Type
10.1.2.4.3 Mexico: North America HVAC Chillers Market Breakdown by Application
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Carrier Global Corp
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Daikin Industries Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Drake Refrigeration Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 GEA Group AG
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Johnson Controls International Plc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Mitsubishi Electric Corp
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 LG Electronics Inc
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Thermal Care, Inc.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Kaltra
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 BROADU.S.A. INC
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 Trane Technologies Plc
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
14. Appendix
14.1 About The Insight Partners
List of Tables
Table 1. North America HVAC Chillers Market Segmentation
Table 2. List of Vendors
Table 3. North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 5. North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 6. North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 7. North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 8. United States: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 9. United States: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 10. United States: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 11. Canada: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 12. Canada: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 13. Canada: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 14. Mexico: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 15. Mexico: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 16. Mexico: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
List of Figures
Figure 1. North America HVAC Chillers Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America HVAC Chillers Market Revenue (US$ Million), 2021–2031
Figure 5. North America HVAC Chillers Market Share (%) – by Technology, 2023 and 2031
Figure 6. Air-Cooled: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Water-Cooled: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Steam-Fired: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. North America HVAC Chillers Market Share (%) – by Type, 2023 and 2031
Figure 10. Process Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Scroll Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Screw Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Centrifugal Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Absorption Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. North America HVAC Chillers Market Share (%) – by Application, 2023 and 2031
Figure 16. Industrial: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Commercial: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Residential: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. North America HVAC Chillers Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 20. United States: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Canada: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Mexico: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Heat Map Analysis
Figure 24. Company Positioning & Concentration
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The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- 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:
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.
- 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.
- 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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