Market Drivers

Increase in demand for health care facilities and food processing plants

Health care facilities and food production facilities increase their chiller demand to run their operating systems. Food and health production needs better temperature control to ensure higher quality consumable products that meet market standards. The World Health Organization (WHO) predicts that the older population worldwide will double, from 1 billion in 2020 to 2.1 billion by 2050. As a result of this shift, people rely more on hospitals, nursing homes and medical centres. Process cooling is still needed by the food industry because it keeps perishables safe and helps prevent merchandise from getting infected by bacteria as it passes through different facilities. The food industry continues to depend on process cooling since it preserves perishables and safeguards merchandise from bacteria as they travel through processing facilities and supply networks. Companies that sell packaged dairy items require more process cooling technology to meet market growth. Food companies turn to modern cooling systems due to their need to follow HACCP food safety rules. The United Nations (UN) expects the world population to reach 9.7 billion in 2050. Since cities are growing so fast, more people depend on easy-to-buy and save foods. Example programs such as the Pradhan Mantri Kisan SAMPADA Yojana by India help make investments in food processing which should reduce unnecessary food waste and improve connecting farmers to buyers. The medical industry needs process cooling systems to protect temperature-dependent pharmaceutical items during manufacturing and storage operations. The COVID-19 pandemic highlighted weaknesses in existing healthcare systems. In response, many countries have pledged increased healthcare spending. For example, the US government allocated over $150 billion in 2021 alone for healthcare infrastructure under the American Rescue Plan. The rise in pharmaceutical demand matches medical progress in biology and the fast spread of chronic illnesses which pushes companies to supply more cooling devices.

Market Restraints

High expenses to acquire, purchas,e instal,l and activate these systems

Due to heavy purchase and installation costs, businesses need a big total amount to activate their chiller systems. Energy-saving technology increases the cost to produce high-level chillers for businesses. Large industrial and commercial ventures need specially made high-performance chillers that elevate the entire project investment. SMEs and budget-oriented companies lack the money required to install top-quality refrigeration systems. Installing chillers depends on professional service providers who need pumps and cooling towers for the job, which raises project investment costs. Upgrading automated control systems raises both system expenses and operational costs. In emerging markets, a lack of government funding makes the high project start-up price become a major problem.

By Product Type

In 2024, water-cooled chiller type captured 59.8% of market sales due to its valuable advantages such as space efficiency, energy value and durability.

The water-cooled chiller unit offers 10 to 4000 ton cooling options and functions best in indoor spaces. The units deliver cooling capacity to various industrial processes that need robust cooling power. Water-cooled chillers serve large industrial production facilities and medical units especially in chemical plant and manufacturing operations. Customers worldwide will pick air-cooled chillers throughout the next few years because these units produce steady cold temperatures without the need for cooling towers to operate effectively in cold weather. The global market for air-cooled chillers will rise because water shortages push operators toward dry cooling methods instead of using water

By Power Range

In 2024, More than 200 kW captured 41.23% of market sales with market value of USD 5,233.34 Million.

Chillers above 200kW formed most of the market income in 2024 but small units below 50kW grew faster than predicted by 2024. The chillers exceed 200kW rating and use smart technology to deliver high reliability along with effective power output. Large manufacturing facilities depend on these units for their dependable operation. Chillers with 50 kilowatt ratings serve commercial and residential applications better than any other use. Chillers deliver fast performance outcomes also helping to save electricity. All system parts function well to create designs and resist long-term wear and tear. The chillers support basic cooling operations for businesses handling medium-level plastic materials and laser processing work. The top companies Smart Chiller Group and Mitsubishi Electric Corporation supply less than 50 kilowatt chillers

By Geography

Asia Pacific dominates the chiller market with estimated market value of USD 6,342.32 Million in 2024, and is expected to reach USD 7,210.43 Million in 2032.

Asia Pacific dominates the chiller market because both industries and populations grow quickly while people take more interest in climate-friendly cooling technology that saves energy. The modern economic growth in China India Japan and South Korean nations created strong demand for advanced cooling systems in their commercial and residential areas. Industrial zones and food production facilities support chiller market growth because they ensure regular business expansion in pharmaceuticals chemical and manufacturing sectors. New business centres and data facilities enhance worldwide trade because they require enhanced air conditioning services. The Asian Pacific region becomes increasingly more urbanized every year. Countries that are now becoming more prosperous need more indoor cooling solutions for their spaces. People in Asia Pacific depend on air conditioners since average temperature rises together with weather disturbances lows down their comfort level. Governments in Asia Pacific countries now have energy rules that require better technology yet firms must meet these standards. The availability of affordable manufacturing, along with the importance of sustainable cooling technologies, places Asia Pacific as a central market for chillers. Asia Pacific Leads the World Market in Chillers and Creates Major Expansion

List of Top Players

• Trane
• Cold Shot Chillers
• Tandem Chillers
• Drake Refrigeration, Inc.
• Carrier
• FRIGEL FIRENZE S.p.A.
• Midea
• Daikin Industries, Ltd.
• Johnson Controls
• Rite-Temp
• General Air Products
• ClimaCool Corp.
• Fluid Chillers, Inc.
• Multistack International Limited
• Honeywell International, Inc.
• Others

Key Industry Developments

• In September 2024, Trane Technologies bought Damuth Services Inc., a top HVAC distributor with established service expertise in Chesapeake Virginia. When Trane Technologies acquired Damuth, it recruited 240 staff members across its Virginia and Bermuda facilities, plus North Carolina. Damuth Trane gained immediate market access across the region by this purchase to develop its total business presence.

• In January 2024, drove Trane Technologies plc established its third manufacturing facility in Grand Rapids, Michigan. The company doubled its regional air-cooled chiller output after creating multiple new production sites. The new change expanded Trane Technologies' network space at its base location by 300%.

Table of Contents

1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
   1. MARKET INTRODUCTION
   2. MARKET DRIVERS
   3. MARKET RESTRAINTS
   4. FUTURE OPPORTUNITIES
   5. MARKET TRENDS
   6. PORTER’S FIVE FORCES ANALYSIS
      1. Threat of New Entrants
      2. Threat of Substitutes
      3. Bargaining Power of Suppliers
      4. Bargaining Power of Buyers
      5. Intensity of Competitive Rivalry
   7. VALUE CHAIN & PROFIT MARGIN ANALYSIS
   8. PRICING ANALYSIS
   9. REGULATORY FRAMEWORK
   10. COVID-19 IMPACT ANALYSIS
   11. PRODUCT LIFE CYCLE ANALYSIS
   12. PESTLE ANALYSIS
   13. MICRO ECONOMIC ANALYSIS
   14. Market Premium Insights (Enterprise License)
       • Consumer Analysis (List of Potential Consumers)
       • Top 10 Country-Wise Import & Export Data (If Applicable)
       • Regulatory Bodies & Authorisation Across the Globe
       • Key Conferences & Events: Next Two Years
       • Top Patents for The Market
5. GLOBAL CHILLERS MARKET REVENUE & SHARE ANALYSIS (2023-2032)
   1. By Type
      1. Screw
      2. Scroll
      3. Centrifugal
      4. Absorption
      5. Reciprocating
   2. By Medium
      1. Air Cooled
      2. Water Cooled
      3. Liquid Coolant
   3. By Power Range
      1. Less Than 50 Kw
      2. 50-200 Kw
      3. More Than 200 Kw
   4. By End-Use Industry
      1. Plastic
      2. Food & Beverage
      3. Chemical & Petrochemical
      4. Medical & Pharmaceuticals
      5. Others
   5. By Sales Channel
      1. Rental Sales
      2. New Sales
6. GLOBAL CHILLERS MARKET REVENUE & SHARE ANALYSIS (2023-2032), BY REGION
   1. NORTH AMERICA 
      1. U.S.
      2. Canada
      3. Mexico
   2. EUROPE
      1. Germany
      2. UK
      3. France
      4. Italy
      5. Spain
      6. Rest of Europe
   3. ASIA PACIFIC 
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Rest of APAC
   4. MIDDLE EAST & AFRICA
      1. GCC
      2. South Africa
      3. Rest of MEA
   5. LATIN AMERICA
      1. Brazil
      2. Argentina
      3. Rest of LATAM

For all the segments and sub-segments, Qualitative as well as Quantitative data will be provided. In Quantitative we provide the historic (2023), base (2024), estimated (2025) and forecasted (2025-2032) market value in USD Million, Share in % with a CAGR (2025-2032). This data would be provided on a regional as well as country level.

1. COMPETITIVE LANDSCAPE
   1. OVERVIEW
   2. KEY PLAYERS MARKET SHARE ANALYSIS
   3. LIST OF KEY STRATEGIC DEVELOPMENTS 
2. COMPANY PROFILES
   1. TRANE
      1. Company Overview
      2. Company Financial Insights (Total Revenue, Revenue By Business Segments, and By Region)
      3. Product Benchmarking
      4. Key Strategic Developments (Merges & Acquisitions, Partnership /Agreements/Joint Venture, Expansion, New Product Launches, and other developments)
      5. Business Strategic Overview
      6. SWOT Analysis
   2. COLD SHOT CHILLERS
   3. TANDEM CHILLERS
   4. DRAKE REFRIGERATION, INC
   5. CARRIER
   6. FRIGEL FIRENZE S.P.A.
   7. MIDEA
   8. DAIKIN INDUSTRIES, LTD.
   9. JOHNSON CONTROLS
   10. RITE-TEMP
   11. GENERAL AIR PRODUCTS
   12. CLIMACOOL CORP.
   13. FLUID CHILLERS, INC.
   14. MULTISTACK INTERNATIONAL LIMITED
   15. HONEYWELL INTERNATIONAL, INC.
   16. OTHERS
3. LIST OF SOURCES
4. DISCLAIMER