The global chillers market size was estimated at USD 9,928.3 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030. The market is driven by the rising need for cost-effective and energy-efficient space cooling solutions in commercial and industrial sectors. This, in turn, is expected to augment the demand for the chillers market over the forecast period.

According to the U.S. Department of Agriculture (USDA), the growing population, rising consumer disposable income, and ongoing urbanization are expected to augment the growth of commercial and residential sector in the country in the forecast period. The demand for chillers in the U.S. residential sectors is driven by a combination of factors, including the need for efficient and reliable air conditioning systems. With a focus on energy efficiency, homeowners are increasingly adopting chillers equipped with advanced technologies and smart controls to ensure precise temperature regulation while minimizing environmental impact. In the commercial sector, the demand for chillers remains robust, particularly in industries such as hospitality, healthcare, and data centres.

Gather more insights about the market drivers, restrains and growth of the Global chillers market

Chillers Market Segments Highlights:

• Based on product, the water-cooled chillers segment held the market with the largest revenue share of 59.8% in 2023, owing to its compact size, high energy-efficiency and long life.
• The demand for air-cooled chillers is expected to surge worldwide during the forecast period owing to their smooth operations at extremely low temperatures as these chillers eliminate the problems associated with the activity of cooling towers during the winter season.
• In terms of application, the commercial segment led the market with the largest revenue share of 48.6% in 2023. Chillers play a crucial role in commercial buildings by providing essential cooling effects.
• In industrial applications, chillers play a vital role in managing and controlling temperatures for various processes and equipment.
• Based on compressor type, the screw chillers segment led the market in 2023 with the largest revenue share of 49.6%. Screw chillers can be an air-cooled or water-cooled chillers depending on their functions and designs.
• The primary application of centrifugal chillers is in the HVAC industry wherein the load requirements are between 300 tons and several thousand tons.
• The Asia Pacific dominated the market with a revenue share of 45.5% in 2023. Asia Pacific region stands as the second-largest hub for data centers, driven by robust growth that not only enhances revenue but also generates fresh opportunities within the sector.
• The growth of chillers in Central & South America is attributed to increasing investments in the public and private sectors, which is likely to drive the market over the forecast period.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

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Chillers Market Segmentation

Grand View Research has segmented the chillers market based on the product, application, compressor type, and region:

Chillers Product Outlook (Revenue, USD Million, 2018 - 2030)

• Water-Cooled
  • <50kW
  • 51-100kW
  • 101-500kW
  • 501-1000kW
  • 1001-1500kW
  • >1501kW
• Air -Cooled
  • <50kW
  • 51-100kW
  • 101-500kW
  • 501-1000kW
  • 1001-1500kW
  • >1501kW

Chillers Application Outlook (Revenue, USD Million, 2018 - 2030)

• Commercial
  • Corporate Offices
  • Data Centers
  • Public Buildings
  • Mercantile & Service
  • Healthcare
  • Others
• Industrial
  • Chemicals & Pharmaceuticals
  • Food & Beverage
  • Metal Manufacturing & Machining
  • Medical & Pharmaceutical
  • Plastics
  • Others

• Residential

Chillers Compressor Type Outlook (Revenue, USD Million, 2018 - 2030)

• Screw Chillers
• Centrifugal Chillers
• Absorption Chillers
• Scroll Chillers
• Reciprocating Chillers

Chillers Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Thailand
  • South Korea
  • Indonesia
  • Malaysia
• Central & South America
  • Brazil
  • Argentina
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE

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