PUBLISHER: Polaris Market Research | PRODUCT CODE: 1807420
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1807420
The chillers market size is expected to reach USD 15.79 billion by 2034, according to a new study by Polaris Market Research. The report "Chillers Market Size, Share, Trend, Industry Analysis Report By Product (Water-Cooled, Air-Cooled), By Application, By Compressor Type, By Region - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The chillers market encompasses the design, production, and deployment of systems used to remove heat from industrial processes, commercial buildings, and data centers through vapor compression or absorption methods. This market is advancing rapidly due to increased demand for precise temperature control in manufacturing, healthcare, and IT environments. One of the key growth drivers is the rising focus on energy efficiency, which is pushing manufacturers to develop advanced chillers that consume less power while maintaining optimal cooling performance. Stricter environmental regulations concerning refrigerants are encouraging a shift toward low-GWP and natural refrigerant-based systems, prompting innovation in component design and system integration. Industry trends include the growing use of smart technologies, such as IoT-enabled monitoring systems and predictive maintenance features that improve performance and reduce downtime.
Modular and scalable chiller systems are gaining popularity in response to flexible infrastructure needs. The integration of chillers into broader HVAC and building automation networks is opening up new use cases that demand high reliability and connectivity. Increasing awareness of lifecycle costs is also shifting preference toward solutions that offer long-term value through operational savings. Opportunities exist in delivering application-specific solutions tailored to sectors such as pharmaceuticals, semiconductors, and food processing, where temperature stability is critical. The development of hybrid and renewable energy-integrated chillers is another area poised for expansion as industries transition toward sustainable operations. The market is expected to grow steadily as businesses prioritize advanced cooling infrastructure that aligns with both operational and environmental goals.
By application, the commercial segment held the ~50% of the revenue share in 2024 due to the extensive deployment of chillers in office buildings, shopping malls, airports, and hospitality facilities.
Based on compressor type, the screw chillers segment held the largest revenue share of ~50% in 2024 due to their robust performance in medium- to large-capacity applications requiring continuous operation.
The North America chillers market is expected to register a significant CAGR from 2025 to 2034 due to rising investments in infrastructure upgrades across commercial buildings, hospitals, and data centers.
Asia Pacific accounted for the largest revenue share of ~46% due to the rapid industrialization and infrastructure growth across key economies such as China, India, and Southeast Asia.
A few global key players include Carrier; ClimaCool Corp.; Cold Shot Chillers; Daikin Industries, Ltd.; Drake Refrigeration, Inc; Fluid Chillers, Inc.; FRIGEL FIRENZE S.p.A.; General Air Products; Honeywell International, Inc.; Johnson Controls; Midea; Multistack International Limited; Rite-Temp; Tandem Chillers; and Trane.
Polaris Market Research has segmented the chillers market on the basis of product, application, compressor type, and region:
By Product Outlook (Revenue, USD Billion, 2020-2034)
Water-Cooled
<50kW
51-100kW
101-500kW
501-1000kW
1001-1500kW
>1501kW
Air-Cooled
<50kW
51-100kW
101-500kW
501-1000kW
1001-1500kW
>1501kW
By Application Outlook (Revenue, USD Billion, 2020-2034)
Commercial
Corporate Offices
Data Centers
Public Buildings
Mercantile & Service
Healthcare
Others
Industrial
Chemicals & Pharmaceuticals
Food & Beverage
Metal Manufacturing & Machining
Medical & Pharmaceutical
Plastics
Others
Residential
By Compressor Type Outlook (Revenue, USD Billion, 2020-2034)
Screw Chillers
Centrifugal Chillers
Absorption Chillers
Scroll Chillers
Reciprocating Chillers
By Regional Outlook (Revenue, USD Billion, 2020-2034)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Vietnam
Australia
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of Middle East & Africa