PUBLISHER: The Insight Partners | PRODUCT CODE: 1780314
PUBLISHER: The Insight Partners | PRODUCT CODE: 1780314
The industrial chillers market size was valued at US$ 2.77 billion in 2024 and is expected to reach US$ 4.30 billion by 2031; it is estimated to record a CAGR of 6.6% from 2025 to 2031.
The integration of IoT with several manufacturing processes, equipment, tools, and machines can offer various benefits to the business. The use of IoT boosts productivity and ensures safety, as well as helps monitor remote and hard-to-access equipment, automate procedures, and minimize the impact of operations on the environment, thereby ensuring that products and equipment comply with regulations and save energy and operational costs. With the rapid adoption of the Industry 4.0 concept, integrating various sensors, cameras, and other advanced technologies such as artificial intelligence (AI) and machine learning can boost the overall efficiency in the manufacturing sector. The adoption of these technologies helps the manufacturer to keep monitoring an industrial chiller's critical parameters and predict failures in advance, as well as directly notifying the manufacturer to quickly solve the issue; this factor helps save the overall maintenance cost. For example, Frigofluid S.r.l., a global industrial chiller provider, offers Industry 4.0-ready industrial chillers for the plastic processing industry. The company installed industrial chillers integrated with remote monitoring technology in countries such as India, China, and Australia. Moreover, AI-based chiller systems, with the help of predictive maintenance, can collect and analyze the chiller system's operational data to determine when maintenance must be performed before a catastrophic failure occurs. Also, these systems will help the manufacturers remain compliant with all the regulatory requirements as well as the energy efficiency standards. Thus, the integration of advanced technologies such as AI and IoT is anticipated to bring new trends in the industrial chillers market in the coming years.
The global push toward energy transition and net-zero emissions is significantly influencing trends in the industrial chillers market. As industries shift to low-carbon operations, there is a rising demand for chillers that offer high energy efficiency, use natural or low-GWP refrigerants, and support sustainable cooling practices. This alignment with energy transition goals is prompting manufacturers to innovate eco-friendly solutions, positioning industrial chillers as critical components in achieving cleaner, more efficient industrial systems. For instance, the European Union's transition to climate neutrality by 2050 is achieved by monitoring the utilization of energy, according to the European Green Deal. As a huge source of GHG emissions in the European Union (EU), the energy industry is undergoing a profound shift toward a net-zero economy. The transition to a more sustainable energy system integrated with clean technologies requires switching from fossil fuels to low- and low-carbon energy sources and renewable power sources, thereby improving energy efficiency in machinery. The revised Energy Efficiency Directive, adopted in 2023 by the European Union Member States, aims to achieve energy savings of 1.5% per year by 2030. Industrial chillers are used in industrial processing operations for maintaining and controlling the temperature of machinery, which helps save energy. For example, in April 2024, Honeywell launched Q-REFs KIBO chiller with 46% more energy efficiency as compared to traditional ammonia-powered solutions, which will help achieve the carbon footprint goals of the energy sector in Europe. Such a rise in the adoption of chillers in industrial processing applications helps in achieving energy transition goals, which is anticipated to be a key trend in the market growth from 2025 to 2031
Stulz SpA, Mitsubishi Heavy Industries Ltd, Daikin Industries Ltd, Johnson Controls International Plc, Panasonic Holdings Corp, HYDAC International GmbH, Blue Star Ltd, Carrier Global Corp, Trane Technologies Plc, and Thermo Fisher Scientific Inc. are among the key industrial chillers market players that are profiled in this market study.
The overall industrial chillers market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the industrial chillers market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the industrial chillers market.