The global chillers market is anticipated to reach USD 13,457.0 million by 2030 and is anticipated to grow at a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. Government initiatives, such as proposed legislation and funding initiatives for cold storage facilities, are likely to positively impact the market growth.
The cold storage sector is one of the key application areas for chillers. In simple terms, cold storage means storing different kinds of goods in a cold environment, where all heat is removed, to preserve items like food and medicines, extend their longevity, and inhibit the growth of bacteria. Cold storages range from warehouses and research labs to restaurants, breweries, and portable transportation devices. Chillers are of vital importance in cold storage, as their key function is to remove heat from one location to another.
Gather more insights about the market drivers, restrains and growth of the Global Chillers Market
The market growth is significantly fueled by the increasing number of commercial construction projects underway worldwide. These projects are related to the development of shopping malls, retail stores, educational institutions, office buildings, public buildings, hospitals, transportation infrastructures, and fitness centres. The ongoing urbanization and industrialization across the world are creating new opportunities for commercial construction projects. This fuels the demand for chillers, which play a vital role in maintaining the temperature, air quality, and ventilation in hospitals, educational buildings, airports, and spas & swimming pools.
Moreover, with the flourishing global travel and tourism industry owing to the increasing disposable income of the middle-class population and ongoing globalization, mid-range hotels are observed to be emerging in large numbers across the world. This fuels the demand for chillers that are installed in hotels for various functions and operations. The surging number of new hotel construction projects across the world is anticipated to fuel the installation of chillers.
Chillers Market Report Highlights
• In terms of applications, the residential segment led the market with the largest revenue share of 15.9% in 2023. Due to surge in the demand for single-family homes stands out as the primary driving force behind the swift growth of residential construction in the air
• Based on compressor type, the absorption chillers segment held the largest revenue share of 17.3% in 2023
• In terms of application, the medical & pharmaceutical sub-segment in industrial chillers is anticipated to witness the fastest CAGR over the forecast period
• The demand for chillers in healthcare facilities is experiencing an upward trajectory, driven by several key factors, as healthcare facilities, including hospitals and research institutions, require precise temperature control to maintain optimal conditions for medical equipment, laboratories, and patient comfort
• Chillers play a pivotal role in the education sector, contributing to the comfort and well-being of students, faculty, and staff while also ensuring the optimal functioning of various educational facilities
• North America, led by the U.S., Canada, and Mexico accounted for a significant share in terms of revenue of the global market in 2023. The market growth in this region can be attributed to the expansion of urban areas, the presence of industrially developed countries, and the stringent implementation of rules and regulations in North America
• In January 2023, DAIKIN INDUSTRIES, Ltd. started the construction of two new production plants in the Millenium Industrial Park, located in the Industrial Zone of San Luis Potosí, Mexico. The first plant will have an investment of USD 230.0 million and will produce residential air conditioning with an annual production target of 2.7 million units. The second plant will have the capacity to manufacture 4,500 commercial chillers with an investment of USD 50.0 million. Both the plants are expected to start operations in April 2024
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
• The global luxury furniture market size was valued at USD 31.06 billion in 2024 and is expected to grow at a CAGR of 4.2% from 2025 to 2030.
• The global dolomite market size was valued at USD 1.97 billion in 2024 and is projected to grow at a CAGR of 7.8% from 2025 to 2030.
Segments Covered in the Report
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
U.S.
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
Order a free sample PDF of the Chillers Market Intelligence Study, published by Grand View Research.