Chillers Market Forecast 2025–2034: Where Businesses Should Invest Next

November 14, 2025 by The Business Research Company

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#What Is The Projected Market Size Of The Chillers Market By 2029?

The overall valuation of the chiller sector has experienced continuous upward movement across recent years; projected figures indicate an increase from a value of $10.68 billion in 2024 to $10.94 billion just one year later in 2025, representing a constant annual increase rate (CAGR) of 2.5%. This expansion witnessed during the past period stems from several factors, including the boost in both industrial and commercial building initiatives, the widespread integration of HVACR technologies within dwelling spaces and business establishments, the greater utilization of cooling processes in manufacturing settings, a rising need for climate control and cold chain maintenance, alongside a heightened concentration on energy-saving attributes and environmentally sound cooling methods.

The cooling equipment sector anticipates sustained expansion moving forward, projecting its valuation to reach $12.75 billion by the year 2029, reflecting a cumulative yearly expansion rate (CAGR) of 3.9%. This upward trajectory throughout the projection timeframe is underpinned by several key factors, such as the increasing concentration of populations in urban centers and the proliferation of major metropolitan areas, which naturally elevates the requirement for temperature control apparatus; furthermore, the proliferation of digital information hubs and associated computational infrastructure bolsters this demand, alongside the increased incorporation of chillers within the food and drink production sphere, the rising advocacy for centralized cooling frameworks in new municipal projects, and the burgeoning market activity observed across emerging and developing nations. Key prevalent patterns set to characterize this period encompass the industry-wide shift towards refrigerants possessing a reduced global warming potential, the increasing connectivity of these systems with intelligent building management platforms, the development and deployment of chiller units that are adaptable and incrementally scalable, the utilization of heat recovery chillers to facilitate combined heat and power generation, and the incorporation of sophisticated operational controls coupled with foresight-driven analytical methods.

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Which Drivers Are Shaping The Chillers Industry’s Market Share?

Escalating new development in the commercial construction sector is anticipated to fuel the expansion of the chillers industry, as these units are essential in commercial properties for heat extraction, thereby facilitating precise thermal regulation. Within modern smart commercial structures, the integration of intelligent features like occupancy detection systems, sophisticated thermostats, and automated HVAC and illumination management is actively deployed to cut down on energy expenditure in areas that are currently unstaffed, such as meeting rooms and offices. Illustratively, data from The American Council for an Energy Efficient Economy (ACEEE) indicates that implementing these smart building solutions can yield significant energy savings, specifically achieving reductions of 18 percent in HVAC system usage, 28 percent for connected hardware, and an impressive 33 percent for lighting; consequently, the ongoing increase in new commercial building projects is projected to generate substantial prospects for all participants operating within the chillers marketplace.

Which Key Segments Fueling The Chillers Market?

The chillers market covered in this report is segmented –

1) By Product Type: Air Cooled Chiller, Water Cooled Chiller

2) By Power Range: Less than 50 kW, 50-200 kW, More than 200 kW

3) By Compressor Type: Screw Chillers, Centrifugal Chillers, Absorption Chillers, Reciprocating Chillers

4) By End User: Commercial, Industrial, Residential

Subsegments:

1) By Air Cooled Chiller: Scroll Air Cooled Chillers, Screw Air Cooled Chillers, Reciprocating Air Cooled Chillers

2) By Water Cooled Chiller: Centrifugal Water Cooled Chillers, Screw Water Cooled Chillers, Reciprocating Water Cooled Chillers

Which Competitive Trends Are Defining The Chillers Market Structure?

Leading entities within the chillers sector are concentrating their efforts on innovating energy-saving water chiller designs as a means to secure superior market positioning. Such energy-optimized water chillers contribute significantly to lowering both the energy usage and the running expenses associated with cooling apparatus across diverse uses through their effective water temperature reduction capabilities. Illustratively, in the third month of 2023, Atlas Copco Compressors LLC, a United States-based supplier known for sustainable productivity solutions, launched its TCA series of water chillers, which encompasses four unique setups. This particular product family incorporates proprietary adiabatic pre-cooling technology alongside a built-in free-cooling component. The premier offering, the TCA55-215, functions as a ready-to-use industrial water chiller, offered in four distinct versions, delivering cooling outputs spanning from 55 up to 228 kilowatts. These deployed systems incorporate numerous cutting-edge characteristics, all engineered with the primary goals of maximizing energy performance, guaranteeing operational security, streamlining setup and upkeep activities, and ensuring economic viability.

Which Key Players Are Driving Competition In The Chillers Market?

Major companies operating in the chillers market include Carrier Corporation, Daikin Industries Ltd., Trane Technologies plc, Hitachi Air Conditioning Company Ltd., Johnson Controls International plc, Thermax Limited, Smardt Chiller Group Inc., Mitsubishi Electric Corporation, Midea Group Co. Ltd., LG Electronics Inc., Reynold India Pvt. Ltd., Dimplex Thermal Solutions, Dunham-Bush Ltd., Frigel Firenze SpA, Friulair S.R.L., HYDAC International GmbH, Thermal Care Inc., SKM Air Conditioning, Meccanotecnica Applicata S.r.l., KKT Chillers, Delta T Systems Inc., Chase Cooling Systems, TopChiller, CAREL UK Ltd., Frost Italy S.r.l., Cold Shot Chillers, York International Corporation, Multistack LLC, Airedale International Air Conditioning Ltd., Blue Star Limited, Danfoss A/S, Climaveneta S.p.A., Lennox International Inc.

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How Do Regional Market Performances Compare Within The Chillers Industry?

Asia-Pacific was the largest region in the Chillers market in 2024. The regions covered in the chillers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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