Chillers Market Summary

The global chillers market size was estimated at USD 10,328.8 million in 2024 and is projected to reach USD 13,457.0 million by 2030, growing at a CAGR of 4.6 percent from 2025 to 2030. The market is being driven by the increasing need for cost effective, reliable, and energy efficient space cooling solutions across commercial and industrial environments. As businesses expand their infrastructure and implement advanced HVAC systems, the role of chillers becomes more critical in ensuring optimal temperature control and operational efficiency.

This, in turn, will likely augment the demand for chillers over the forecast period. According to the U.S. Census Bureau, non residential commercial construction spending has risen nearly 7 percent in 2024 compared to the previous year, with manufacturing projects experiencing a notable 23 percent growth. These expansions highlight the increasing requirement for large scale cooling systems, which directly supports market demand for various chiller technologies.

Key Market Trends & Insights

• Asia Pacific chillers industry led the global market and accounted for 45.9 percent of the revenue share in 2024. Rapid industrialization, robust commercial development, and rising investments in manufacturing facilities and data centers continue to propel the region’s demand for advanced cooling systems.
• The chillers industry in the U.S. is expected to grow at a CAGR of 4.9 percent from 2025 to 2030. This growth is supported by expanding construction activities, modernization of existing HVAC infrastructure, and increased focus on sustainability mandates that encourage the adoption of high efficiency cooling equipment.
• By product, the water cooled chillers segment held a significant share of 59.5 percent of the market in 2024. These systems are preferred due to their high cooling efficiency, longer lifespan, and suitability for large commercial and industrial applications.
• By application, the commercial application segment held a substantial share of the market at around 48.8 percent in 2024. Growing construction of offices, retail facilities, hospitality establishments, and institutional buildings continues to strengthen this segment’s position.
• By compressor, the screw chillers compressor segment dominated the market and accounted for 49.8 percent in 2024. Screw compressors are widely used because of their high reliability, smooth operation, and strong performance in medium to large scale cooling applications.

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Market Size & Forecast

• 2024 Market Size: USD 10,328.8 Million
• 2030 Projected Market Size: USD 13,457.0 Million
• CAGR (2025-2030): 4.6%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Some of the key players operating in the market include Trane, Carrier, and Daikin Industries, Ltd.

• Carrier provides boilers, air conditioners, furnaces, air purifiers, humidifiers, heat pumps, air scrubbers, ventilators, thermostats, UV lamps, dehumidifiers, building controls, and energy services to the retail, commercial, transport, and foodservice sectors. The company was acquired by United Technologies Corporation in 1979; however, it was separated into a separate business in April 2020.
• Trane is a member of the Ingersoll Rand family of brands. The company operates its business in two segments, namely climate and industrial. The industrial segment offers products and services that enhance energy efficiency, operations, and productivity. It includes power tools, compressed air & gas systems, fluid management systems, material handling systems, and utility & low-speed consumer vehicles. The climate segment provides energy-efficient products and services, including HVAC systems. The company is engaged in the manufacturing of residential, industrial, and commercial HVAC systems. It offers products such as HVAC accessories, thermostat controls, ductless systems, geothermal systems, packaged systems, heat pumps, coils, gas & oil furnaces, air handlers, and air conditioners.

Rite-Temp and General Air Products are some of the emerging market participants in the chillers industry.

• Rite-Temp specializes in manufacturing industrial water chillers and commercial water chillers for a variety of applications. Its products include water chillers and glycol chillers that fulfill the needs of a wide range of industries around the world. These industries include circuit board manufacturing, dry cleaning, cannabis & CBD extraction, water-cooled restaurant equipment, large & small breweries, and distilleries.
• General Air Products has been engaged in the business of manufacturing, engineering, and distributing industrial, compressed air, and process cooling equipment for over 80 years. Its product portfolio includes water-cooled chillers, air-cooled, heat exchangers, fluid pump desiccant air dryers, air compressors for fire protection, drains, filters, refrigerated air dryers, ancillary equipment oil water separators, and safety valves.

Key Players

• Trane
• Cold Shot Chillers
• Tandem Chillers
• Drake Refrigeration, Inc
• Carrier
• FRIGEL FIRENZE S.p.A.
• Midea
• Daikin Industries, Ltd.
• Johnson Controls
• Rite-Temp
• General Air Products
• ClimaCool Corp.
• Fluid Chillers, Inc.
• Multistack International Limited
• Honeywell International, Inc.

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Conclusion

The chillers market is positioned for steady growth as commercial and industrial sectors continue to expand and prioritize energy efficient cooling systems. Rising construction spending, especially in manufacturing and large commercial projects, is expected to fuel sustained demand for advanced chiller technologies. With Asia Pacific accounting for a major revenue share and the U.S. market showing strong growth potential, global adoption remains robust. Dominant segments such as water cooled chillers, commercial applications, and screw compressors further reinforce the market’s stability. As industries seek reliable, cost effective, and environmentally responsible cooling solutions, the chillers market will remain a vital component of global infrastructure development.