Industrial Chillers Market Projected to Reach $16.5 Billion by 2031

Industrial Chillers Market is anticipated to reach $16.5 billion by 2031, at a CAGR of 4.4% from 2024 to 2031.

Meticulous Research®, a leading global market research company, has published a report titled “Industrial Chillers Market—Global Opportunity Analysis and Industry Forecast (2024–2031).” According to this report, the global industrial chillers market is projected to reach $16.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.

The primary drivers of the industrial chillers market include the rising demand for water-cooled chillers, an increased adoption of modular chillers, and the growing utilization of process cooling across industrial sectors. However, the high setup costs of industrial chillers are expected to limit market growth.

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Despite these challenges, the market presents potential growth opportunities, particularly in the chemicals and petrochemicals industries, which are witnessing increased demand for chillers. Additionally, the growing need for absorption chillers is anticipated to create further opportunities for market players. However, the high maintenance costs associated with industrial chillers remain a significant challenge for market growth.

Market Segmentation

The industrial chillers market is segmented by cooling type, compressor type, capacity, and end user. The report provides an analysis of market competitors and examines market performance across various regions and countries.

Cooling Type

In 2024, the water-cooled chillers segment is expected to lead the market, accounting for over 56.0% of the market share. This growth is driven by the increasing focus on energy-efficient systems, the growing use of water-cooled chillers in chemical plants and manufacturing facilities, and the rising need for reliable water-cooling solutions in industrial operations.

Compressor Type

The scroll chillers segment is forecasted to dominate the market in 2024, with a share exceeding 58.3%. This segment’s growth can be attributed to the widespread adoption of scroll chillers in sectors such as manufacturing, food processing, and chemicals, where precise temperature control and reliable cooling systems are essential.

Capacity

In terms of capacity, the <501-1000kW segment is projected to dominate the market in 2024, accounting for over 29.1% of the market share. The increasing use of these chillers in industries such as manufacturing, pharmaceuticals, food processing, and data centers is a key factor driving the demand for high-capacity chillers in this range.

End User

The chemical and petrochemical industry segment is anticipated to lead the market in 2024, representing over 24.2% of the market share. The increasing demand for cooling solutions in these industries, the growing adoption of air-cooled chillers in chemical plants, and the use of scroll chillers are contributing to this segment’s domina

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Geographic Analysis

In 2024, Asia-Pacific is expected to dominate the industrial chillers market, capturing over 46.5% of the market share. This region’s strong market presence is driven by factors such as rapid industrialization, the growing demand for energy-efficient cooling solutions, the expansion of the chemicals and petrochemicals sectors, and a heightened emphasis on sustainability and energy efficiency. Additionally, the presence of major market players, including DAIKIN INDUSTRIES, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Reynold India Private Limited (India), and Senho Machinery Shenzhen Co. Ltd. (China), further bolsters the region’s leading position.

Key Market Players

The global industrial chillers market is competitive, with several key players contributing to market dynamics. Some of the prominent companies operating in this space include:

• DAIKIN INDUSTRIES, Ltd. (Japan)
• Carrier Global Corporation (U.S.)
• Trane Technologies plc (Ireland)
• Johnson Controls Inc. (U.S.)
• Mitsubishi Electric Corporation (Japan)
• Chillmax Technologies Pvt Ltd. (India)
• Reynold India Private Limited (India)
• Drake Refrigeration Inc. (U.S.)
• Senho Machinery Shenzhen Co. Ltd. (China)
• Jiangsu Huazhao Refrigeration Equipment CO., Ltd. (China)
• Friulair S.r.l. (Italy)
• Atlas Copco Group (Sweden)
• Kirloskar Chillers Pvt Ltd. (India)
• Envisys Technologies Private Limited (India)
• SCY Chiller (China)

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In conclusion, the industrial chillers market is poised for steady growth over the forecast period, driven by increasing industrial demand for efficient cooling systems, particularly in water-cooled and scroll chiller segments. However, overcoming challenges such as high setup and maintenance costs will be crucial for sustained growth in the sector.