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 compound annual growth rate (CAGR) of 4.6% from 2025 to 2030. This steady growth is primarily driven by the increasing demand for cost-effective and energy-efficient space cooling solutions across commercial and industrial sectors. As global temperatures rise and energy consumption becomes more regulated and scrutinized, organizations are turning to advanced chiller systems to ensure efficient temperature control while minimizing operational costs and environmental impact.

The rising need for sustainable infrastructure and efficient HVAC (heating, ventilation, and air conditioning) systems in non-residential construction is further fueling demand. According to the U.S. Census Bureau, non-residential commercial construction spending increased by nearly 7% in 2024 compared to the previous year. Notably, manufacturing construction projects witnessed a significant 23% growth, indicating strong investment in industrial facilities that require effective climate control systems.

A key contributor to this demand is the rapid expansion of data centers, which house critical IT equipment and require precise temperature management to ensure uninterrupted performance and longevity of hardware. For instance, Meta announced a USD 5 billion investment in a new data center in rural Louisiana. Such investments highlight the growing demand for high-capacity, energy-efficient chiller systems in mission-critical environments. As industries increasingly rely on digital infrastructure, the deployment of chiller units that can support temperature-sensitive operations has become essential, propelling further growth of the chillers market.

Key Market Trends & Insights:

  • In terms of regional performance, the Asia Pacific region led the global chillers market in 2024, accounting for the largest revenue share of 45.9%. This dominance can be attributed to the region's rapid industrialization, urban expansion, and increasing demand for modern infrastructure, all of which contribute to the rising need for cooling technologies. Countries like China, India, and Southeast Asian nations are investing heavily in commercial buildings, factories, and data centers, thereby driving consistent growth in chiller installations.
  • North America is also witnessing significant momentum in the chillers market. The region's focus on energy efficiency, green building certifications, and technological advancements in HVAC systems is encouraging the adoption of modern chillers across both commercial and industrial applications. The regulatory push for lower emissions and sustainable operations further strengthens the region’s market growth prospects.
  • Among product types, water-cooled chillers held a dominant share of 59.5% in 2024, primarily due to their higher energy efficiency, compact design, and long operational lifespan. These chillers are ideal for large-scale applications where consistent cooling is needed over extended periods. However, air-cooled chillers are expected to witness a notable surge in demand during the forecast period due to their ease of installation, lower upfront costs, and reduced water usage, making them suitable for locations with water scarcity or where water use is restricted.
  • In terms of applications, the commercial segment accounted for a substantial 48.8% share of the market in 2024. Chillers in commercial spaces are used extensively in office buildings, shopping malls, airports, hotels, and hospitals to maintain indoor air quality and comfort. Meanwhile, the industrial application segment is increasingly significant, especially in sectors such as pharmaceuticals, food processing, chemicals, and plastics, where chillers are essential for maintaining specific process temperatures and ensuring consistent product quality.
  • From a technology standpoint, screw chillers dominated the compressor segment with a 49.8% share in 2024. Screw compressors are highly efficient and preferred for medium to large-scale cooling needs due to their ability to operate continuously and handle large volumes. Their durability, lower maintenance requirements, and adaptability to fluctuating loads make them a popular choice across commercial and industrial 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:

The chillers market is moderately consolidated, with several prominent players competing on the basis of technology, efficiency, and geographic reach. Some of the key players operating in the market include Trane, Carrier, and Daikin Industries, Ltd.

  • Carrier offers a wide range of HVAC products including boilers, air conditioners, air purifiers, heat pumps, and ventilators, catering to diverse sectors such as retail, transport, foodservice, and commercial buildings. Originally acquired by United Technologies Corporation in 1979, Carrier became an independent company in April 2020. It has maintained its reputation for high-quality climate control systems and continues to play a significant role in the global chillers market.
  • Trane, a member of the Ingersoll Rand family of brands, operates through two major business segments: climate and industrial. Its industrial division offers innovative systems such as power tools, compressed air & gas systems, fluid and material handling systems, and utility vehicles, with a focus on enhancing energy efficiency, productivity, and operational performance. Trane's chillers are widely used in industrial applications for maintaining precise temperature control.
  • Rite-Temp is a notable manufacturer of industrial and commercial water chillers used across a variety of industries, including electronics manufacturing, dry cleaning, breweries, distilleries, and cannabis/CBD extraction. Their product portfolio includes water chillers and glycol chillers, designed for reliability and performance in diverse temperature-sensitive applications.
  • General Air Products has a long-standing presence of over 80 years in the industry, offering a wide selection of industrial, compressed air, and process cooling equipment. Its range includes water- and air-cooled chillers, heat exchangers, air dryers, air compressors, oil-water separators, and safety valves. The company supports applications across fire protection, manufacturing, and HVAC systems, making it a key contributor to the chillers ecosystem.

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Conclusion:

In conclusion, the global chillers market is set to grow steadily through 2030, driven by rising demand for energy-efficient cooling in commercial and industrial sectors. Factors such as increased construction activity, expanding data centers, and regional growth in Asia Pacific are boosting market expansion. Key players are focusing on innovation and diverse applications to meet evolving cooling needs.