Chillers Market worth $15.42 billion by 2029, at a CAGR of 5.0%, says MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Delray Beach, FL, Feb. 23, 2025 (GLOBE NEWSWIRE) -- In terms of value, the Chillers Market is Projected To Reach USD 15.42 billion by 2029 at a CAGR of 5.0% from USD 12.08 billion in 2024, as per the recent study by MarketsandMarkets™. Rising demand for energy-efficient cooling solutions among the commercial, industrial, and residential sectors drives the market for chillers. Expansion of construction activities, mainly in developing regions, leads to increased installation of HVAC systems. Besides, increased cooling requirements of data centres, hospitals, and manufacturing units are augmenting market demand. Operational efficiency and sustainability are also improving with the adoption of low-GWP refrigerants, smart connectivity features, etc.
The government regulations encouraging green buildings and energy efficiency are also quite prevalent. Also, rising consciousness on climate change is shifting consumers toward more eco-friendly cooling solutions.
Europe accounts the second-largest share in chillers market in terms of value.
Air-cooled chillers are the fastest growing medium in the chillers market during the forecast period, in terms of value.
Absorption is the fastest growing type in the chillers market by type during the forecast period.
Chillers ranging between capacity 300 kW – 700 kW accounted second-largest share in the chillers market during the forecast period.
Chemicals & petrochemicals has the second-largest share in the chillers market during the forecast period.
The chillers market, by type, is segmented into Screw, Scroll, Centrifugal, Reciprocating, and Absorption. Globally, “centrifugal chillers” is projected to grow second-fastest in the chillers market. Centrifugal chillers are expected to grow as the second-fastest segment in the chillers market, as they are very energy efficient and can handle large cooling capacities, thus making them suitable for commercial spaces, industrial facilities, and district cooling applications. Their compact design and reliability in providing consistent cooling for long periods of time have been factors for their increasing adoption. Advances in variable-speed drive technology and utilization of low-GWP refrigerants make their operation more energy efficient and compliant with environment. Investment growth in developing infrastructure in many emerging markets and increased efforts to apply energy-efficient solutions in HVAC systems spur the centrifugal chiller market further.
Chillers market, by medium is segmented into Air-cooled, Water-cooled and Liquid Coolant. Water-cooled chillers are expected to be the second fastest-growing segment in the chillers market. These chillers benefit from having superior energy efficiency compared with air-cooled systems, using water as a cooling medium that favors better heat exchange. Water-cooled chillers make them an ideal choice for large commercial and industrial applications. As sustainability and energy efficiency become more important, water-cooled chillers are less expensive to operate and more suitable for environments with cooling towers or access to water bodies. Additionally, their effectiveness in high-load conditions and technological advancements make them more popular in different sectors worldwide.
North America is expected to witness the second-fastest growth in the chillers market. Its economic growth, especially in the construction and urban development industries, has led to an increased need for HVAC systems in commercial and industrial applications. Also, climate change is forcing the environment to get warmer, and therefore the cooling needs are being raised across all types of applications such as residential and commercial ones. Government initiatives in promoting energy efficiency and the use of green technologies enhance growth prospects
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