According to our latest study on "Industrial Chillers Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Chiller Type, Process, and Application," the industrial chiller market size was valued at US$ 2.77 billion in 2024 and is expected to reach US$ 4.30 billion by 2031; it is estimated to record a CAGR of 6.6% from 2025 to 2031.

The industrial chiller market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2024, followed by North America and Europe, respectively. According to Atradius in July 2024, major sectors, including transportation, food, ICT, and chemicals, are expected to witness growth in the coming years. Thus, the presence of a robust and growing chemical sector in the region is one of the major factors driving the demand for industrial chillers for efficient chemical production and processing. In addition, various market players are constructing new chemical plants in the region, further generating the demand for industrial chillers to dissipate the heat from chemical processing. A few developments are listed below:

- In March 2023, South Korea's S-Oil Corp announced its plans to integrate a large-scale petrochemical plant with the Shaheen refinery. This collaboration includes a Naphtha-fed steam cracker capable of producing 1.8 metric tons/year of ethylene; the construction is expected to be completed by 2026.

- In April 2024, Shin-Etsu Chemical Co., Ltd. announced that in order to expand its semiconductor lithography materials business, the company will build a new plant in Isesaki City, Gunma Prefecture. The new plant will be Shin-Etsu's fourth production base in this business.

Asia Pacific is focused on fostering its semiconductor industry with investments. For example, in February 2024, the Government of India approved a massive US$ 15 billion investment in the establishment of three semiconductor plants, including a proposal from the Tata Group to build the country's first major chipmaking facility. Thus, a rise in the construction of semiconductor chipmaking plants drives the demand for industrial chillers, as maintaining a controlled temperature during semiconductor production is crucial. The processes involved in semiconductor production require precise and liquid cooling.

The implementation of government policies in Asia Pacific is fueling the industrial output. For example, the Made in China 2025 strategy and Make in India encourage technological innovation, automation, and development of high-tech industries. These policies aim to boost domestic manufacturing, attract foreign investment, and advance technological innovation across various industries. This industrial expansion and modernization are likely to increase the demand for process cooling equipment. As these initiatives stimulate growth in sectors such as food & beverages, pharmaceuticals, and chemicals, the need for process chillers is expected to rise in the coming years.

The Asia Pacific industrial chillers market is increasingly driven by the demand for integrated energy-efficient solutions in large-scale facilities. For this, the market players are launching various solutions. For example, in February 2025, Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, announced the launch of a new model of its "Ene-Conductor" Heat Source Control System for integrated control of centrifugal chillers and peripheral equipment such as chilled water pumps, cooling water pumps, and cooling towers. The new EC-8 model, to be added to the lineup this spring, allows for control of up to 8 centrifugal chiller units. With such features, the new model can be more widely used and installed in overseas large-scale facilities, as well as enhancing energy conservation for the whole facility. This advancement supports better energy optimization, which is crucial in Asia Pacific, where rapid urbanization, manufacturing growth, and sustainability goals are converging. This reflects a broader regional shift toward smarter, more integrated cooling infrastructure, driving the market in the region.

Key Findings of Industrial Chillers Market Study:

The industrial chiller market is segmented on the basis of chiller type, process, application, and geography. The global industrial chiller market is segmented on the basis of chiller type, process, and application. Based on chiller type, the industrial chiller market is segmented into water-cooled chillers and air-cooled chillers. In terms of process, the industrial chiller market is segmented into continuous flow chillers and immersion chillers. Based on application, the industrial chiller market is segmented into food & beverage processing, medical equipment, industrial manufacturing, and others. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.

On the basis of chiller type, the industrial chillers market is segmented bifurcated into water cooled chillers and air cooled chillers. The water cooled chillers segment held the largest industrial chiller market share in 2024. A water-cooled chiller uses water to remove the heat generated in industrial manufacturing processes. These chillers consist of components such as cooling towers, condenser water pumps, make-up water pumps, chillers, and thermal energy storage (TES) reservoirs, making them more efficient than air-cooled chillers. In the industrial setup, these chillers are required to stop equipment from overheating, maximize their lifespan, and minimize production downtime. These chillers are widely used in industrial manufacturing and processing plants, chemical and petrochemical industries, pharmaceutical industries, and machine shops and foundries. Water-cooled chillers are widely adopted in plants where larger chillers are required. They are in high demand to cool fluids such as oil and chemicals that can cause fires at high temperatures. In March 2024, Daikin Applied introduced an enhanced Navigator WWV water-cooled screw chiller with low-global warming potential (GWP) R-513A refrigerant. In addition to delivering industry-leading performance, customers can pair the new chiller with an optional Templifier TWV water heater for energy- and cost-efficient heat recovery solution. The combination of a low-GWP refrigerant and heat recovery configuration allows building owners and operators to trim utility costs and accelerate their sustainability and decarbonization efforts.

Air-cooled chillers use air to remove heat from a space. These chillers actively absorb heat from process water and transfer it into the air surrounding the chiller. They are widely used in industrial facilities to cool fluids and/or dehumidify air. It comprises a compressor, an evaporator, a condenser, and an expansion valve. These industrial chillers are widely used for small to medium-scale manufacturing facilities, such as in the pharmaceutical or food & beverage industries. The demand for these chillers is rising due to their compact design, which makes them convenient, inexpensive to maintain, and easy to install. The upfront cost of these chillers is less expensive than the water-cooled chillers, which drives the market growth for this segment. In March 2025, Johnson Controls, the global leader in smart, safe, healthy, and sustainable buildings, expanded the availability of its leading YORK range of YVAM air-cooled magnetic bearing chillers to Europe to meet the growing demand from the data center industry. As the European data center market experiences significant growth driven by AI and cloud computing, the YVAM is a crucial thermal management technology for hyperscale and colocation facilities. Designed to accelerate deployment with an innovative, scalable, and consistent platform, the YVAM also plays a role in ensuring compliance with the new European Union policy on energy efficiency and water conservation.

Stulz SpA, Mitsubishi Heavy Industries Ltd, Daikin Industries Ltd, Johnson Controls International Plc, Panasonic Holdings Corp, HYDAC International GmbH, Blue Star Ltd, Carrier Global Corp, Trane Technologies Plc, and Thermo Fisher Scientific Inc. are among the key players profiled in the industrial chiller market report. Several other major players were studied and analyzed during the industrial chiller market analysis to get a holistic view of the market and its ecosystem. The industrial chiller market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current industrial chiller market trends and their foreseeable impact during the forecast period.

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