6 min read

HVAC Industry Growth Supporting Expansion of the Chillers Market

May 14

The global <a href="mailto:https://www.transparencymarketresearch.com/chillers-market.html">chillers market</a> was valued at USD 4.8 Bn in 2022 and is projected to reach USD 7.1 Bn by the end of 2031. The industry is expected to grow at a CAGR of 4.7% from 2023 to 2031, driven by increasing demand for energy-efficient cooling systems across commercial, industrial, and residential sectors. Rising infrastructure development, expanding HVAC applications, and growing focus on sustainable cooling technologies are further contributing to market growth worldwide.Dive Deeper into Data: Get Your In-Depth Sample Now! <a href="https://www.transparencymarketresearch.com/sample/sample.php?flag=S&amp;rep_id=11942">https://www.transparencymarketresearch.com/sample/sample.php?flag=S&amp;rep_id=11942</a> Rise in demand in the food & beverage industry is driving the global chillers industry growth. Expanding chemical & petrochemical industry is expected to accelerate market progress. Development of eco-friendly chillers, which utilize minimal energy and have less negative impact on the environment, is one of the major chillers market trends. This has prompted the development of several chillers, such as magnetic-bearing compressors, oil-free chillers, and low-GWP refrigerants that are gaining popularity among end-users.Manufacturing and storage processes in the food & beverage industry increasingly require low temperatures. A chiller system is able to adequately supply and maintain this temperature range through precise temperature control. Hence, expansion of the food & beverage industry is anticipated to propel global chillers market growth during the forecast period.Key Findings of the Market Report<ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="mso-list: l2 level1 lfo1; tab-stops: list 36.0pt;">Industrial Leadership: The Chemicals & Petrochemicals segment holds the highest market share in 2026, relying on chillers for critical temperature control in volatile processes.</li><li class="MsoNormal" style="mso-list: l2 level1 lfo1; tab-stops: list 36.0pt;">Product Dominance: Screw Chillers are the fastest-growing product type in 2026, favored for their excellent part-load performance and operational flexibility in medium-to-large applications.</li><li class="MsoNormal" style="mso-list: l2 level1 lfo1; tab-stops: list 36.0pt;">Data Center Surge: Cooling for data centers is the highest-growth application in 2026, with Hybrid Chillers expected to see a 10.5% CAGR as operators balance water conservation with power efficiency.</li><li class="MsoNormal" style="mso-list: l2 level1 lfo1; tab-stops: list 36.0pt;">Investment Trends: In February 2026, Carrier announced a US$ 100 million investment in a new 39-acre sustainable cooling facility in India, highlighting the regional shift in manufacturing.</li></ul>Global Market: Growth Drivers<ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="mso-list: l4 level1 lfo2; tab-stops: list 36.0pt;">AI & Hyperscale Expansion: The rise of generative AI requires cooling systems that can handle significantly higher heat densities than traditional servers.</li><li class="MsoNormal" style="mso-list: l4 level1 lfo2; tab-stops: list 36.0pt;">Strict Energy Regulations: Government mandates for high-efficiency equipment are forcing a global "retrofit wave" of outdated HVAC systems.</li><li class="MsoNormal" style="mso-list: l4 level1 lfo2; tab-stops: list 36.0pt;">Cold Chain Logistics: The booming food and pharmaceutical sectors require precise temperature management for global distribution, driving demand for reliable industrial chillers.</li><li class="MsoNormal" style="mso-list: l4 level1 lfo2; tab-stops: list 36.0pt;">Urbanization: Increased tourism and population growth in developing nations are fueling the construction of large-scale commercial real estate and hospitality projects.</li></ul>Global Market: Key PlayersThe 2026 market is led by a mix of diversified HVAC conglomerates and specialized industrial cooling firms.<ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="mso-list: l5 level1 lfo3; tab-stops: list 36.0pt;">Daikin Industries, Ltd. (Global leader with a heavy focus on high-efficiency water-cooled systems)</li><li class="MsoNormal" style="mso-list: l5 level1 lfo3; tab-stops: list 36.0pt;">Carrier Global Corporation (Leading the pivot toward sustainable refrigerants and VRF integration)</li><li class="MsoNormal" style="mso-list: l5 level1 lfo3; tab-stops: list 36.0pt;">Johnson Controls International Plc (Pioneer in IoT-connected chillers and smart building integration)</li><li class="MsoNormal" style="mso-list: l5 level1 lfo3; tab-stops: list 36.0pt;">Trane Technologies (Focusing on low-emission and high-reliability industrial solutions)</li><li class="MsoNormal" style="mso-list: l5 level1 lfo3; tab-stops: list 36.0pt;">Mitsubishi Electric Corporation (Dominant in the Asia-Pacific commercial and precision cooling market)</li><li class="MsoNormal" style="mso-list: l5 level1 lfo3; tab-stops: list 36.0pt;">LG Electronics (Expanding presence in smart, inverter-driven chiller solutions)</li><li class="MsoNormal" style="mso-list: l5 level1 lfo3; tab-stops: list 36.0pt;">Gree Electric Appliances Inc.</li><li class="MsoNormal" style="mso-list: l5 level1 lfo3; tab-stops: list 36.0pt;">Midea Group Co.</li><li class="MsoNormal" style="mso-list: l5 level1 lfo3; tab-stops: list 36.0pt;">Smardt Chiller Group Inc. (Specialists in oil-free magnetic bearing technology)</li></ul>Global Market: SegmentationBy Product Type<ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="mso-list: l0 level1 lfo4; tab-stops: list 36.0pt;">Water-Cooled: Dominant in large-scale industrial and district cooling (6.6% CAGR).</li><li class="MsoNormal" style="mso-list: l0 level1 lfo4; tab-stops: list 36.0pt;">Air-Cooled: Preferred for space-constrained and retrofit applications (5.6% CAGR).</li></ul>By Compressor Type<ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="mso-list: l1 level1 lfo5; tab-stops: list 36.0pt;">Screw Chillers: The fastest-growing segment for industrial process cooling.</li><li class="MsoNormal" style="mso-list: l1 level1 lfo5; tab-stops: list 36.0pt;">Centrifugal Chillers: Leading choice for massive, high-capacity utility cooling.</li><li class="MsoNormal" style="mso-list: l1 level1 lfo5; tab-stops: list 36.0pt;">Scroll Chillers: Dominant in small-to-medium commercial buildings.</li><li class="MsoNormal" style="mso-list: l1 level1 lfo5; tab-stops: list 36.0pt;">Absorption Chillers: Growing niche using waste heat or natural gas (US$ 1.58B in 2026).</li></ul>By End-User<ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="mso-list: l3 level1 lfo6; tab-stops: list 36.0pt;">Industrial: Chemicals, Pharmaceuticals, Food & Beverage, and Power Generation.</li><li class="MsoNormal" style="mso-list: l3 level1 lfo6; tab-stops: list 36.0pt;">Commercial: Data Centers (fastest growing), Offices, Hospitals, and Malls.</li><li class="MsoNormal" style="mso-list: l3 level1 lfo6; tab-stops: list 36.0pt;">Residential: High-end multi-unit developments in cooling-intensive climates.</li></ul>Buy this Premium Research Report: <a href="https://www.transparencymarketresearch.com/checkout.php?rep_id=11942&amp;ltype=S">https://www.transparencymarketresearch.com/checkout.php?rep_id=11942&amp;ltype=S</a> About Transparency Market ResearchTransparency Market Research, a global <a href="https://www.globenewswire.com/Tracker?data=MKyRdE0P94ioyU9f_0pp_wK0uV5-pktG40_qdemb39yORO5ij1UiDsjS3kZVPgI-OU0u348INknIe5Axs0iEQkizjjMb2WGH24rFxKRmG66df6VI3JqcmmcboAodjufF" target="_blank" rel="noopener">market research company</a> registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.Contact:Abhishek Budholiya Transparency Market Research Inc. 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