Chillers Market Overview

The global chillers market size was valued at USD 10.8 billion in 2025 and is projected to grow from USD 11.2 billion in 2026 to USD 15.6 billion by 2033, at a CAGR of 4.9% from 2026 to 2033. Asia Pacific held the largest share of 46.3% of the global market in 2025.

Market Drivers and Trends

The market is driven by the rising need for cost-effective and energy-efficient space cooling applications in commercial and industrial sectors, which is likely to augment demand for chillers over the forecast period.

• Construction sector growth: According to the U.S. Census Bureau, non-residential commercial construction spending rose nearly 7% in 2024 compared to the previous year, with manufacturing projects experiencing notable 23% growth.
• Data center investment: Data centers, essential for housing computer systems and servers, continue to see substantial investment — for example, Meta's recently announced USD 5 billion data center project in rural Louisiana.
• Combined impact: Rising construction spending in manufacturing and data centers is significantly driving demand for advanced, high-capacity chiller systems suited to temperature-sensitive environments.

Key Market Insights

• By product: Water-cooled chillers held a 59.4% share in 2025.
• By application: Commercial applications held a 48.9% share in 2025.
• By compressor type: Screw chillers accounted for 50.0% in 2025.

Regional Highlights

• Largest regional market: Asia Pacific (46.3% revenue share, 2025)
• By country: China led the Asia Pacific market in 2025.

Download a free sample copy of the Chillers Market report to explore comprehensive market analysis, detailed segmentation, competitive landscape, and research scope.

Major Industry Players

Some of the key players operating in the market include Trane, Carrier, and Daikin Industries, Ltd.

• Carrier: Provides boilers, air conditioners, furnaces, air purifiers, humidifiers, heat pumps, air scrubbers, ventilators, thermostats, UV lamps, dehumidifiers, building controls, and energy services to the retail, commercial, transport, and foodservice sectors. Acquired by United Technologies Corporation in 1979; spun off as a separate business in April 2020.
• Trane: A member of the Ingersoll Rand family of brands, operating across two segments — climate and industrial. The industrial segment covers power tools, compressed air & gas systems, fluid management systems, material handling systems, and utility/low-speed consumer vehicles. The climate segment manufactures residential, industrial, and commercial HVAC systems, including thermostat controls, ductless and geothermal systems, packaged systems, heat pumps, coils, gas & oil furnaces, air handlers, and air conditioners.

Key Chillers Companies (leading market share and trend-setters):
Trane · Cold Shot Chillers · Tandem Chillers · Drake Refrigeration, Inc · Refra · Carrier · FRIGEL FIRENZE S.p.A. · Midea · Daikin Industries, Ltd. · Johnson Controls · Rite-Temp · General Air Products · ClimaCool Corp. · Fluid Chillers, Inc. · Multistack International Limited

Recent Developments

• January 2025 — Midea: Expanding manufacturing in Thailand with two new plants in Rayong. A 66.4 million baht plant (opening Q2) will produce VRF systems and chillers (600,000 units annually, 90% for export); a second plant, due in 2026, will produce microwaves, refrigerators, and freezers.
• December 2024 — Vertiv Group Corp: Acquired certain assets and technologies of BiXin Energy Technology (BSE), a China-based chiller manufacturer, expanding Vertiv's chiller portfolio for high-performance computing and AI applications. BSE specializes in water-cooled and air-cooled systems up to 5.5 MW capacity, plus heat recovery solutions.

Grand View Research offers:

• Focused market intelligence on specific geographies or high-growth segments
• Extended forecast timelines for long-term planning
• Competitor benchmarking and supply chain analysis
• Regulatory and policy assessments
• Custom data models, KPIs, or business-specific applications
• High-impact data decks and tables for decision-making

Looking for a report customized to your requirements? Explore our Custom Research Offering.