How big is the chiller market | Global Size, Forecast & Key Trends

Q: What is the current size and forecast of the chiller market?

The chiller market was valued at USD 10.33 billion in 2024 and is expected to reach USD 13.46 billion by 2031 at a CAGR of 4.6%.

Q: Which regions are driving demand of the chiller market?

Asia-Pacific is leading due to infrastructure growth, followed by North America and Europe.

Q: What are the major applications in the chiller market?

HVAC systems in commercial buildings, industrial cooling processes, data centers, and cold chains.

Q: What main challenges does the chiller market face?

High initial costs, energy consumption, and complex integration of smart systems.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

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Code: MTA5030

Publication Date: Jul 2025

How big is the Chiller Market?

According to 6Wresearch internal database and industry insights, Global chiller market was valued at approximatelyUSDâ€¯10.33â€¯billion in 2024 and is projected to reach aroundUSDâ€¯13.46â€¯billion by 2031, growing at aCAGR of 4.6% from 2024 to 2030.

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This growth is driven by rising demand for energy-efficient HVAC systems, increasing commercial infrastructure, and advancements in cooling technologies across sectors like healthcare, food & beverage, and data centers.

Key Growth Drivers of the Chiller Market

Rising installation of centralized air conditioning systems in commercial buildings
Expansion of industrial facilities requiring process cooling
Surging demand from data centers, cold storage, and manufacturing
Shift toward low-GWP refrigerants and environment-friendly cooling
Integration of smart systems and energy-efficient technologies in HVAC

Chiller Market Trends

The chiller market is witnessing increasing preference for modular and scalable systems that are easy to maintain and energy efficient. Smart chillers with remote monitoring, predictive maintenance, and AI-based energy optimization are gaining traction. Water-cooled chillers continue to dominate large-scale operations, while air-cooled variants are rising in compact urban setups. Rapid urbanization in Asia-Pacific is driving commercial demand, while North America focuses on sustainability and upgrades of aging systems. Hybrid chillers and district cooling models are becoming more prominent in high-density developments.

Emerging Developments in the Chiller Market

The new systems are next-gen centrifugal and screw chillers whereby the compressors have magnetic bearings resulting in less energy lost. To comply with international environment standards, manufacturers are launching chillers which use low-GWP and natural refrigerants. R&D on heat recovery chiller is growing at a rate that would support combined cooling and heating. Chillers which adjust their performance to current environmental conditions in real-time is being piloted using AI and IoT capabilities. Remote diagnostics, predictive analytics, and robotic servicing units are coming in together to save money on operations and increase the reliability of systems. Moreover, market growth is speeding due to the investment by both the public and the privates in cold chain logistics and infrastructure.