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The industrial chillers 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 integration of advanced technologies with industrial chillers and a rise in energy transition goals are likely to bring new trends to the market in the coming years.
Industrial Chillers Market Analysis
The industrial chillers market is being driven by the expansion of the metalworking industry and the launch of new recycled plastic plants, which are increasing demand for efficient cooling solutions. Additionally, the growing adoption of industrial chillers for energy-efficient operations across various sectors is fueling market growth. Opportunities in the market are bolstered by significant government investments aimed at supporting manufacturing growth, encouraging modernization and technological upgrades. Furthermore, key strategic developments such as partnerships, mergers, and product innovations by leading companies are enhancing the market’s competitive landscape. These factors combined present a robust environment for industrial chillers, enabling businesses to optimize production processes while reducing energy consumption and operational costs, thus supporting sustainable industrial growth worldwide.
Industrial Chillers Market Overview
Industrial chillers act as a chiller system that removes heat from industrial processes. These chillers cool viscous liquids, such as chemicals and water, used in various industries such as pharmaceuticals, food & beverages, and industrial manufacturing. The industrial process generates heat from activities such as friction, burning, or the operation of equipment. Industrial chillers are used to avoid any fire breakout and increase the longevity of the equipment. These conventional systems differ from HVAC chillers in most ways, including water circuitry and component integration. Pharmaceuticals, food production, petrochemicals, plastic production, and metal plating are among the industries that use industrial chillers for their manufacturing process. For example, in food processing plants, to chill food or beverage storage units, industrial chillers are used to circulate chilled propylene glycol through cooling coils. Wineries and breweries widely use these chillers to maintain the ideal temperature for their products. Food manufacturers use them to cool ice cream makers and dough mixers. In recent years, the demand for industrial chillers has been growing at an impressive pace, owing to the rising adoption of these cooling systems in diverse end-use industries to overcome various heating issues associated with machinery in processing operations, as well as to offer enhanced overall industrial production.
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Industrial Chillers Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Industrial Chillers Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Industrial Chillers Market Drivers and Opportunities
Expansion of Metalworking Industry
Metalworking is the process of forming and shaping metals to create required structures, tools, equipment, and objects for automotive, food & beverages, oil & gas, and other industries. Large-scale projects involving oil rigs, ships, and bridges, as well as small components, including engines, require metalworking. Various techniques, such as cutting, welding, casting, and molding, are used to develop the desired structure of the metal. These techniques or processes can be carried out efficiently at a constant required temperature. Industrial chillers are used to enhance product quality during metalworking processes. If the heat is not dissipated properly, the quality of the finished products gets adversely affected. For example, for spot welding, resistance electrodes are used for welding a joint, where an industrial chiller prevents the electrodes from undergoing premature burnout. In the die-casting process, an industrial chiller is used to cool the basin/mold into which the molten metal can be poured by extracting the heat from the liquid.
Owing to growing industrialization globally, manufacturers across various industries, such as automotive, aerospace, and food & beverages, use metalworking machines. For example, according to the China Machine Tool & Tool Builders’ Association (CMTBA), new orders for metalworking machines grew by 3.9% year over year from January 2024 to May 2024. The rise in sales of metalworking machines indicates the use of equipment such as industrial chillers that maintain the optimal machine temperature and performance and dissipate the heat generated during various metalworking techniques, including casting, grinding, and welding. In addition, Asia Pacific is focused on establishing manufacturing plants that require metalworking machines. For example, in November 2022, Kennametal India Limited (KIL), a subsidiary of Kennametal Inc., launched its new metal cutting insert manufacturing facility on its Bengaluru site. Overall, the rise in sales of metalworking machines and the new launch of manufacturing plants indicate the growth in the metalworking industry. Thus, the expansion of the metalworking industry fuels the global industrial chillers market growth.
Government Investments to Support Growth in Manufacturing Industry
Government investments in manufacturing are set to play a key role in providing growth opportunities in the industrial chillers market. As nations prioritize domestic production, energy efficiency, and sustainable industrial development, funding and incentives for modernizing facilities are increasing. These initiatives often include support for advanced cooling technologies, such as high-efficiency chillers, which are essential for temperature-sensitive manufacturing processes. This trend is expected to significantly boost the demand for industrial chillers across various sectors, including food processing, pharmaceuticals, and high-tech manufacturing. In Asia Pacific, there are many developing nations, such as China, India, Myanmar, Nepal, Fiji, Hong Kong, the Maldives, Malaysia, and Sri Lanka, which hold vast potential for growth in the manufacturing industry. The government authorities in the region are engaged in introducing several initiatives, investments, strategies, and policies that can drive the manufacturing industry. A few of these initiatives include the Chinese government’s Made in China 2025, Malaysia’s Industry4wrd National Policy On Industry 4.0, and India's initiatives, such as the National Manufacturing Policy. As per the India Brand Equity Foundation (IBEF), in July 2024, the Government of India’s initiative, National Manufacturing Policy, aimed to boost the share of the manufacturing industry in the country’s GDP to 25% by 2025. The government is planning to offer incentives of up to US$ 2.2 billion to spur local manufacturing in six new sectors, including chemicals and shipping containers. The New Industrial Master Plan (NIMP) 2030, introduced by the Malaysian government in September 2023, proposed changes to investment incentives for foreign companies that create opportunities for domestic companies. According to UNCTAD, the provincial Government of Guangdong announced a new policy to attract FDI, offering rewards of up to US$ 21 million to eligible foreign investment enterprises. This will benefit the manufacturing and high-tech service enterprises in the country. Manufacturing plants produce heat in several processes that require a cooling agent to achieve efficient manufacturing operations.
Industrial Chillers Market Report Segmentation Analysis
Key segments that contributed to the derivation of the industrial chillers market analysis are chiller type, process, and application.
- In terms of chiller type, the industrial chillers market is bifurcated into water cooled chillers and air cooled chillers. The water cooled chillers segment dominated the market in 2024.
- Based on process, the industrial chillers market is divided into continuous flow chillers and immersion chillers. The continuous flow chillers segment held a larger share of the market in 2024.
- In terms of application, the industrial chillers market is segmented into food & beverage processing, medical equipment, industrial manufacturing, and others. The industrial manufacturing segment dominated the market in 2024.
Industrial Chillers Market Share Analysis by Geography
- The industrial chillers market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2024, followed by North America and Europe.
- The industrial chillers market in Asia Pacific is experiencing growth due to robust GDP growth and expansion in key sectors such as chemicals, transportation, food, and ICT. The surge in chemical production creates a strong demand for industrial chillers, which are essential for heat dissipation in chemical processing. Additionally, the construction of new chemical plants across the region further fuels this demand, supporting continued growth in the industrial chillers market. Moreover, a rise in the construction of semiconductor chipmaking plants and demand for integrated energy-efficient solutions in large-scale facilities drive the Asia Pacific industrial chillers market.
- The industrial chillers market in North America is growing due to a revival in the manufacturing sector, driven by strong consumer demand and government incentives. Key legislations, such as the Inflation Reduction Act, CHIPS and Science Act, and the Bipartisan Infrastructure Law, are promoting domestic production of semiconductors, batteries, and clean energy technologies. These manufacturing processes generate significant heat, increasing the demand for industrial chillers to manage cooling during production. The food and beverages industry is experiencing growth due to changing consumer preferences, population growth, and increasing demand for high-quality products. Trade agreements such as NAFTA have boosted food production and exports, especially between the US, Mexico, and Canada. As a result, new food processing plants are being built, creating a greater need for industrial chillers to manage temperature control during food production and processing.
Industrial Chillers Market Report Scope
Industrial Chillers Market News and Recent Developments
The industrial chillers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the industrial chillers market are listed below:
- Trane has introduced two new air-cooled chillers designed for chilled water cooling in facilities: the Magnetic Bearing chillers and the Ascend chillers. The Magnetic Bearing chiller is engineered to meet the growing cooling demands of data center thermal management systems. Meanwhile, the Ascend chiller platform is optimized to deliver enhanced efficiency, particularly in high ambient temperature environments.
(Source: Trane, Press Release, March 2025)
- Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, announces 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 these 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.
(Source: Mitsubishi Heavy Industries Thermal Systems, Ltd., Press Release, February 2025)
Industrial Chillers Market Report Coverage and Deliverables
The "Industrial Chillers Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Industrial chillers market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Industrial chillers market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Industrial chillers market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the industrial chillers market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Thermo Fisher Scientific Inc., Johnson Controls Inc, Trane, MITSUBISHI HEAVY INDUSTRIES, LTD., and DAIKIN INDUSTRIES, Ltd. are major players in the market.
Expansion of metalworking industry, launch of new recycled plastic plants, and rise in adoption of industrial chillers for energy-efficient operations in industries are driving the market growth.
Integration of advanced technologies with industrial chillers and rise in energy transition goals is one of the key trends in the market.
The market is expected to reach a value of US$ 4.30 billion by 2031.
The market is anticipated to expand at a CAGR of 6.6% during 2025-2031.
The List of Companies - Industrial Chillers Market
- 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
- Thermo Fisher Scientific Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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