Rising Cooling Needs and Tech Advances Fuel 5% CAGR in Global Chiller Market
- Vijay Kumar
- Jun 25
- 2 min read
According to the latest market research study published by P&S Intelligence, the global chiller market reached a value of US $7,330.7 million in 2019, and is set to climb to US $10,880.3 million by 2030, registering a steady CAGR of 5.0% during 2020–2030.
This robust expansion is being fueled by rising global temperatures, increasing cooling requirements across industrial operations, and accelerated infrastructure spending. The construction boom—spanning airport facilities in China (136 planned by 2025) and India’s intention to build 100 airports over 15 years—further boosts demand for chillers in commercial and industrial sectors. Although the COVID‑19 pandemic temporarily dampened growth—halting manufacturing, construction, and trade—the market outlook remains optimistic as lockdowns ease and industrial activities resume.
Key Insights
Scroll‑type chillers dominated in 2019, capturing the largest market share—especially in commercial buildings and hospitality—driven by the preference for air‑cooled scroll systems due to their low‑capacity efficiency.
The residential segment is poised for the fastest growth, supported by the rising adoption of district cooling in urban zones and continued urbanization.
From a regional standpoint, Asia‑Pacific led globally during 2014–2019, spurred by China's infrastructure projects (e.g., Wuhan and Shanghai developments, 6,800 km of railway expansion), and is expected to continue its dominance through 2030.
Technological innovation is driving the shift toward R32 refrigerant in chiller systems; compared to R22, R32 improves heat transfer, cuts energy consumption by approximately 10%, and offers significantly lower Global Warming Potential—leading to leaner piping and operational efficiencies.
Industrial adoption is surging: chillers are increasingly used in sectors like chemicals, pharmaceuticals, food & beverage, power generation, and metals processing—underscored by multi‑billion‑ton capacity PDH plants in Europe from INEOS and Borealis.
The competitive landscape is highly consolidated, with top firms (Johnson Controls, Carrier, Daikin, Mitsubishi, LG) holding the lion’s share. These companies remain aggressive with product launches, such as Johnson Controls' YORK YLAA air‑cooled scrolls (40–230 tons) in February 2019, Trane’s RTHF G water‑cooled screw chillers with EER 6.3/ESEER 9.5 in August 2018, and Daikin’s R32‑enhanced scroll chillers offering 10% higher SEER over R410A systems.
The report covers detailed segmentation by type (screw, scroll, centrifugal, absorption, reciprocating), capacity tiers (e.g., <500 T, 500–1,000 T, >2,000 T for water‑cooled; <150 T, >500 T for air‑cooled), end‑users (commercial, industrial, residential), and regions including North America (U.S., Canada), Europe, Asia‑Pacific, LATAM, and MEA.
Emerging opportunities lie in energy-efficient retrofits, sustainable refrigerant adoption, and the rapid rollout of large-scale district cooling and data‑center infrastructure—enabling players to capture demand in fast-developing markets.
About P&S Intelligence
P&S Intelligence offers custom and syndicated market research and consulting services to clients across the globe. Our team of young and dynamic researchers, guided by mentors with years of experience, create data-rich reports tailored to the needs of MNCs as well as startups and SMEs. We remain in a perennial quest to offer exhaustive insights into every aspect of the market, allowing businesses of all sizes to seize even the smallest of opportunities and tackle even the biggest of challenges.
Contact:
Abhishek
AVP – Business Development
Email: enquiry@psmarketresearch.com
Comments