The chillers market was estimated to be worth USD 9.9 billion globally in 2022, and over the forecast period, a CAGR of 3.7% is anticipated. Refrigeration equipment called chillers is used to prolong the shelf life of perishable goods like food and drinks. Market growth is being mostly driven by rising demand for data center heat removal.

Growing urbanization and industrialization are propelling the market's expansion and creating a need for new building development in developing nations like China and India. The market is expanding significantly due to rising demand from the food processing and pharmaceutical manufacturing sectors. The expansion of the market is impeded by the high cost of chillers, which can be attributed to the pricey materials utilized in them.

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Growth Drivers
The need for chillers rises as a result of rising disposable income, increased urbanization, and industrialization, which all contribute to the growing need for air conditioning in residential, commercial, and industrial buildings. The market is expanding as a result of strict laws and policies that aim to lower energy use and carbon emissions and encourage the use of energy-efficient chillers. The market is growing because to the rise of industries like manufacturing, food and beverage, and pharmaceuticals, where temperature control throughout production processes is crucial and requires chillers.
The need to replace old, inefficient chillers with new, more efficient models is growing, and the chillers themselves need to be maintained on a regular basis. The demand for new chillers is rising due to rapid urbanization, especially in emerging economies. The market is expanding as a result of growing public awareness of environmental challenges and the value of sustainable practices.
Segmentation
By Type
· Air Cooled Chiller
· Water Cooled Chiller
By Product Type
· Screw Chillers
· Scroll Chillers
· Centrifugal Chillers
· Others
By Power Range
· Less than 50 KW
· 50 KW-200 KW
· More than 200 KW
By End-Users
· Chemicals and Photochemical
· Food and Beverages
· Medicals
· Others
Regional Outlook
· Asia Pacific
· North America
· Latin America
· Europe
· Middle East and Africa
Key Players
· JOHNSON CONTROLS INTERNATIONAL PLC
· DIMPLEX THERMAL SOLUTIONS
· Mitsubishi electric corporation
· Daikin Industries Ltd
· SMARDT CHILLER GROUP INC
· TRANE technologies plc
· Carrier Global Corporation
· Thermax Limited
· Polyscience Inc
· Other Players

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