Global Chillers market research 2024, Forecast To 2033

The chillers market has shown steady growth, increasing from $9.04 billion in 2023 to $9.43 billion in 2024, marked by a compound annual growth rate (CAGR) of 4.3%. This growth in the historic period is attributed to the expansion of industrial and commercial construction, the proliferation of heating, ventilation, air conditioning, and refrigeration (HVACR) systems in residential and commercial buildings, the adoption of process cooling in industrial applications, a heightened demand for air conditioning and refrigeration, and a focus on energy efficiency and sustainable cooling solutions. Projecting strong growth in the upcoming years, the market is expected to reach $11.68 billion in 2028, with a CAGR of 5.5%. This growth is fueled by urbanization and the growth of megacities driving demand for cooling solutions, the expansion of data centers and IT infrastructure, the adoption of chillers in food and beverage processing, demand for district cooling systems in urban developments, and market growth in developing economies and emerging markets. Major trends in the forecast period encompass the transition to low-GWP refrigerants, integration with smart building systems, modular and scalable chiller systems, heat recovery chillers for cogeneration, and the use of advanced controls and predictive analytics.