Industrial Chillers Market in North America Market Analysis, Region & Country Revenue Share, & Forecast Till 2031

The North America Industrial Chillers Market size was valued at US$ 646.39 million in 2023 and is expected to reach US$ 931.20 million by 2031; it is estimated to record a CAGR of 4.7% from 2023 to 2031.

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The North America industrial chillers market is segmented into three countries- US, Canada, and Mexico. According to Cadrex Manufacturing Solutions, the manufacturing industry in North America is reviving post-pandemic, fueled by strong incentives and consumer demand. The region was inclined toward faster production at lower cost through partnerships with players in Asia Pacific. However, the manufacturing industry in the region began to foster growth by partnering with contract manufacturers and precision local manufacturing companies. The government authorities in the region are focused on introducing various legislations, initiatives, and regulations that complement the growth of the manufacturing industry in the region. For example, as part of the Inflation Reduction Act (IRA), the government authorities are focused on minimizing inflation and investments in domestic energy production.

Analysis of the Top Market Players:

1. Haskris
2. Dimplex Thermal Solutions
3. Thermo Fisher Scientific Inc.
4. Advantage Engineering, Inc.
5. HYDAC International GmbH
6. MTA S.p.A.
7. KKT chillers, Inc.
8. Drake Refrigeration Inc
9. Atlas Copco AB
10. Daikin Industries Ltd
11. Carrier Global Corp

In this report, the market has been segmented on the basis of:

Chiller Type (Water Cooled Chillers and Air Cooled Chillers)

Process (Continuous Flow Chillers and Immersion Chillers)

Application (Industrial Manufacturing, Food and Beverage Processing, Medical Equipment, and Others)

Country (US, Canada, Mexico)

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For example, IRA features an Advanced Manufacturing Production tax credit that incentivizes the domestic production of clean energy technologies-including wind components, solar components, inverters, and battery components. The 2022 bipartisan CHIPS and Science Act drives the research development and production of semiconductors in the region. Bipartisan Infrastructure Law includes funding for battery production, water treatment plants, and other activities, creating huge opportunities for the contractor manufacturers of the region. Thus, the rise in the production of semiconductors, batteries, and several other components contributes to the demand for industrial chillers to dissipate the heat during the various stages of manufacturing.

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Dynamic variations in food preferences, a rise in population, and an increase in demand for quality food and beverages have been driving the food and beverages industry. E-commerce has also been a driving force in the food and beverages industry. North American Free Trade Agreement (NAFTA), a trilateral trade agreement between Canada, Mexico, and the US, fosters the trade of food and beverages products among these countries with lesser tariffs and fuels the import activities in the food and beverages industry. NAFTA eliminated most Mexican and Canadian tariffs on exports of foods and beverages processed in the US. This factor has provided the US a competitive advantage in the global market. NAFTA has also benefitted Mexico in setting up and fostering its food and beverages industry by leveraging US technology and capital. This factor has contributed to new openings of food and beverage plants across Mexico. For example, in September 2024, snack foods company Chomps announced the opening of a new, state-of-the-art processing plant in Mexico in 2025. In April 2024, Mission Foods Mexico, a subsidiary of Gruma SAB de CV, planned to invest US$ 46.5 million over the next five years to build a new snack plant in Puebla and expand its existing Huejotzingo tortilla, toast and fried food plant. Thus, the construction of new food plants generates the demand for industrial chillers in North America.

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