Industrial Chiller Market to Reach USD 15.8 Billion by 2035, Driven by 5.1% CAGR | Drake Refrigeration Inc., Emerson Electric Co., Fluid Chillers, Inc.

According to the report, the global industrial chiller market is likely to grow from USD 9.6 Billion in 2025 to USD 15.8 Billion in 2035 at a highest CAGR of 5.1% during the time period. Global industrial chiller market is experiencing a significant growth owing to the growing need to have a precise temperature control in the various industrial uses of the chiller like pharmaceuticals, chemicals, plastics, and food and beverage processing.

Moreover, the increasing focus on green practices and adherence to high environmental standards is encouraging the industries to invest in new chillers that reduce the carbon footprint. Another major driver of growth is expansion of data centers and cold storage facilities particularly in Asia Pacific and North America. Manufacturers are also more oriented towards modular, compact and flexible chiller solutions that can be fitted in existing infrastructure and with this the penetration in the industrial chiller market.

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Regional Analysis of Global Industrial Chiller Market

The Asia Pacific region has the highest demand of the industrial chillers as the regions are experiencing a fast rate of industrialization, urbanization and growth of manufacturing industries in the countries like China, India and South Korea. Such industries as pharmaceuticals, chemicals, plastics, food and beverage, and data centers need correct and dependable cooling to ensure the efficiency of work and quality of products.

Daikin industries have increased chiller production in India in 2024 to sustain the increased demand by pharmaceutical and chemical processing plants. Moreover, the growth of infrastructure and the government policy, as well as growth in the use of energy-saving and environmentally friendly technologies, are also contributing to the implementation of advanced chillers in the region.
The modernization of industrial facilities, the rise of data centers, and the implementation of smart and IoT-connected cooling systems are some of the factors contributing to the high growth of the industrial chiller market in North America. Firms are investing in advanced chillers in a bid to maximize energy consumption, regulate requirements as well as minimizing operational expenses.

Prominent players operating in the global industrial chiller market are Blue Ridge Technologies, Carrier Global Corporation, Climaveneta S.p.A., Daikin Industries, Ltd., Drake Refrigeration Inc., Emerson Electric Co., Fluid Chillers, Inc., FRIGEL FIRENZE S.p.A., General Air Products Inc., Honeywell International Inc., Johnson Controls International plc, LG Electronics Inc., Midea Group Co., Ltd., Mitsubishi Electric Corporation, Multistack LLC, RefComp S.r.l., Reynold India Pvt. Ltd., Smardt Chiller Group Inc., Thermax Limited, Trane Technologies plc, and Other Key Players.

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Key Driver, Restraint, and Growth Opportunity Shaping the Global Industrial Chiller Market

The industrial chiller market is also largely led by the increasing demand of high-tech sectors in manufacturing industries, including semiconductor fabrication and biotechnology that require precision in their cooling. High-performance chillers are becoming increasingly popular around the world as advanced industries need to maintain a consistent temperature to guarantee quality of products, yield, and reliability in processes. As a case in point, in 2024, Trane Technologies added AI-enabled semiconductor fab-specific chiller to its range.

The cost of installing and investing in high up-front capital is a major limitation to small and medium enterprises. Industrial chillers, industrial chillers, especially water-cooled and centrifugal chillers, have high procurement, installation, and commissioning costs making them slow to take adoption in cost-sensitive markets, although their long-term operational efficiency gains.

The increase in the use of smart IoT-based and predictive maintenance technologies in industrial chillers is an opportunity with high returns. Manufacturers have the opportunity to provide related systems that improve the utilization of energy, remotely monitor performance, and minimize downtime, which are a source of recurrent income in the form of service contracts and upgrades.

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Recent Development and Strategic Overview:

In October 2024, Daikin Applied launched its new Magnitude(r) water-cooled centrifugal chiller, the Magnitude(r) WME-D with the oil-free magnetic bearing compressor technology and low-GWP R-515B refrigerant. This technology aims at providing up to 40% greater energy efficiency than traditional models and sustainable cooling of commercial and industrial products. The WME-D also allows less maintenance and less operational sound, which is further confirmation that Daikin is committed to HVAC solutions that are environmentally friendly.

In March 2025, Midea Building Technologies (MBT) introduced the first AI-controlled chiller in the world the so-called lighthouse factory in Chongqing, China. It is a smart manufacturing center that employs artificial intelligence in the design of products, manufacturing, and post-sale management. The facility will focus on maximizing productivity and efficiency in innovation, whereby the design and maintenance cycle will be reduced by 45-81%.

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Key Trend: Shift Toward Environmentally Friendly Refrigerants

The substitution of the refrigerants used throughout the world with environmentally friendly ones is one of the biggest trends that influence the industrial chiller market. As more regulations are added including the Kigali Amendment and the EU F-Gas Regulation, manufacturers are substituting the traditional high-GWP refrigerants with natural or low-GWP alternatives which include CO2, ammonia, and hydrocarbons. Such a change does not only lead to the reduction of carbon emission but also increases the adherence to sustainability goals set forth by large corporations and governments.

Danfoss A/S announced a new line of chillers with support of R-290 (propane) and CO2 refrigerants in January 2025, as a less harmful high-volume industrial product. The increasing popularity of green cooling technologies also can be explained by the shift to the ESG (Environmental, Social, and Governance) performance that is paid attention to by consumers and investors. Pharmaceutical, data center and electronic end users are also placing pressure on systems that have a trade-off between performance and environmental friendliness.

The manufacturers are reacting by investing in R&D in refrigerant-safe compressors, detecting leak technologies, as well as hybrid systems. This is a sustainability-driven change that is likely to re-engineer the product innovation and regulatory requirements over the next decade in the cooling industry.
This trend to use green refrigerants makes the industry user-friendly in terms of sustainable innovation and minimizes carbon emissions, in addition to keeping the forefront manufacturers in a long-term regulatory and environmental compliance benefit.

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This release was published on openPR.