The global chillers market size was $10,049.4 million in 2019 and is expected to reach $12,670.0 million by 2028, registering a CAGR of 3.7% from 2021 to 2028. Chillers are refrigeration devices designed to store food, beverage, and related ingredients, medicines, and other such perishable items to increase their life cycle. In addition, they are used for other purposes such as removal of heat from data centers. Commercial sectors such as offices, hotels, data centers, and hospitals exhibit high demand for various types of chillers. They are energy efficient, easy to install, lightweight, environment friendly, and eliminate greenhouse gas emissions.
An increase in demand for energy efficient, flexible, and lightweight heating, air conditioning, and ventilation systems to meet indoor air quality is anticipated to drive the growth of the global chillers market. Moreover, surge in demand from food & beverages industry, and pharmaceutical industry for chillers due to rise in adoption in areas such as breweries, distillers, food & dairy processing units, as well as wineries, and vineyards, propel the growth of the global chillers market. For instance, the pharmaceutical market in the UK is anticipated to grow by 19.3% from 2018 to 2023, with annual growth of 3.6% during the forecast period.
Major players such as Trane Technologies Plc, Carrier Global Corporation, Johnson Controls International Plc, and others engaged in offering new products launch to the market to improve the product portfolio, drives the growth of the market. For instance, in October 2020, Carrier Global Corporation launched a new AquaForce 30 XV air cooled chiller. It is variable speed screw chiller. It has new feature such as free cooling, efficient, reliable, easy to install, low noise level, and help to eliminate equipment down time.
Rise in hospitality sector is expected to lead to surge in demand for chillers to maintain temperature, and reduce excess heat. This drives the growth of the market. However, high installation and maintenance cost associated with chillers, is anticipated to hamper the growth of the global chillers market. Technological advancements are expected to generate potential business opportunities for the industry in the near future.
The chillers market is segmented into type, product type, power range, end user, and region. By type, it is divided into screw chiller, scroll chiller, centrifugal chiller, and others. Screw chiller segment having the highest revenue in 2019. By product type, it is bifurcated into air-cooled chiller, and water-cooled chiller. By power range, it is classified into less than 20 kW, 50-200 kW, and more than 200 kW. More than 200 kW segment generated the highest revenue in 2019. By end user, it is fragmented into chemicals & petrochemicals, food & beverages, medical, and others. The others segment contributed the highest revenue in 2019.By region, it is studied across North America, Europe, Asia-Pacific, and LAMEA. In 2019, Asia-Pacific region was the highest contributor to the global chillers market, and is anticipated to secure a leading position during the forecast period
COMPETITION ANALYSIS
The key players profiled in the report include Carrier Global Corporation, Mitsubishi Electric Corporation, Daikin Industries Ltd, Dimplex Thermal Solutions, LG Electronics, Johnson Controls International Plc, Polyscience Inc, Smardt Chiller Group Inc, Thermax Ltd, and Trane Technologies Plc.
KEY BENEFITS FOR STAKEHOLDERS
? The report provides an extensive analysis of the current and emerging global chillers market trends and dynamics.
? In-depth market analysis is conducted by global chillers market estimations for the key market segments between 2019 and 2028.
? Extensive analysis of global chiller market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
? A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
? The global chillers market forecast analysis from 2021 to 2028 is included in the report.
? The key market players within the global chiller market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global chillers market.

GLOBAL CHILLERS MARKET SEGMENTS
By Type
- Screw Chiller
- Scroll Chiller
- Centrifugal Chiller
- Others
By Product Type
- Air Cooled Chiller
- Water Cooled Chiller
By Power Range
- Less Than 50 kW
- 50-200 KW
- More Than 200 kW

By End User
- Chemicals and Petrochemicals
- Food and Beverages
- Medical
- Others

By Geography
- North America
o U.S.
o Canada
o Mexico
- Europe
o Germany
o Italy
o UK
o France
o Rest of Europe

- Asia-Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa


KEY PLAYERS
- Carrier Global Corporation
- Mitsubishi Electric Corporation
- Daikin Industries Ltd
- Dimplex Thermal Solutions
- LG Electronics
- Johnson Controls International Plc
- Gree Electric Appliances Inc of Zhuhai
- Midea Group Co. Ltd
- Thermax Ltd
- Trane Technologies Plc