The global industrial chillers market is projected to grow at a compound annual growth rate (CAGR) of 4.4%, reaching USD 16.5 billion by 2032, according to a report by Meticulous Market Research. The growth is attributed to rising demand for process cooling across chemical, pharmaceutical, and manufacturing industries.
Energy efficiency, smart technologies, and regulatory compliance are driving adoption of advanced cooling systems. Water-cooled chillers are expected to dominate the market, accounting for 56.0% of total share in 2025. These systems offer lower energy consumption and are increasingly used in sectors such as manufacturing, data centers, and pharmaceuticals. Their compact design and use of eco-friendly refrigerants contribute to their growing popularity.
Smart and connected chillers are also gaining traction, utilizing Internet of Things (IoT) features for real-time monitoring, predictive maintenance, and remote management. These capabilities help reduce downtime and operational costs, while improving overall system efficiency.
The chemical and petrochemical sector remains the largest end-user segment, representing over 24.2% of the market in 2025. Industrial chillers are essential in these sectors to manage heat from exothermic reactions and to meet strict safety and environmental standards.
In terms of compressor technology, scroll chillers are forecast to hold over 58.3% market share in 2025, driven by demand from data centers and other temperature-sensitive applications. Absorption chillers, meanwhile, are projected to grow fastest, particularly in pharmaceutical processes focused on energy efficiency and environmental performance.
High-capacity chillers in the 501–1000 kW range are expected to account for more than 29.1% of the market in 2025, with applications in metal finishing and steel processing contributing to this segment's growth.
Asia-Pacific leads the global market, holding over 46.5% share in 2025. The region is also expected to post the highest growth rate at 5.5%, supported by industrial development in China, Japan, South Korea, and India, and increasing adoption of modular, smart cooling solutions.
Key companies in the market include DAIKIN INDUSTRIES, Ltd. (Japan), Carrier Global Corporation (U.S.), Trane Technologies plc (Ireland), Johnson Controls Inc. (U.S.), Mitsubishi Electric Corporation (Japan), and others.