The global industrial chillers market is projected to reach USD 16.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.4% from 2025 to 2032, according to a new report by Meticulous Research. This growth is driven by rising demand for energy-efficient and smart cooling systems across sectors such as chemicals, pharmaceuticals, and manufacturing.
Water-cooled chillers are expected to lead the market, accounting for 56.0% of the global share in 2025. Their high energy efficiency, suitability for large thermal loads, and integration of eco-friendly refrigerants support their widespread adoption in industries with intensive cooling needs, including data centers and process manufacturing.
Smart and connected chillers equipped with IoT features are gaining traction due to their ability to support real-time monitoring, predictive maintenance, and energy optimization. These systems help minimize downtime and enhance operational efficiency through remote management and intelligent controls.
The chemical and petrochemical industry is anticipated to remain the largest end-user segment in 2025, representing over 24.2% of the market. The sector’s reliance on precise temperature control and the need to comply with safety and environmental regulations contribute to strong demand for reliable chiller systems.
By compressor type, scroll chillers are expected to command over 58.3% of the market in 2025, particularly in data center applications. Meanwhile, absorption chillers are projected to achieve the highest growth rate, supported by their energy efficiency and use in pharmaceutical environments.
High-capacity chillers in the 501–1000 kW range are forecast to account for over 29.1% of market revenue in 2025 and lead in growth rate, largely due to demand in steel processing and metal finishing applications.
Regionally, Asia-Pacific is set to dominate with over 46.5% market share in 2025 and the highest regional growth rate of 5.5%, driven by strong industrial infrastructure and rapid development in countries like China, Japan, South Korea, and India.
Leading manufacturers 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 Atlas Copco Group (Sweden), among others.