Centrifugal Chiller Market
Description
The global centrifugal chiller market was valued at $3.4 billion in 2024, and is projected to reach $6 billion by 2034, growing at a CAGR of 6% from 2025 to 2034.
Centrifugal chillers are high-capacity cooling units designed to supply chilled water for air conditioning and industrial applications. They function using a centrifugal compressor, which relies on dynamic compression to boost the pressure of refrigerant vapor. A rapidly spinning impeller increases the refrigerant’s velocity, converting kinetic energy into pressure. The compressed refrigerant then passes through a condenser to release heat, enabling it to recirculate and extract heat from the chilled water system.
The growth of the global centrifugal chiller market is driven by several key factors, including increase in demand for energy-efficient HVAC systems, expansion in the construction industry and process cooling needs, and strict environmental regulations promoting the use of environmentally friendly refrigerants. In addition, innovations such as variable frequency drives (VFDs), advanced monitoring technologies, and integration of smart features are significantly boosting the performance and efficiency of centrifugal chillers, thus driving the market growth.
Technological advancement in the market lead to rise in development of the centrifugal chillers. Centrifugal chillers are increasingly outfitted with smart capabilities like real-time monitoring, remote diagnostics, and energy efficiency tools. These advancements help lower operating costs, improve system performance, and prolong equipment lifespan. With ongoing digital innovation, adoption of IoT and AI in HVAC systems is expected to grow, leading to more intelligent and sustainable cooling solutions.
However, high initial cost and installation expense of centrifugal chillers is expected to restrain the market growth. These systems demand a substantial upfront investment, which can be a barrier for small and medium-sized businesses. Installation may also require structural changes and specialized configurations, further increasing costs. Despite this, many users acknowledge that long-term energy and maintenance savings can offset the initial outlay, particularly when financial incentives or green building certifications are available.
Segment Review:
The centrifugal chiller market is segmented into capacity, compressor type, end user, and region. By capacity, the market is segmented into below 500 to 1,000 tons, 1,001 to 2,000 tons, and above 2,000 tons. By compressor type, the market is segmented into single stage, two stage, and multi stage. By end user, the centrifugal chiller market is segmented into chemicals and petrochemicals, food and beverages, healthcare, and others. Region-wise, the centrifugal chiller market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings:
By capacity, the below 500 to 1,000 tons segment dominated the centrifugal chiller industry in 2024 and is expected to maintain its dominance during the forecast period.
By compressor type, the two stage segment registered the largest share of the market in 2024 and is expected to maintain its dominance during the forecast period.
By end user, the chemical and petrochemical segment led the market in 2024.
Region-wise, the Asia-Pacific region dominated the centrifugal chillers market in 2024 and is expected to maintain its lead during the forecast period.
Competition Analysis:
The centrifugal chiller market profiles major market players, including Johnson Controls, Trane Technologies plc, Daikin, Haier, Midea, Smardt Chiller Group, Inc., Carrier, Mitsubishi Heavy Industries, Ltd., LG Electronics, and TopChiller.
Key Market Segments
By Capacity
Below 500 to 1,000 Tons
1,001 to 2,000 Tons
Above 2,000 Tons
By Compressor Type
Single Stage
Two Stage
Multi Stage
By End User
Chemicals and petrochemicals
Food and beverages
Healthcare
Others
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Johnson Controls
Trane Technologies plc
Midea
MITSUBISHI HEAVY INDUSTRIES, LTD.
LG Electronics
TopChiller
Daikin
Haier
Smardt Chiller Group, Inc.
Carrier CorporationThe research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.
Centrifugal chillers are high-capacity cooling units designed to supply chilled water for air conditioning and industrial applications. They function using a centrifugal compressor, which relies on dynamic compression to boost the pressure of refrigerant vapor. A rapidly spinning impeller increases the refrigerant’s velocity, converting kinetic energy into pressure. The compressed refrigerant then passes through a condenser to release heat, enabling it to recirculate and extract heat from the chilled water system.
The growth of the global centrifugal chiller market is driven by several key factors, including increase in demand for energy-efficient HVAC systems, expansion in the construction industry and process cooling needs, and strict environmental regulations promoting the use of environmentally friendly refrigerants. In addition, innovations such as variable frequency drives (VFDs), advanced monitoring technologies, and integration of smart features are significantly boosting the performance and efficiency of centrifugal chillers, thus driving the market growth.
Technological advancement in the market lead to rise in development of the centrifugal chillers. Centrifugal chillers are increasingly outfitted with smart capabilities like real-time monitoring, remote diagnostics, and energy efficiency tools. These advancements help lower operating costs, improve system performance, and prolong equipment lifespan. With ongoing digital innovation, adoption of IoT and AI in HVAC systems is expected to grow, leading to more intelligent and sustainable cooling solutions.
However, high initial cost and installation expense of centrifugal chillers is expected to restrain the market growth. These systems demand a substantial upfront investment, which can be a barrier for small and medium-sized businesses. Installation may also require structural changes and specialized configurations, further increasing costs. Despite this, many users acknowledge that long-term energy and maintenance savings can offset the initial outlay, particularly when financial incentives or green building certifications are available.
Segment Review:
The centrifugal chiller market is segmented into capacity, compressor type, end user, and region. By capacity, the market is segmented into below 500 to 1,000 tons, 1,001 to 2,000 tons, and above 2,000 tons. By compressor type, the market is segmented into single stage, two stage, and multi stage. By end user, the centrifugal chiller market is segmented into chemicals and petrochemicals, food and beverages, healthcare, and others. Region-wise, the centrifugal chiller market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings:
By capacity, the below 500 to 1,000 tons segment dominated the centrifugal chiller industry in 2024 and is expected to maintain its dominance during the forecast period.
By compressor type, the two stage segment registered the largest share of the market in 2024 and is expected to maintain its dominance during the forecast period.
By end user, the chemical and petrochemical segment led the market in 2024.
Region-wise, the Asia-Pacific region dominated the centrifugal chillers market in 2024 and is expected to maintain its lead during the forecast period.
Competition Analysis:
The centrifugal chiller market profiles major market players, including Johnson Controls, Trane Technologies plc, Daikin, Haier, Midea, Smardt Chiller Group, Inc., Carrier, Mitsubishi Heavy Industries, Ltd., LG Electronics, and TopChiller.
Key Market Segments
By Capacity
Below 500 to 1,000 Tons
1,001 to 2,000 Tons
Above 2,000 Tons
By Compressor Type
Single Stage
Two Stage
Multi Stage
By End User
Chemicals and petrochemicals
Food and beverages
Healthcare
Others
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Johnson Controls
Trane Technologies plc
Midea
MITSUBISHI HEAVY INDUSTRIES, LTD.
LG Electronics
TopChiller
Daikin
Haier
Smardt Chiller Group, Inc.
Carrier CorporationThe research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.
Table of Contents
229 Pages
- CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
- CHAPTER 2: EXECUTIVE SUMMARY
- 2.1. CXO perspective
- CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter’s five forces analysis
- 3.3.1. Moderate to high bargaining power of suppliers
- 3.3.2. Moderate to high threat of new entrants
- 3.3.3. Low to high threat of substitutes
- 3.3.4. Low to high intensity of rivalry
- 3.3.5. Moderate to high bargaining power of buyers
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. Growing Focus on Energy Efficiency and Environmental Regulations
- 3.4.1.2. Expansion of the Construction Industry and Process Cooling Applications
- 3.4.1.3. Technological Advancements and Integration of Smart Technologies
- 3.4.2. Restraints
- 3.4.2.1. High Initial Investment and Installation Costs
- 3.4.3. Opportunities
- 3.4.3.1. Emergence of Environmentally Friendly Refrigerants
- 3.4.3.2. Growing Demand in Data Centers and IT Facilities
- CHAPTER 4: CENTRIFUGAL CHILLER MARKET, BY CAPACITY
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Below 500 to 1,000 Tons
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. 1,001 to 2,000 Tons
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. Above 2,000 Tons
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
- CHAPTER 5: CENTRIFUGAL CHILLER MARKET, BY COMPRESSOR TYPE
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Single Stage
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Two Stage
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Multi Stage
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
- CHAPTER 6: CENTRIFUGAL CHILLER MARKET, BY END USER
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Chemicals and petrochemicals
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Food and beverages
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- 6.4. Healthcare
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
- 6.5. Others
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country
- CHAPTER 7: CENTRIFUGAL CHILLER MARKET, BY REGION
- 7.1. Overview
- 7.1.1. Market size and forecast By Region
- 7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Capacity
- 7.2.3. Market size and forecast, by Compressor Type
- 7.2.4. Market size and forecast, by End User
- 7.2.5. Market size and forecast, by country
- 7.2.5.1. U.S.
- 7.2.5.1.1. Market size and forecast, by Capacity
- 7.2.5.1.2. Market size and forecast, by Compressor Type
- 7.2.5.1.3. Market size and forecast, by End User
- 7.2.5.2. Canada
- 7.2.5.2.1. Market size and forecast, by Capacity
- 7.2.5.2.2. Market size and forecast, by Compressor Type
- 7.2.5.2.3. Market size and forecast, by End User
- 7.2.5.3. Mexico
- 7.2.5.3.1. Market size and forecast, by Capacity
- 7.2.5.3.2. Market size and forecast, by Compressor Type
- 7.2.5.3.3. Market size and forecast, by End User
- 7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Capacity
- 7.3.3. Market size and forecast, by Compressor Type
- 7.3.4. Market size and forecast, by End User
- 7.3.5. Market size and forecast, by country
- 7.3.5.1. UK
- 7.3.5.1.1. Market size and forecast, by Capacity
- 7.3.5.1.2. Market size and forecast, by Compressor Type
- 7.3.5.1.3. Market size and forecast, by End User
- 7.3.5.2. Germany
- 7.3.5.2.1. Market size and forecast, by Capacity
- 7.3.5.2.2. Market size and forecast, by Compressor Type
- 7.3.5.2.3. Market size and forecast, by End User
- 7.3.5.3. France
- 7.3.5.3.1. Market size and forecast, by Capacity
- 7.3.5.3.2. Market size and forecast, by Compressor Type
- 7.3.5.3.3. Market size and forecast, by End User
- 7.3.5.4. Italy
- 7.3.5.4.1. Market size and forecast, by Capacity
- 7.3.5.4.2. Market size and forecast, by Compressor Type
- 7.3.5.4.3. Market size and forecast, by End User
- 7.3.5.5. Rest of Europe
- 7.3.5.5.1. Market size and forecast, by Capacity
- 7.3.5.5.2. Market size and forecast, by Compressor Type
- 7.3.5.5.3. Market size and forecast, by End User
- 7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Capacity
- 7.4.3. Market size and forecast, by Compressor Type
- 7.4.4. Market size and forecast, by End User
- 7.4.5. Market size and forecast, by country
- 7.4.5.1. China
- 7.4.5.1.1. Market size and forecast, by Capacity
- 7.4.5.1.2. Market size and forecast, by Compressor Type
- 7.4.5.1.3. Market size and forecast, by End User
- 7.4.5.2. Japan
- 7.4.5.2.1. Market size and forecast, by Capacity
- 7.4.5.2.2. Market size and forecast, by Compressor Type
- 7.4.5.2.3. Market size and forecast, by End User
- 7.4.5.3. India
- 7.4.5.3.1. Market size and forecast, by Capacity
- 7.4.5.3.2. Market size and forecast, by Compressor Type
- 7.4.5.3.3. Market size and forecast, by End User
- 7.4.5.4. Australia
- 7.4.5.4.1. Market size and forecast, by Capacity
- 7.4.5.4.2. Market size and forecast, by Compressor Type
- 7.4.5.4.3. Market size and forecast, by End User
- 7.4.5.5. Rest of Asia-Pacific
- 7.4.5.5.1. Market size and forecast, by Capacity
- 7.4.5.5.2. Market size and forecast, by Compressor Type
- 7.4.5.5.3. Market size and forecast, by End User
- 7.5. LAMEA
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Capacity
- 7.5.3. Market size and forecast, by Compressor Type
- 7.5.4. Market size and forecast, by End User
- 7.5.5. Market size and forecast, by country
- 7.5.5.1. Latin America
- 7.5.5.1.1. Market size and forecast, by Capacity
- 7.5.5.1.2. Market size and forecast, by Compressor Type
- 7.5.5.1.3. Market size and forecast, by End User
- 7.5.5.2. Middle East
- 7.5.5.2.1. Market size and forecast, by Capacity
- 7.5.5.2.2. Market size and forecast, by Compressor Type
- 7.5.5.2.3. Market size and forecast, by End User
- 7.5.5.3. Africa
- 7.5.5.3.1. Market size and forecast, by Capacity
- 7.5.5.3.2. Market size and forecast, by Compressor Type
- 7.5.5.3.3. Market size and forecast, by End User
- CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product mapping of top 10 player
- 8.4. Competitive dashboard
- 8.5. Competitive heatmap
- 8.6. Top player positioning, 2024
- CHAPTER 9: COMPANY PROFILES
- 9.1. Johnson Controls
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
- 9.2. Carrier Corporation
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.3. Trane Technologies plc
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
- 9.4. Daikin
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.4.7. Key strategic moves and developments
- 9.5. MITSUBISHI HEAVY INDUSTRIES, LTD.
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.5.7. Key strategic moves and developments
- 9.6. Haier
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.7. Midea
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Key strategic moves and developments
- 9.8. Smardt Chiller Group, Inc.
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.9. LG Electronics
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Business performance
- 9.9.7. Key strategic moves and developments
- 9.10. TopChiller
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
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