
Singapore Chiller Market Report and Forecast 2025-2034
Description
The Singapore chiller market is projected to grow at a CAGR of 4.80% between 2025 and 2034. The market is being driven by the robust growth of the food and beverage and medical and pharmaceutical sectors in Singapore.
Singapore Chiller Market Growth
Rising global temperatures and infrastructure development are expected to compound the urban heat island effect in Singapore, which is expected to raise the demand for cooling between residential and industrial spaces substantially. By 2030, GHG emissions from cooling are expected to contribute 40% to the national emissions, thereby signifying an important need for establishing sustainable cooling mechanisms. District cooling networks, that distribute hot/cold water to various buildings through a network of underground pipes, are expected to become important over the forecast period. This is expected to drive the demand for powerful chillers, which can maximise the cooling effect, lower operational costs, and minimise carbon emissions easily.
In 2022, Singapore’s pharmaceutical sector produced products worth $19 billion for the global market. Increasing investments towards drug discovery and enhancing vaccine manufacturing capacities are expected to play a critical role in driving the demand for chillers in the country. Besides, the expansion of quality testing laboratories and storage facilities is expected to enhance the demand for high quality chillers. Hence, the medical and pharmaceutical sector is projected to grow at a CAGR of 5.2% during the forecast period of 2025-2034.
In February 2024 , food caterers’ sales recorded a year-on-year growth of nearly 40% in Singapore, with restaurants witnessing a similar trend. This is expected to contribute towards the market expansion, as chillers play a critical role in keeping food and its ingredients fresh and minimising wastage.
Singapore Chiller Industry Segmentation
Singapore Chiller Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type of Cooling
Water Cooled
Air Cooled
Market Breakup by Compressor Type
Screw Chillers
Scroll Chillers
Reciprocating Chillers
Centrifugal Chillers
Absorption Chillers
Market Breakup by End Use
Food and Beverage
Chemicals and Petrochemicals
Medical and Pharmaceutical
Plastics
Others
Singapore Chiller Market Share
Based on type of cooling, the market is divided into water cooled and air cooled. Over the forecast period of 2025-2034, water cooled chillers are estimated to grow at a CAGR of 5.3%, driven by their operational efficiency and energy-saving benefits, among others. Such coolers are typically installed indoors and boast improved production speed and flexibility as compared to their air cooled counterparts.
Leading Companies in the Singapore Chiller Market
Major market players are expected to adopt sustainable manufacturing practices to deliver energy efficient chillers which provide adequate heating and cooling conditions in various commercial and institutional environments.
Daikin Industries Ltd.
Carrier Global Corp.
LG Corp.
Johnson Controls International Plc
Trane Technologies Plc
Smardt Chiller Group, Inc.
Panasonic Holdings Corp.
Mitsubishi Electric Corporation
Midea Group Co. Ltd.
Ebara Corp.
Others
Singapore Chiller Market Growth
Rising global temperatures and infrastructure development are expected to compound the urban heat island effect in Singapore, which is expected to raise the demand for cooling between residential and industrial spaces substantially. By 2030, GHG emissions from cooling are expected to contribute 40% to the national emissions, thereby signifying an important need for establishing sustainable cooling mechanisms. District cooling networks, that distribute hot/cold water to various buildings through a network of underground pipes, are expected to become important over the forecast period. This is expected to drive the demand for powerful chillers, which can maximise the cooling effect, lower operational costs, and minimise carbon emissions easily.
In 2022, Singapore’s pharmaceutical sector produced products worth $19 billion for the global market. Increasing investments towards drug discovery and enhancing vaccine manufacturing capacities are expected to play a critical role in driving the demand for chillers in the country. Besides, the expansion of quality testing laboratories and storage facilities is expected to enhance the demand for high quality chillers. Hence, the medical and pharmaceutical sector is projected to grow at a CAGR of 5.2% during the forecast period of 2025-2034.
In February 2024 , food caterers’ sales recorded a year-on-year growth of nearly 40% in Singapore, with restaurants witnessing a similar trend. This is expected to contribute towards the market expansion, as chillers play a critical role in keeping food and its ingredients fresh and minimising wastage.
Singapore Chiller Industry Segmentation
Singapore Chiller Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type of Cooling
Water Cooled
Air Cooled
Market Breakup by Compressor Type
Screw Chillers
Scroll Chillers
Reciprocating Chillers
Centrifugal Chillers
Absorption Chillers
Market Breakup by End Use
Food and Beverage
Chemicals and Petrochemicals
Medical and Pharmaceutical
Plastics
Others
Singapore Chiller Market Share
Based on type of cooling, the market is divided into water cooled and air cooled. Over the forecast period of 2025-2034, water cooled chillers are estimated to grow at a CAGR of 5.3%, driven by their operational efficiency and energy-saving benefits, among others. Such coolers are typically installed indoors and boast improved production speed and flexibility as compared to their air cooled counterparts.
Leading Companies in the Singapore Chiller Market
Major market players are expected to adopt sustainable manufacturing practices to deliver energy efficient chillers which provide adequate heating and cooling conditions in various commercial and institutional environments.
Daikin Industries Ltd.
Carrier Global Corp.
LG Corp.
Johnson Controls International Plc
Trane Technologies Plc
Smardt Chiller Group, Inc.
Panasonic Holdings Corp.
Mitsubishi Electric Corporation
Midea Group Co. Ltd.
Ebara Corp.
Others
Table of Contents
116 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Chiller Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Chiller Historical Market (2018-2024)
- 5.3 Asia Pacific Chiller Market Forecast (2025-2034)
- 6 Singapore Chiller Market Overview
- 6.1 Key Industry Highlights
- 6.2 Singapore Chiller Historical Market (2018-2024)
- 6.3 Singapore Chiller Market Forecast (2025-2034)
- 7 Singapore Chiller Market by Type of Cooling
- 7.1 Water Cooled
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Air Cooled
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 8 Singapore Chiller Market by Compressor Type
- 8.1 Screw Chillers
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Scroll Chillers
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Reciprocating Chillers
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 Centrifugal Chillers
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 8.5 Absorption Chillers
- 8.5.1 Historical Trend (2018-2024)
- 8.5.2 Forecast Trend (2025-2034)
- 9 Singapore Chiller Market by End Use
- 9.1 Food and Beverage
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Chemicals and Petrochemicals
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Medical and Pharmaceutical
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Plastics
- 9.4.1 Historical Trend (2018-2024)
- 9.4.2 Forecast Trend (2025-2034)
- 9.5 Others
- 10 Market Dynamics
- 10.1 SWOT Analysis
- 10.1.1 Strengths
- 10.1.2 Weaknesses
- 10.1.3 Opportunities
- 10.1.4 Threats
- 10.2 Porter’s Five Forces Analysis
- 10.2.1 Supplier’s Power
- 10.2.2 Buyer’s Power
- 10.2.3 Threat of New Entrants
- 10.2.4 Degree of Rivalry
- 10.2.5 Threat of Substitutes
- 10.3 Key Indicators for Demand
- 10.4 Key Indicators for Price
- 11 Value Chain Analysis
- 12 Price Analysis
- 13 Competitive Landscape
- 13.1 Supplier Selection
- 13.2 Key Global Players
- 13.3 Key Regional Players
- 13.4 Key Player Strategies
- 13.5 Company Profiles
- 13.5.1 Daikin Industries Ltd.
- 13.5.1.1 Company Overview
- 13.5.1.2 Product Portfolio
- 13.5.1.3 Demographic Reach and Achievements
- 13.5.1.4 Certifications
- 13.5.2 Carrier Global Corp.
- 13.5.2.1 Company Overview
- 13.5.2.2 Product Portfolio
- 13.5.2.3 Demographic Reach and Achievements
- 13.5.2.4 Certifications
- 13.5.3 LG Corp.
- 13.5.3.1 Company Overview
- 13.5.3.2 Product Portfolio
- 13.5.3.3 Demographic Reach and Achievements
- 13.5.3.4 Certifications
- 13.5.4 Johnson Controls International Plc
- 13.5.4.1 Company Overview
- 13.5.4.2 Product Portfolio
- 13.5.4.3 Demographic Reach and Achievements
- 13.5.4.4 Certifications
- 13.5.5 Trane Technologies Plc
- 13.5.5.1 Company Overview
- 13.5.5.2 Product Portfolio
- 13.5.5.3 Demographic Reach and Achievements
- 13.5.5.4 Certifications
- 13.5.6 Smardt Chiller Group, Inc.
- 13.5.6.1 Company Overview
- 13.5.6.2 Product Portfolio
- 13.5.6.3 Demographic Reach and Achievements
- 13.5.6.4 Certifications
- 13.5.7 Panasonic Holdings Corp.
- 13.5.7.1 Company Overview
- 13.5.7.2 Product Portfolio
- 13.5.7.3 Demographic Reach and Achievements
- 13.5.7.4 Certifications
- 13.5.8 Mitsubishi Electric Corporation
- 13.5.8.1 Company Overview
- 13.5.8.2 Product Portfolio
- 13.5.8.3 Demographic Reach and Achievements
- 13.5.8.4 Certifications
- 13.5.9 Midea Group Co. Ltd.
- 13.5.9.1 Company Overview
- 13.5.9.2 Product Portfolio
- 13.5.9.3 Demographic Reach and Achievements
- 13.5.9.4 Certifications
- 13.5.10 Ebara Corp.
- 13.5.10.1 Company Overview
- 13.5.10.2 Product Portfolio
- 13.5.10.3 Demographic Reach and Achievements
- 13.5.10.4 Certifications
- 13.5.11 Others
Pricing
Currency Rates
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