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Turbo Chillers Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Published May 01, 2025
Length 120 Pages
SKU # FOB20106825

Description

Growth Factors of Turbo Chillers Market

The global turbo chillers market is experiencing robust growth, driven by the increasing demand for energy-efficient HVAC solutions across commercial, industrial, and institutional applications. According to Fortune Business Insights, the turbo chillers market size was valued at USD 3.24 billion in 2023, and is projected to grow from USD 3.37 billion in 2024 to USD 5.46 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.3% during the forecast period.

As the global focus intensifies on climate control, green building standards, and sustainable cooling systems, turbo chillers are emerging as an ideal choice due to their high energy efficiency, compact design, and operational cost savings.

Market Drivers

One of the primary drivers for the turbo chillers market is the rising demand for large-scale air conditioning systems in high-rise buildings, data centers, airports, hospitals, shopping malls, and manufacturing plants. Turbo chillers are favored in these applications for their ability to deliver high-capacity cooling with lower power consumption.

With growing global concerns over energy consumption and carbon emissions, companies and building owners are turning to HVAC systems with advanced energy-saving technologies. Turbo chillers use magnetic bearing compressors and variable speed drives, resulting in greater efficiency, lower noise levels, and reduced maintenance needs compared to traditional chillers.

Furthermore, the integration of smart control systems and Internet of Things (IoT) technologies in modern turbo chillers allows real-time monitoring, predictive maintenance, and optimization of energy use, further boosting market adoption.

Key Market Segments

The turbo chillers market is segmented based on cooling capacity, application, end-user, and region.

By Cooling Capacity: Includes <500 tons, 500–1,000 tons, and >1,000 tons. The 500–1,000 tons segment holds a significant share due to its widespread use in commercial infrastructure and industrial facilities.

By Application:

The market is categorized into air conditioning, process cooling, and others. Air conditioning applications dominate due to high usage in commercial and public buildings.

By End-User: Key segments include commercial, industrial, and institutional. The commercial segment leads the market owing to rapid urban development and rising demand for efficient HVAC in business and retail environments.

Regional Insights

Asia Pacific held the largest market share in 2023 and is projected to remain the dominant region throughout the forecast period. Countries like China, India, Japan, and South Korea are witnessing rapid industrialization and urbanization, resulting in increased deployment of high-capacity cooling systems in both private and public infrastructure. Government incentives for energy-efficient buildings and green construction further fuel regional growth.

North America is a mature but steadily growing market. The U.S. leads with demand for high-efficiency HVAC systems in data centers, commercial buildings, and educational institutions. The region’s focus on sustainable infrastructure and regulatory support for reducing energy consumption boosts the demand for turbo chillers.

Europe is also a significant contributor, with a strong emphasis on climate policies and emission reduction targets. Countries such as Germany, the U.K., and France are actively adopting energy-efficient HVAC systems to comply with EU energy standards.

Competitive Landscape

The turbo chillers market is moderately consolidated, with key players focusing on product innovation, R&D, and regional expansion. Leading companies include:

Johnson Controls

Daikin Industries, Ltd.

Mitsubishi Electric Corporation

Trane Technologies

Carrier Global Corporation

LG Electronics

SMARDT Chillers

Multistack, LLC

Hitachi Ltd.

Climaveneta (Mitsubishi Electric Group)

These players are investing in next-gen chillers with magnetic levitation compressors, oil-free operation, smart controls, and refrigerants with low global warming potential (GWP) to stay competitive in a rapidly evolving market.

Conclusion

The turbo chillers market is poised for sustained growth, driven by the global transition toward sustainable, smart, and energy-efficient cooling systems. With continued advancements in chiller technology, integration with building automation systems, and support from green energy policies, the market offers lucrative opportunities for manufacturers and service providers alike.

ATTRIBUTE DETAILS

Study Period 2019 – 2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024 – 2032

Historical Period 2019 – 2022

Growth Rate CAGR of 2.7% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type

Water Cooled

Air Cooled

By Cooling Capacity

Small Capacity (Less than 300 KW)

Medium Capacity (301- 2,000 KW)

Large Capacity (More than 2,000 KW)

By Application

Chemical

Food & Beverage

Pharmaceuticals

Marine Industry

Others (Rubber & Plastics)

By Region

North America (By Type, Cooling Capacity, Application, and Country)

U.S. (By Application)

Canada (By Application)

Mexico (By Application)

Europe (By Type, Cooling Capacity, Application, and Country)

U.K. (By Application)

Germany (By Application)

Italy (By Application)

France (By Application)

Russia (By Application)

Rest of Europe

Asia Pacific (By Type, Cooling Capacity, Application, and Country)

China (By Application)

India (By Application)

Japan (By Application)

South Korea (By Application)

Southeast Asia (By Application)

Rest of Asia Pacific

Middle East & Africa (By Type, Cooling Capacity, Application, and Country)

GCC Countries (By Application)

South Africa (By Application)

Rest of the Middle East & Africa

South America (By Type, Cooling Capacity, Application, and Country)

Brazil (By Application)

Argentina (By Application)

Rest of South America

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Table of Contents

120 Pages
1. Introduction
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2. Executive Summary
3. Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities and Trends
3.3. Impact of COVID-19
3.4. Key Market Regulation
4. Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. Growth Trends of Consumption Across Region, 2020-2030
4.4. Global Turbo Chiller Key Players Market Share/Ranking, 2024
5. Global Turbo Chiller Market Size Estimates and Forecasts, By Segments, 2019-2032
5.1. Key Findings
5.2. By Type (USD)
5.2.1. Water Cooled
5.2.2. Air Cooled
5.3. By Cooling Capacity (USD)
5.3.1. Small Capacity (Less than 300 KW)
5.3.2. Medium Capacity (301-2,000 KW)
5.3.3. Large Capacity (More than 2,000 KW)
5.4. By Application (USD)
5.4.1. Chemical
5.4.2. Food & Beverage
5.4.3. Pharmaceuticals
5.4.4. Marine Industry
5.4.5. Others (Rubber & Plastics, etc.)
5.5. By Region (USD)
5.5.1. North America
5.5.2. Europe
5.5.3. Asia Pacific
5.5.4. Middle East & Africa
5.5.5. South America
6. North America Turbo Chiller Market Size Estimates and Forecasts, By Segments, 2019-2032
6.1. Key Findings
6.2. By Type (USD)
6.2.1. Water Cooled
6.2.2. Air Cooled
6.3. By Cooling Capacity (USD)
6.3.1. Small Capacity (Less than 300 KW)
6.3.2. Medium Capacity (301-2,000 KW)
6.3.3. Large Capacity (More than 2,000 KW)
6.4. By Application (USD)
6.4.1. Chemical
6.4.2. Food & Beverage
6.4.3. Pharmaceuticals
6.4.4. Marine Industry
6.4.5. Others (Rubber & Plastics, etc.)
6.5. By Country (USD)
6.5.1. U.S.
6.5.1.1. By Application (USD)
6.5.1.1.1. Chemical
6.5.1.1.2. Food & Beverage
6.5.1.1.3. Pharmaceuticals
6.5.1.1.4. Marine Industry
6.5.1.1.5. Others (Rubber & Plastics, etc.)
6.5.2. Canada
6.5.2.1. By Application (USD)
6.5.2.1.1. Chemical
6.5.2.1.2. Food & Beverage
6.5.2.1.3. Pharmaceuticals
6.5.2.1.4. Marine Industry
6.5.2.1.5. Others (Rubber & Plastics, etc.)
6.5.3. Mexico
6.5.3.1. By Application (USD)
6.5.3.1.1. Chemical
6.5.3.1.2. Food & Beverage
6.5.3.1.3. Pharmaceuticals
6.5.3.1.4. Marine Industry
6.5.3.1.5. Others (Rubber & Plastics, etc.)
7. Europe Turbo Chiller Market Size Estimates and Forecasts, By Segments, 2019-2032
7.1. Key Findings
7.2. By Type (USD)
7.2.1. Water Cooled
7.2.2. Air Cooled
7.3. By Cooling Capacity (USD)
7.3.1. Small Capacity (Less than 300 KW)
7.3.2. Medium Capacity (301-2,000 KW)
7.3.3. Large Capacity (More than 2,000 KW)
7.4. By Application (USD)
7.4.1. Chemical
7.4.2. Food & Beverage
7.4.3. Pharmaceuticals
7.4.4. Marine Industry
7.4.5. Others (Rubber & Plastics, etc.)
7.5. By Country (USD)
7.5.1. Germany
7.5.1.1. By Application (USD)
7.5.1.1.1. Chemical
7.5.1.1.2. Food & Beverage
7.5.1.1.3. Pharmaceuticals
7.5.1.1.4. Marine Industry
7.5.1.1.5. Others (Rubber & Plastics, etc.)
7.5.2. France
7.5.2.1. By Application (USD)
7.5.2.1.1. Chemical
7.5.2.1.2. Food & Beverage
7.5.2.1.3. Pharmaceuticals
7.5.2.1.4. Marine Industry
7.5.2.1.5. Others (Rubber & Plastics, etc.)
7.5.3. U.K.
7.5.3.1. By Application (USD)
7.5.3.1.1. Chemical
7.5.3.1.2. Food & Beverage
7.5.3.1.3. Pharmaceuticals
7.5.3.1.4. Marine Industry
7.5.3.1.5. Others (Rubber & Plastics, etc.)
7.5.4. Italy
7.5.4.1. By Application (USD)
7.5.4.1.1. Chemical
7.5.4.1.2. Food & Beverage
7.5.4.1.3. Pharmaceuticals
7.5.4.1.4. Marine Industry
7.5.4.1.5. Others (Rubber & Plastics, etc.)
7.5.5. Russia
7.5.5.1. By Application (USD)
7.5.5.1.1. Chemical
7.5.5.1.2. Food & Beverage
7.5.5.1.3. Pharmaceuticals
7.5.5.1.4. Marine Industry
7.5.5.1.5. Others (Rubber & Plastics, etc.)
7.5.6. Rest of Europe
8. Asia Pacific Turbo Chiller Market Size Estimates and Forecasts, By Segments, 2019-2032
8.1. Key Findings
8.2. By Type (USD)
8.2.1. Water Cooled
8.2.2. Air Cooled
8.3. By Cooling Capacity (USD)
8.3.1. Small Capacity (Less than 300 KW)
8.3.2. Medium Capacity (301-2,000 KW)
8.3.3. Large Capacity (More than 2,000 KW)
8.4. By Application (USD)
8.4.1. Chemical
8.4.2. Food & Beverage
8.4.3. Pharmaceuticals
8.4.4. Marine Industry
8.4.5. Others (Rubber & Plastics, etc.)
8.5. By Country (USD)
8.5.1. China
8.5.1.1. By Application (USD)
8.5.1.1.1. Chemical
8.5.1.1.2. Food & Beverage
8.5.1.1.3. Pharmaceuticals
8.5.1.1.4. Marine Industry
8.5.1.1.5. Others (Rubber & Plastics, etc.)
8.5.2. Japan
8.5.2.1. By Application (USD)
8.5.2.1.1. Chemical
8.5.2.1.2. Food & Beverage
8.5.2.1.3. Pharmaceuticals
8.5.2.1.4. Marine Industry
8.5.2.1.5. Others (Rubber & Plastics, etc.)
8.5.3. India
8.5.3.1. By Application (USD)
8.5.3.1.1. Chemical
8.5.3.1.2. Food & Beverage
8.5.3.1.3. Pharmaceuticals
8.5.3.1.4. Marine Industry
8.5.3.1.5. Others (Rubber & Plastics, etc.)
8.5.4. South Korea
8.5.4.1. By Application (USD)
8.5.4.1.1. Chemical
8.5.4.1.2. Food & Beverage
8.5.4.1.3. Pharmaceuticals
8.5.4.1.4. Marine Industry
8.5.4.1.5. Others (Rubber & Plastics, etc.)
8.5.5. Southeast Asia
8.5.5.1. By Application (USD)
8.5.5.1.1. Chemical
8.5.5.1.2. Food & Beverage
8.5.5.1.3. Pharmaceuticals
8.5.5.1.4. Marine Industry
8.5.5.1.5. Others (Rubber & Plastics, etc.)
8.5.6. Rest of Asia Pacific
9. Middle East & Africa Turbo Chiller Market Size Estimates and Forecasts, By Segments, 2019-2032
9.1. Key Findings
9.2. By Type (USD)
9.2.1. Water Cooled
9.2.2. Air Cooled
9.3. By Cooling Capacity (USD)
9.3.1. Small Capacity (Less than 300 KW)
9.3.2. Medium Capacity (301-2,000 KW)
9.3.3. Large Capacity (More than 2,000 KW)
9.4. By Application (USD)
9.4.1. Chemical
9.4.2. Food & Beverage
9.4.3. Pharmaceuticals
9.4.4. Marine Industry
9.4.5. Others (Rubber & Plastics, etc.)
9.5. By Country (USD)
9.5.1. GCC
9.5.1.1. By Application (USD)
9.5.1.1.1. Chemical
9.5.1.1.2. Food & Beverage
9.5.1.1.3. Pharmaceuticals
9.5.1.1.4. Marine Industry
9.5.1.1.5. Others (Rubber & Plastics, etc.)
9.5.2. South Africa
9.5.2.1. By Application (USD)
9.5.2.1.1. Chemical
9.5.2.1.2. Food & Beverage
9.5.2.1.3. Pharmaceuticals
9.5.2.1.4. Marine Industry
9.5.2.1.5. Others (Rubber & Plastics, etc.)
9.5.3. Rest of Middle East & Africa
10. South America Turbo Chiller Market Size Estimates and Forecasts, By Segments, 2019-2032
10.1. Key Findings
10.2. By Type (USD)
10.2.1. Water Cooled
10.2.2. Air Cooled
10.3. By Cooling Capacity (USD)
10.3.1. Small Capacity (Less than 300 KW)
10.3.2. Medium Capacity (301-2,000 KW)
10.3.3. Large Capacity (More than 2,000 KW)
10.4. By Application (USD)
10.4.1. Chemical
10.4.2. Food & Beverage
10.4.3. Pharmaceuticals
10.4.4. Marine Industry
10.4.5. Others (Rubber & Plastics, etc.)
10.5. By Country (USD)
10.5.1. Brazil
10.5.1.1. By Application (USD)
10.5.1.1.1. Chemical
10.5.1.1.2. Food & Beverage
10.5.1.1.3. Pharmaceuticals
10.5.1.1.4. Marine Industry
10.5.1.1.5. Others (Rubber & Plastics, etc.)
10.5.2. Argentina
10.5.2.1. By Application (USD)
10.5.2.1.1. Chemical
10.5.2.1.2. Food & Beverage
10.5.2.1.3. Pharmaceuticals
10.5.2.1.4. Marine Industry
10.5.2.1.5. Others (Rubber & Plastics, etc.)
10.5.3. Rest of South America
11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
11.1. Aermec SpA
11.1.1. Overview
11.1.1.1. Key Management
11.1.1.2. Headquarters
11.1.1.3. Offerings/Business Segments
11.1.2. Key Details (Key details are consolidated data and not product/service specific)
11.1.2.1. Employee Size
11.1.2.2. Past and Current Revenue
11.1.2.3. Geographical Share
11.1.2.4. Business Segment Share
11.1.2.5. Recent Developments
11.2. Carrier
11.2.1. Overview
11.2.1.1. Key Management
11.2.1.2. Headquarters
11.2.1.3. Offerings/Business Segments
11.2.2. Key Details (Key details are consolidated data and not product/service specific)
11.2.2.1. Employee Size
11.2.2.2. Past and Current Revenue
11.2.2.3. Geographical Share
11.2.2.4. Business Segment Share
11.2.2.5. Recent Developments
11.3. Daikin Industries Ltd
11.3.1. Overview
11.3.1.1. Key Management
11.3.1.2. Headquarters
11.3.1.3. Offerings/Business Segments
11.3.2. Key Details (Key details are consolidated data and not product/service specific)
11.3.2.1. Employee Size
11.3.2.2. Past and Current Revenue
11.3.2.3. Geographical Share
11.3.2.4. Business Segment Share
11.3.2.5. Recent Developments
11.4. EBARA Corporation
11.4.1. Overview
11.4.1.1. Key Management
11.4.1.2. Headquarters
11.4.1.3. Offerings/Business Segments
11.4.2. Key Details (Key details are consolidated data and not product/service specific)
11.4.2.1. Employee Size
11.4.2.2. Past and Current Revenue
11.4.2.3. Geographical Share
11.4.2.4. Business Segment Share
11.4.2.5. Recent Developments
11.5. Heinen & Hopman
11.5.1. Overview
11.5.1.1. Key Management
11.5.1.2. Headquarters
11.5.1.3. Offerings/Business Segments
11.5.2. Key Details (Key details are consolidated data and not product/service specific)
11.5.2.1. Employee Size
11.5.2.2. Past and Current Revenue
11.5.2.3. Geographical Share
11.5.2.4. Business Segment Share
11.5.2.5. Recent Developments
11.6. Kaltra Innovativtechnik GmbH
11.6.1. Overview
11.6.1.1. Key Management
11.6.1.2. Headquarters
11.6.1.3. Offerings/Business Segments
11.6.2. Key Details (Key details are consolidated data and not product/service specific)
11.6.2.1. Employee Size
11.6.2.2. Past and Current Revenue
11.6.2.3. Geographical Share
11.6.2.4. Business Segment Share
11.6.2.5. Recent Developments
11.7. Mitsubishi Heavy Industries Ltd
11.7.1. Overview
11.7.1.1. Key Management
11.7.1.2. Headquarters
11.7.1.3. Offerings/Business Segments
11.7.2. Key Details (Key details are consolidated data and not product/service specific)
11.7.2.1. Employee Size
11.7.2.2. Past and Current Revenue
11.7.2.3. Geographical Share
11.7.2.4. Business Segment Share
11.7.2.5. Recent Developments
11.8. Modine Manufacturing
11.8.1. Overview
11.8.1.1. Key Management
11.8.1.2. Headquarters
11.8.1.3. Offerings/Business Segments
11.8.2. Key Details (Key details are consolidated data and not product/service specific)
11.8.2.1. Employee Size
11.8.2.2. Past and Current Revenue
11.8.2.3. Geographical Share
11.8.2.4. Business Segment Share
11.8.2.5. Recent Developments
11.9. Nanjing TICA Climate Solutions Co. Ltd.
11.9.1. Overview
11.9.1.1. Key Management
11.9.1.2. Headquarters
11.9.1.3. Offerings/Business Segments
11.9.2. Key Details (Key details are consolidated data and not product/service specific)
11.9.2.1. Employee Size
11.9.2.2. Past and Current Revenue
11.9.2.3. Geographical Share
11.9.2.4. Business Segment Share
11.9.2.5. Recent Developments
11.10. Trane Technologies
11.10.1. Overview
11.10.1.1. Key Management
11.10.1.2. Headquarters
11.10.1.3. Offerings/Business Segments
11.10.2. Key Details (Key details are consolidated data and not product/service specific)
11.10.2.1. Employee Size
11.10.2.2. Past and Current Revenue
11.10.2.3. Geographical Share
11.10.2.4. Business Segment Share
11.10.2.5. Recent Development
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