Air Cooled Chillers Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Process (Continuous Flow Chillers and Immersion Chillers), Application (Industrial Manufacturing, Food and Be

The Air Cooled Chillers Market size was valued at US$ 971.42 million in 2024 and is expected to reach US$ 1614.43 million by 2031; it is estimated to record a CAGR of 7.6% from 2025 to 2031.

The air cooled chillers market is strategically positioned for substantial expansion, propelled by the rising temperatures & climate change. As average temperatures climb, the need to maintain comfortable indoor environments has become critical, especially in urban areas where the heat island effect exacerbates temperature spikes. As the demand for cooling increases, energy consumption rises, prompting industries and consumers to seek cooling technologies that are more efficient, dependable, and environmentally sustainable. Air cooled chillers, which use ambient air to dissipate heat, have emerged as a preferred solution due to their lower operational costs, ease of installation, and adaptability across various climates. Their ability to manage cooling loads in buildings ranging from small offices to large industrial complexes makes them a highly attractive, scalable solution. Regulatory pressures and increasing awareness of carbon footprints have accelerated the shift toward energy-efficient chillers, featuring improved refrigerants and optimized designs that minimize greenhouse gas emissions.

Innovation in heat exchange technologies, digital controls, and integration of smart systems enhances performance and reduces environmental impact. Additionally, the expansion of commercial infrastructure and urbanization in developing economies fuels market growth. As climate change pushes temperatures higher, the reliance on advanced air cooled chillers is expected to intensify, positioning them as a key technology in addressing modern cooling challenges while supporting global sustainability goals.

The air cooled chillers market in Asia Pacific is characterized by region's rapid urbanization, infrastructure development, and a surge in industrialization across economies. Megacities across China, India, and Southeast Asia are witnessing a construction boom in commercial real estate (office towers, hotels, retail complexes), manufacturing facilities, and public infrastructure like airports and hospitals, all of which require substantial cooling capacity. Air-cooled chillers are the default choice in these projects due to their lower initial installation costs, simpler infrastructure requirements (no need for water piping and towers), and quicker installation times, which align with the fast-paced development cycles.

In China, government policies promoting domestic manufacturing and urbanization drive demand. In Southeast Asian nations such as Indonesia, Vietnam, and Thailand, growing industrialization and foreign direct investment are key drivers. There is a high-volume segment for standard-efficiency units focused on initial cost. Multinational corporations and environmentally conscious developers represent a growing premium segment for high-efficiency, VSD-equipped chillers. The hot and humid climate in the region places a high demand on cooling systems for most of the year, emphasizing the need for reliability and serviceability, which are inherent strengths of the less complex air cooled chiller design.

Stulz SpA, Mitsubishi Heavy Industries Ltd, Daikin Industries Ltd¸ Johnson Controls International Plc, Panasonic Holdings Corp, HYDAC International GmbH, Blue Star Ltd, Carrier Global Corp, Trane Technologies Plc, and Thermo Fisher Scientific Inc. are among the key air cooled chillers market players that are profiled in this market study.

The overall air cooled chillers market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the air cooled chillers market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the air cooled chillers market.

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