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Asia Pacific Industrial Chillers Market Size and Forecast (2021 - 2031)

Publisher The Insight Partners
Published Jan 14, 2026
SKU # TIP20949557

Description

The Asia Pacific Industrial Chillers Market is projected to grow significantly, reaching approximately US$ 2,168.7 million by 2031, up from US$ 1,308.0 million in 2024, with an estimated compound annual growth rate (CAGR) of 7.6% from 2025 to 2031.

Executive Summary and Market Analysis

According to Atradius, as of July 2024, key sectors such as transportation, food, information and communication technology (ICT), and chemicals are anticipated to experience growth in the upcoming years. The robust chemical sector in the Asia Pacific region is a primary driver for the demand for industrial chillers, which are essential for efficient chemical production and processing. The construction of new chemical plants in the region is further fueling the need for industrial chillers to manage heat dissipation during chemical processes.

Notable developments include:
  • March 2023: S-Oil Corp in South Korea announced plans to integrate a large petrochemical plant with the Shaheen refinery, featuring a Naphtha-fed steam cracker with a capacity of 1.8 million tons/year of ethylene, expected to be completed by 2026.
  • April 2024: Shin-Etsu Chemical Co., Ltd. revealed plans to build a new plant in Isesaki City, Gunma Prefecture, to expand its semiconductor lithography materials business, marking its fourth production base in this sector. The Indian government also approved a US$ 15 billion investment in three semiconductor plants, including a major chipmaking facility proposed by the Tata Group. This surge in semiconductor plant construction is driving the demand for industrial chillers, as precise temperature control is critical during semiconductor production.
Strategic Insights

Market Segmentation Analysis
  • By Chiller Type: The market is divided into Water Cooled Chillers and Air Cooled Chillers, with Water Cooled Chillers holding the largest market share in 2024.
  • By Process: The market is categorized into Continuous Flow Chillers and Immersion Chillers, with Continuous Flow Chillers leading in market share in 2024.
  • By Application: Segmented into Industrial Manufacturing, Food and Beverage Processing, Medical Equipment, and Others, with Industrial Manufacturing dominating in 2024.
  • By Type: The market includes Machine Tool, Laser Systems, and Others, with Machine Tool having the largest share in 2024.
Market Outlook

The industrial chillers market is witnessing strategic advancements, including the development of low-GWP refrigerants, IoT integration for smart monitoring, and modular system designs, which are propelling market growth. Manufacturers are investing in R&D to improve energy efficiency, reliability, and environmental performance while expanding their product offerings to cater to diverse industrial needs. Key players are pursuing strategies such as business expansion, product launches, and investments to enhance their competitiveness.

Recent developments include:
  • July 2024: Parker Hannifin launched the Hyperchill Plus-E, an eco-friendly industrial process chiller designed for various applications, compliant with European F-Gas regulations and equipped for Industry 4.0.
  • June 2023: Trane Technologies introduced next-generation chiller systems featuring low-GWP refrigerants and adaptive controls tailored for the APAC climate, supporting smart grid integration and remote diagnostics.
Country Insights

The Asia Pacific Industrial Chillers Market is segmented by country, including China, Japan, India, South Korea, Australia, and the Rest of APAC, with China holding the largest market share in 2024. China boasts a robust manufacturing sector, accounting for 35% of global manufacturing output, and is the leading chemical producer, housing major companies like Sinopec and CNPC. The growth of the chemical industry in China, which saw a 7.5% increase in production in 2023, drives the demand for industrial chillers essential for maintaining optimal temperatures in chemical processing.

Company Profiles

Key players in the market include Panasonic Holdings Corp, Blue Star Ltd, Mitsubishi Heavy Industries Ltd, Daikin Industries Ltd, Carrier Global Corp, Trane Technologies Plc, Stulz SpA, Johnson Controls International Plc, HYDAC International GmbH, and Thermo Fisher Scientific Inc. These companies are employing various strategies such as expansion, product innovation, and mergers and acquisitions to enhance their market presence.

Table of Contents

1. Introduction
1.1 Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macroeconomic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country-level data:
4. Industrial Chillers Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Asia Pacific Industrial Chillers Market - Key Market Dynamics
5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Future Trends
5.5 Impact of Drivers and Restraints:
6. Industrial Chillers Market - Asia Pacific Market Analysis
6.1 Asia Pacific Industrial Chillers Market Revenue (US$ Million), 2024 - 2031
6.2 Asia Pacific Industrial Chillers Market Forecast and Analysis
7. Asia Pacific Industrial Chillers Market Revenue Analysis - by Chiller Type
7.1 Water Cooled Chillers
7.1.1 Overview
7.1.2 Water Cooled Chillers: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
7.2 Air Cooled Chillers
7.2.1 Overview
7.2.2 Air Cooled Chillers: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8. Asia Pacific Industrial Chillers Market Revenue Analysis - by Process
8.1 Continuous Flow Chillers
8.1.1 Overview
8.1.2 Continuous Flow Chillers: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
8.2 Immersion Chillers
8.2.1 Overview
8.2.2 Immersion Chillers: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9. Asia Pacific Industrial Chillers Market Revenue Analysis - by Application
9.1 Industrial Manufacturing
9.1.1 Overview
9.1.2 Industrial Manufacturing: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.2 Food and Beverage Processing
9.2.1 Overview
9.2.2 Food and Beverage Processing: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.3 Medical Equipment
9.3.1 Overview
9.3.2 Medical Equipment: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
10. Asia Pacific Industrial Chillers Market Revenue Analysis - by Type
10.1 Machine Tool
10.1.1 Overview
10.1.2 Machine Tool: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
10.2 Laser Systems
10.2.1 Overview
10.2.2 Laser Systems: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
10.3 Others
10.3.1 Overview
10.3.2 Others: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
11. Asia Pacific Industrial Chillers Market - Country Analysis
11.1 Asia Pacific
11.1.1 Asia Pacific Industrial Chillers Market Revenue and Forecast and Analysis - by Country
11.1.1.1 Asia Pacific Industrial Chillers Market Revenue and Forecast and Analysis - by Country
11.1.2.2 China: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
11.1.2.2.1 China: Asia Pacific Industrial Chillers Market Share - by Chiller Type
11.1.2.2.2 China: Asia Pacific Industrial Chillers Market Share - by Process
11.1.2.2.3 China: Asia Pacific Industrial Chillers Market Share - by Application
11.1.2.2.4 China: Asia Pacific Industrial Chillers Market Share - by Type
11.2.3.3 Japan: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
11.2.3.3.1 Japan: Asia Pacific Industrial Chillers Market Share - by Chiller Type
11.2.3.3.2 Japan: Asia Pacific Industrial Chillers Market Share - by Process
11.2.3.3.3 Japan: Asia Pacific Industrial Chillers Market Share - by Application
11.2.3.3.4 Japan: Asia Pacific Industrial Chillers Market Share - by Type
11.3.4.4 India: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
11.3.4.4.1 India: Asia Pacific Industrial Chillers Market Share - by Chiller Type
11.3.4.4.2 India: Asia Pacific Industrial Chillers Market Share - by Process
11.3.4.4.3 India: Asia Pacific Industrial Chillers Market Share - by Application
11.3.4.4.4 India: Asia Pacific Industrial Chillers Market Share - by Type
11.4.5.5 South Korea: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
11.4.5.5.1 South Korea: Asia Pacific Industrial Chillers Market Share - by Chiller Type
11.4.5.5.2 South Korea: Asia Pacific Industrial Chillers Market Share - by Process
11.4.5.5.3 South Korea: Asia Pacific Industrial Chillers Market Share - by Application
11.4.5.5.4 South Korea: Asia Pacific Industrial Chillers Market Share - by Type
11.5.6.6 Australia: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
11.5.6.6.1 Australia: Asia Pacific Industrial Chillers Market Share - by Chiller Type
11.5.6.6.2 Australia: Asia Pacific Industrial Chillers Market Share - by Process
11.5.6.6.3 Australia: Asia Pacific Industrial Chillers Market Share - by Application
11.5.6.6.4 Australia: Asia Pacific Industrial Chillers Market Share - by Type
11.6.7.7 Rest of APAC: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
11.6.7.7.1 Rest of APAC: Asia Pacific Industrial Chillers Market Share - by Chiller Type
11.6.7.7.2 Rest of APAC: Asia Pacific Industrial Chillers Market Share - by Process
11.6.7.7.3 Rest of APAC: Asia Pacific Industrial Chillers Market Share - by Application
11.6.7.7.4 Rest of APAC: Asia Pacific Industrial Chillers Market Share - by Type
12 Competitive Landscape
12.1 Heat Map Analysis by Key Players
12.2 Company Positioning & Concentration
13 Industry Landscape
13.1 Overview
13.2 New Product Development
13.3 Merger and Acquisition
13.4 Other Strategic Developments
14 COMPANY PROFILES
14.1 Panasonic Holdings Corp
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Blue Star Ltd
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Mitsubishi Heavy Industries Ltd
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Daikin Industries Ltd
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Carrier Global Corp
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Trane Technologies Plc
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Stulz SpA
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Johnson Controls International Plc
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 HYDAC International GmbH
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Thermo Fisher Scientific Inc.
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About The Insight Partners
LIST OF TABLES
Table 1. Asia Pacific Industrial Chillers Market Segmentation
Table 2. List of Vendors
Table 3. Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Table 4. Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Chiller Type
Table 5. Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Process
Table 6. Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 7. Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 8. Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Country
Table 9. China: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Chiller Type
Table 10. China: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Process
Table 11. China: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 12. China: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 13. Japan: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Chiller Type
Table 14. Japan: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Process
Table 15. Japan: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 16. Japan: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 17. India: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Chiller Type
Table 18. India: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Process
Table 19. India: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 20. India: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 21. South Korea: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Chiller Type
Table 22. South Korea: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Process
Table 23. South Korea: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 24. South Korea: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 25. Australia: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Chiller Type
Table 26. Australia: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Process
Table 27. Australia: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 28. Australia: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 29. Rest of APAC: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Chiller Type
Table 30. Rest of APAC: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Process
Table 31. Rest of APAC: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Application
Table 32. Rest of APAC: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Type
Table 33. Heat Map Analysis by Key Players
LIST OF FIGURES
Figure 1. Asia Pacific Industrial Chillers Market Segmentation - Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Industrial Chillers Market
Figure 4. Asia Pacific Industrial Chillers Market - Key Market Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. Asia Pacific Industrial Chillers Market Revenue (US$ Million), 2024 - 2031
Figure 7. Asia Pacific Industrial Chillers Market Share (%) - by Chiller Type, 2024 and 2031
Figure 8. Water Cooled Chillers: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 9. Air Cooled Chillers: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 10. Asia Pacific Industrial Chillers Market Share (%) - by Process, 2024 and 2031
Figure 11. Continuous Flow Chillers: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 12. Immersion Chillers: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 13. Asia Pacific Industrial Chillers Market Share (%) - by Application, 2024 and 2031
Figure 14. Industrial Manufacturing: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 15. Food and Beverage Processing: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 16. Medical Equipment: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 17. Others: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 18. Asia Pacific Industrial Chillers Market Share (%) - by Type, 2024 and 2031
Figure 19. Machine Tool: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 20. Laser Systems: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 21. Others: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 22. Asia Pacific Industrial Chillers Market Breakdown by Key Countries, 2024 and 2031 (%)
Figure 23. China: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 24. Japan: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 25. India: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 26. South Korea: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 27. Australia: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 28. Rest of APAC: Asia Pacific Industrial Chillers Market - Revenue and Forecast, 2021 - 2031 (US$ Million)
Figure 29. Company Positioning & Concentration

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