The North America HVAC chillers market size is expected to reach US$ 3.48 billion by 2031 from US$ 2.52 billion in 2023. The market is estimated to record a CAGR of 4.1% from 2023 to 2031. The development of IoT-enabled smart HVAC chillers is likely to be a key market trend.
Heating, ventilation, and air conditioning (HVAC) chillers play a significant role in the cooling process in residential, industrial, and commercial places. Growing industrialization and rising number of commercial hubs such as offices, hotels, eateries, shopping malls, and entertainment places are positively impacting the utilization of HVAC chillers across North America. Additionally, the rising humidity concerns in both developed and developing countries in the region and the surging demand for air conditioning systems for comfort are boosting developments in the North America HVAC chillers market. HVAC chillers are widely used across industries such as chemicals, manufacturing, pharmaceuticals, electronics & semiconductors, aerospace & defense, food & beverages, metal and mining, cold storage, turbine, and leather processing. The growing number of manufacturing plants, industrial hubs, and commercial data centers is fueling the application of HVAC chillers. The increased inclination toward district cooling systems in industries and high-rise buildings is a major factor boosting the North America HVAC chillers market growth.
The rising adoption of HVAC chillers in the residential sector, growing disposable income, rapid urbanization, and continuous development of tourism industries in different countries in the region contribute to the North America HVAC chillers market growth. The construction of new hotels, individual houses, residential complexes, and public infrastructure has increased the demand for HVAC chillers across North America.
The growing proliferation of green building projects and third-party data centers is expected to create favorable opportunities for HVAC chillers market players in North America. In addition, the growing emphasis on energy-efficient and cost-effective HVAC chillers is also creating immense scope for specific HVAC chillers, such as water-cooled and air-cooled chillers, in industrial, commercial, and residential spaces..
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North America HVAC Chillers Market: Strategic Insights
In the food and beverages industry, HVAC chillers are predominantly utilized to maintain a temperature-controlled environment to preserve stored food and beverage products. The demand for processed, canned, and easy-to-make food items is on the rise in the US with the growing population, rising urbanization, increasing disposable income, and busy lifestyles. Moreover, their taste and convenience of cooking render them popular among youth in the country. Canned or convenience food items require proper storage facilities to maintain them in consumable conditions. Processed foods are highly likely to rot within a few days or weeks if not preserved well. Optimal temperature and proper storage conditions are critical for extending the shelf life of processed or canned food, which results in the demand for HVAC chillers. Thus, the significance of HVAC chillers in industries such as food and beverages propel the North America HVAC chillers market.
Imports and exports of food products have a significant impact on North American and US food security and the economy. The import of food products has intensified in recent years with population growth and urbanization. In 2023, India exported pharmaceuticals and drugs worth INR 606 billion (~US$ 7.21 billion) to the US. On the other hand, the US exported ~US$ 93.6 billion and imported ~US$ 163 billion worth of pharmaceutical products in 2022. In 2023, the value of food and farm products exported from the US to the world totaled nearly ~US$ 175 billion. Soybeans, cotton, corn, wheat, and other bulk commodities accounted for ~34% of all US agricultural exports in 2023. Thus, the growing development in the food and beverages and pharmaceutical industries and rising import and export activities are driving the North America HVAC chillers market.
Absorption chillers mainly contain lithium bromide-water (LiBr/H2O) and ammonia-water as prime elements for refrigeration application. Distinct from conventional compression chillers, absorption chillers exploit heat energy instead of mechanical energy for cooling purposes. One of the major end-use applications of absorption chillers is witnessed in residential refrigerators. Absorption chillers are also used in industrial and commercial refrigeration. Absorption chillers are finding end-use applications in the oil and petroleum industry, geothermal appliances, the chemical industry, freezing, and food canning. By utilizing heat as their elementary energy source, absorption chillers can substantially decrease the electrical consumption correlated with cooling. Absorption chillers can contribute to lower greenhouse gas emissions by improving energy usage and potentially using renewable energy sources such as solar thermal collectors. In addition, absorption chillers typically have fewer moving parts than other electric chillers. This reduces wear and tear, indicating lower maintenance requirements and reduced downtime. Johnson Controls Inc., Carrier, and Thermax Limited are among the absorption chiller manufacturers operating in the HVAC chillers market. Hitachi-Johnson Controls Air Conditioning has developed a single-effect, double-lift absorption chiller called "DXS." Thus, the rising importance of absorption chillers and the growing demand for absorption chillers are anticipated to offer lucrative opportunities for the North America HVAC chillers market over the forecast period.
Key segments that contributed to the derivation of the North America HVAC chillers market analysis is technology, type and applications.
The regional trends and factors influencing the North America HVAC Chillers Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses North America HVAC Chillers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.52 Billion |
| Market Size by 2031 | US$ 3.48 Billion |
| Global CAGR (2023 - 2031) | 4.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The North America HVAC Chillers Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the North America HVAC Chillers Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The North America HVAC chillers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the North America HVAC chillers market are listed below:
(Source: Johnson Controls International plc, Press Release, July 2024)
(Source: Airedale, Press Release, July 2024)
The "North America HVAC Chillers Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - North America HVAC Chillers Market
The incremental growth expected to be recorded for the North America HVAC chillers market during the forecast period is US$ 958.83 million.
The North America HVAC chillers market is expected to reach US$ 3481.65 million by 2031.
The key players holding majority shares in the North America HVAC chillers market are Carrier; DAIKIN INDUSTRIES, Ltd.; LG Electronics Inc.; Johnson Controls; Trane Technologies; and Mitsubishi Electric Corporation.
Development of IoT-enabled smart HVAC chillers is anticipated to play a significant role in the North America HVAC chillers market in the coming years.
Growing use of HVAC chillers in data centers; rising significance of HVAC chillers in food and beverages and pharmaceutical industries; and growing significance of HVAC chillers in various industries are the major factors that propel the North America HVAC chillers market.
The North America HVAC chillers market was estimated to be US$ 2522.82 million in 2023 and is expected to grow at a CAGR of 4.11 % during the forecast period 2023 – 2031.