The North America industrial chillers market size is expected to reach US$ 931.20 million by 2031 from US$ 646.39 million in 2023. The market is estimated to record a CAGR of 4.7% from 2023 to 2031. The demand for energy-efficient and sustainable industrial chillers is expected to bring new market trends.
An increase in demand from the manufacturing industry, the growth of the market for renting and leasing industrial chillers, and stringent regulations in the food and pharmaceutical industries are driving the North America industrial chillers market. However, fluctuations in the pricing of raw materials and high energy costs are restraining the market's growth. Furthermore, retrofitting older chillers to meet new energy efficiency standards and growing number of craft breweries and microbreweries in North America are expected to create an opportunity for the market growth. The demand for energy-efficient and sustainable industrial chillers is likely to bring new trends to the market.
Industrial chillers act as a chiller system that removes heat from the industrial processes. These chillers cool viscous liquids, such as chemicals and water, used in various industries such as pharmaceuticals, food & beverages, and industrial manufacturing. The industrial process generates heat from activities such as friction, burning, or equipment. Industrial chillers are used to avoid any fire breakout and increase the longevity of the equipment. These conventional systems differ from HVAC chillers in most ways, including water circuitry and component integration. Pharmaceuticals, food production, petrochemicals, plastic production, and metal plating are among the industries that use industrial chiller for their manufacturing process. For example, in food processing plants, to chill food or beverage storage units, industrial chillers are used to circulate chilled propylene glycol through cooling coils. Wineries and breweries widely use these chillers to maintain the ideal temperature for their products. Food manufacturers use them to cool ice cream makers and dough mixers.
The manufacturing industry in North America is the prime source that drives economic growth. According to the OECD TiVA database 2023 update, the US is the second-largest manufacturing country after China. The government authorities in the region are focused on boosting their manufacturing industry to drive their economic growth, promote innovation, and fuel the industrial competitiveness of the region in the global market. Various government initiatives, research and development spending, focus on the domestic markets, and a rise in trade activities are among the factors that drive the manufacturing industry in the region. For example, investments under CHIPS and the Science Act have encouraged the growth of the semiconductor industry. In August 2022, the Biden-Harris Administration implemented an industrial strategy to revitalize domestic manufacturing by signing into law the bipartisan CHIPS and Science Act of 2022. It strengthened American manufacturing, supply chains, and national security and invested in research and development, science, and technology. As industrial chillers are crucial in the manufacturing industry, the growth of the manufacturing industry drives the industrial chillers market growth.
Due to the rising concern over CO2 emissions, government authorities in North America are focused on integrating energy-efficient and sustainable solutions. With the stringent regulations, market players are focused on reducing their energy costs and environmental impact. This fosters the demand for the retrofits of the industrial chiller system. Government authorities also support the renovation of the older facilities and equipment. For example, in August 2023, the Biden Administration announced an investment of US$ 15.5 billion to support a strong and just transition to electric vehicles, retool existing plants, and rehire existing workers. Moreover, in February 2024, the governments of Canada and Ontario invested more than US$ 13 million through the Sustainable Canadian Agricultural Partnership (Sustainable CAP) to assist free-standing meat processors and abattoirs in the province with upgrades to increase productivity and efficiency while maintaining Ontario's high food safety standards. The Sustainable CAP is providing cost-shared funding for 151 projects to upgrade meat handling and processing equipment, technologies, and practices to increase production capacity and competitiveness in Ontario's meat processing plants and abattoirs. With the retrofit approach, manufacturers can meet the energy efficiency and sustainability standards. Retrofitting also helps avoid the higher capital expenditure of full system replacement. Such investments foster the retrofitting of older chiller systems and drive the demand for energy-efficient and sustainable industrial chillers. Thus, retrofitting older chillers to meet new energy efficiency standards is expected to provide a growth opportunity for the industrial chillers market.
Key segments that contributed to the derivation of the North America industrial chillers market analysis are chiller type, process, and application.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 646.39 Million |
| Market Size by 2031 | US$ 931.20 Million |
| Global CAGR (2023 - 2031) | 4.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Chiller Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The North America industrial 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 industrial chillers market are listed below:
(Source: Carrier Corporation, Press Release, March 2022)
(Source: Daikin Applied, Press Release, March 2024)
The "North America Industrial 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 Industrial Chillers Market
The incremental growth expected to be recorded for the North America industrial chillers market during the forecast period is US$ 284.81 million.
The North America industrial chillers market is expected to reach US$ 931.20 million by 2031.
The key players holding majority shares in the North America industrial chillers market are Thermo Fisher Scientific Inc.; Johnson Control Inc; Daikin Industries Ltd; Carrier Global Corp; and Trane Technologies Plc.
Demand for energy-efficient and sustainable industrial chillers which is anticipated to play a significant role in the North America industrial chillers market in the coming years.
Increase in demand from the manufacturing industry, the growth of the market for renting and leasing industrial chillers, and stringent regulations in the food and pharmaceutical industries are the major factors that propel the North America industrial chillers market.
The North America industrial chillers market was estimated to be US$ 646.39 million in 2023 and is expected to grow at a CAGR of 4.7 % during the forecast period 2023 – 2031.