Chillers are defined as refrigeration systems used to lower the temperatures of process machinery, fluids, and others by separating heat from them and transferring it to other spaces, and it is mainly vital for regulating and maintaining the temperatures in several industries. According to BlueQuark Research and Consulting, the global Chillers market is expected to witness considerable growth during the forecasted period. Factors such as the increasing demand for chillers from several industry verticals, such as food & beverages, rubber, plastic, medical, petrochemicals, and others, are expected to drive the demand for the global Chillers market in the forecasted period. Further, the increasing demand for new commercial construction buildings is expected to drive the global chillers market in the forecasted period. Furthermore, rising demand for soft-drink and alcoholic beverages is expected to drive the need for the Chillers market in the forecasted period. However, high initial investment and setup costs, fluctuation in raw material prices, and a rise in the need for variable refrigerant flow (VRF) systems are predicted to hamper the growth of the global chiller market.

Chillers are generally utilized in the industrial sector to maintain equipment temperature and the atmosphere cool. Some of the components of chillers consist of compressors, condensers, control units, power panels, evaporators, and expansion valves.

The market is growing due to increased demand for chillers from several industry verticals, such as petrochemicals, rubber, food and beverages, plastic, and medical. Water chillers for food processing are out of the most utilized chilling systems for food & beverage producers and distributors. Food processing and packaging applications demand reliable indirect cooling equipment for precise and consistent temperature control. Food processing chillers practice a heat exchanger to help fantastic heat-producing process elements. They are used for various food processing applications like cheese, sauce, yogurt, ice cream, meat, chocolate, baked items, etc. The growing population and increased consumption of frozen meals contribute considerably to the market's growth. Process cooling is widely utilized in the food and beverage sector for pasteurization and processing procedures that create a lot of heat. Chillers are used in these procedures to keep the equipment cool and prevent it from overheating. Chillers are used in the medical and pharmaceutical industries to decrease the temperature of X-Ray equipment, CAT scans, and laser therapy processes that require process cooling. Water-cooled systems are ideal for cooling at prominent commercial places, such as corporate offices, schools, shopping malls, and hospitals. In contrast, the air-cooled segment is expected to register a higher growth, attributed to its low operating cost and compact design. Glycol chillers are witnessing an increase in demand in breweries and wineries. They eliminate the heat added during milling, mashing, lautering, and boiling. Modular and packed chillers are also increasing in popularity in the beverage sector as they are convenient to use and install.

The Asia Pacific dominated the market due to commercial and residential construction investments. The rising number of data centers in the region is anticipated to impact the chillers market growth over the forecast period positively. The US and Canada comprise the other North American chiller market subgroups. The construction of offices, substantial retail stores, hospitals, and theatres have expanded due to continued economic growth and urbanization. The govt of North American nations supports the development of airport infrastructure and the creation of smart cities. Thus, increased tourism, innovative city projects, and construction activities drive the demand for chillers in the region's residential, commercial, and industrial sectors due to investments in the commercial and residential construction industries. The rising number of data centers in the area is anticipated to impact the chillers market growth over the forecast period positively. The rise in new commercial construction buildings is expected to propel the development of the chillers market. Commercial buildings use chillers to remove heat from the air and help in achieving proper temperature control. Smart commercial buildings incorporate intelligent technologies, such as occupancy sensors, smart thermostats, and HVAC and lighting controls, to help reduce energy usage in unoccupied offices, conference rooms, and other spaces. The most substantial factor pushing the chiller market on the path to prosperity is the constant rise in temperature. As coal, natural gas, and other fossil fuels burn, they release greenhouse gases (GHG), including methane, nitrous oxides, and carbon dioxide, into the atmosphere. The rising GHG concentration leads to the increased absorption of infrared radiation by the atmosphere. As a result, compared to the average of the late 19th century (1850–1900), the global temperature in 2019 was 1.28 °C (2.31 °F) higher. This leads to the rapid adoption of chillers in the world's residential, commercial, and industrial sectors.

Some of the market's key players are Trane, Cold Shot Chillers, Tandem Chillers, Drake Refrigeration, Inc., Refra.

On October 12, 2022, Daikin Applied announced upgrades to its award-winning,100%-configurable Pathfinder air-cooled screw chiller. Already the most efficient air-cooled screw chiller on the market, these upgrades will deliver even more significant energy savings in the same footprint and flexibility with the option to add factory-installed pump packages.

On August 2, 2022, Johnson Controls was recognized by independent analyst firm Frost and Sullivan with its Best Performances Customer Value Leadership Award for 2022. The evaluation, covering chiller systems in buildings in North America, pitted Johnson Controls against globally observe and roundly applauded the company's technology and customer service as market-leading.

In February 2022, Air-conditioning designer Fujinetsu and chiller manufacturer Meiwa exhibited a new jointly developed propane (R290) chiller prototype for air-conditioning applications at the HVAC&R Japan 2022 trade show.

Global Chillers Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Chillers Market by segmenting based on Type (Screw Chiller, Scroll Chiller, Centrifugal Chiller, and Others), Product Type (Air Cooled Chiller and Water-Cooled Chiller), Power Range (50 Kw, 50-200 Kw, and More Than 200 Kw), and End User (Chemical and Petrochemicals, Food and Beverages, Medical, and Others). The report examines the market drivers and restraints and the impact of Covid-19 on market growth in detail. The study covers emerging market trends, development, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.