North America HVAC Chillers Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Type (Process Chillers, Scroll Chillers, Centrifugal Chillers, and Absorption Chillers), Application (Industrial, Commercial, and Residential), and Country
The North America HVAC chillers market size was valued at US$ 2.52 billion in 2023 and is expected to reach US$ 3.48 billion by 2031; it is estimated to record a CAGR of 4.1% from 2023 to 2031.
In North America, the US, Canada, and Mexico are considered technologically advanced nations. There has been a rise in the adoption of HVAC systems owing to various features provided in these systems, such as energy efficiency and sustainability, which is a major driver for the North America HVAC chillers market. According to Air Conditioning Contractors of America ACCA, HVAC services in North America are set to increase in value from US$ 25.6 billion in 2019 to US$ 35.8 billion by 2030. The growing application of HVAC systems across North America is anticipated to propel the growth of the HVAC chillers market during the forecast period.
Expanding urbanization and rising economic growth have resulted in an increased number of commercial hubs, shopping malls, entertainment hubs, offices, hotels, large retailers, and theaters. Governments of countries in North America are focusing on the development of smart cities and the expansion of airport facilities. Thus, increasing industrialization, rising construction activities, increasing smart city projects, and the growing tourism industry are boosting the demand for HVAC chillers in the industrial, commercial, and residential sectors across the region.
The growing healthcare infrastructure in terms of building new multi-specialty hospitals and care centers is expected to boost the growth of the North America HVAC chillers market. Additionally, the growing number of airport constructions and the increasing development of new military airports are major driving forces for the growth of the North America HVAC chillers market. For instance, six new airports are currently under construction in the US. The Southern California Airport, Portland International Airport, and Los Angeles Airport are among the under-construction airport projects in the US.
The US Department of Energy (DoE) is heavily investing in improving energy efficiency standards nationwide. The DoE's mission is to ensure the security and prosperity of the US by addressing its environmental, energy, and nuclear challenges through transformative science and technology solutions. With the growing preference for adopting energy-efficiency standards, the adoption of energy-efficient and sustainable chillers is also rising in the country due to their low environmental impact. Further, continuous developments in machine learning and the Internet of Things (IoT) are propelling the deployment of smart and advanced HVAC chillers in residential projects, which is also boosting the North America HVAC chillers market.
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. Moreover, concerns related to global warming and climatic changes are contributing to the growth of the North America HVAC chillers market.
Based on Technology, the North America HVAC chillers market is segmented into air-cooled, water-cooled, and steam-fired. The water-cooled segment held the largest North America HVAC chillers market share in 2023. Water-cooled chiller refers to a device that is applied to cool the water by eliminating heat. It has a water-cooled condenser that is connected to a cooling tower. Water chillers are more efficient than air conditioners because the thermal connectivity of water is 23 times more than that of air. Components such as refrigerants, compressors, condensers, and evaporators are used in water chillers to enhance the industrial processes and prevent the hampering of the cooling process. The awareness programs regarding energy-efficient products, coupled with the rising demand for frozen food, will accelerate the growth of this market. Moreover, the existing market players in this region aim to improve their businesses owing to the availability of numerous industrial projects. In 2022, Daikin Applied introduced larger-capacity water-cooled chillers.
Airedale International Air Conditioning Ltd.; Carrier Global Corp.; DAIKIN INDUSTRIES, Ltd.; Drake Refrigeration, Inc.; GEA Group AG; Johnson Controls Inc.; Mitsubishi Electric Corporation; LG Electronics; Thermal Care, Inc.; Trane Technologies; Kaltra; and BROADU.S.A. INC. are among the key North America HVAC chillers market players that are profiled in this market study.
The overall North America HVAC 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 North America HVAC 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 North America HVAC chillers market.
1. Introduction
1.1 The Insight Partners Research 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 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. North America HVAC Chillers Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. North America HVAC Chillers Market – Key Market Dynamics
5.1 North America HVAC Chillers Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Use of HVAC Chillers in Data Centers
5.2.2 Rising Significance of HVAC Chillers in Food and Beverages and Pharmaceutical Industries
5.2.3 Growing Significance of HVAC Chillers in Various Industries
5.3 Market Restraints
5.3.1 Potential Climate Impact of HVAC Systems
5.3.2 Less Efficiency in Humid Environment and High Maintenance Costs
5.4 Market Opportunities
5.4.1 Surge in Demand for Absorption Chillers
5.4.2 Smart City Initiatives and Infrastructure Development Projects
5.5 Future Trends
5.5.1 Development of IoT-enabled Smart HVAC Chillers
5.6 Impact of Drivers and Restraints:
6. North America HVAC Chillers Market Analysis
6.1 North America HVAC Chillers Market Revenue (US$ Million), 2021–2031
6.2 North America HVAC Chillers Market Forecast and Analysis
7. North America HVAC Chillers Market Analysis – by Technology
7.1 Air-Cooled
7.1.1 Overview
7.1.2 Air-Cooled: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Water-Cooled
7.2.1 Overview
7.2.2 Water-Cooled: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Steam-Fired
7.3.1 Overview
7.3.2 Steam-Fired: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8. North America HVAC Chillers Market Analysis – by Type
8.1 Process Chillers
8.1.1 Overview
8.1.2 Process Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Scroll Chillers
8.2.1 Overview
8.2.2 Scroll Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Screw Chillers
8.3.1 Overview
8.3.2 Screw Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Centrifugal Chillers
8.4.1 Overview
8.4.2 Centrifugal Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.5 Absorption Chillers
8.5.1 Overview
8.5.2 Absorption Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9. North America HVAC Chillers Market Analysis – by Application
9.1 Industrial
9.1.1 Overview
9.1.2 Industrial: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Commercial
9.2.1 Overview
9.2.2 Commercial: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Residential
9.3.1 Overview
9.3.2 Residential: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10. North America HVAC Chillers Market – Country Analysis
10.1 North America
10.1.1 North America HVAC Chillers Market Breakdown by Countries
10.1.2 North America HVAC Chillers Market Revenue and Forecast and Analysis – by Country
10.1.2.1 North America HVAC Chillers Market Revenue and Forecast and Analysis – by Country
10.1.2.2 United States: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.2.1 United States: North America HVAC Chillers Market Breakdown by Technology
10.1.2.2.2 United States: North America HVAC Chillers Market Breakdown by Type
10.1.2.2.3 United States: North America HVAC Chillers Market Breakdown by Application
10.1.2.3 Canada: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.3.1 Canada: North America HVAC Chillers Market Breakdown by Technology
10.1.2.3.2 Canada: North America HVAC Chillers Market Breakdown by Type
10.1.2.3.3 Canada: North America HVAC Chillers Market Breakdown by Application
10.1.2.4 Mexico: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.4.1 Mexico: North America HVAC Chillers Market Breakdown by Technology
10.1.2.4.2 Mexico: North America HVAC Chillers Market Breakdown by Type
10.1.2.4.3 Mexico: North America HVAC Chillers Market Breakdown by Application
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Carrier Global Corp
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Daikin Industries Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Drake Refrigeration Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 GEA Group AG
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Johnson Controls International Plc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Mitsubishi Electric Corp
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 LG Electronics Inc
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Thermal Care, Inc.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Kaltra
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 BROADU.S.A. INC
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 Trane Technologies Plc
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
14. Appendix
14.1 About The Insight Partners
List of Tables
Table 1. North America HVAC Chillers Market Segmentation
Table 2. List of Vendors
Table 3. North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 5. North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 6. North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 7. North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 8. United States: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 9. United States: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 10. United States: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 11. Canada: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 12. Canada: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 13. Canada: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 14. Mexico: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 15. Mexico: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 16. Mexico: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million) – by Application
List of Figures
Figure 1. North America HVAC Chillers Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America HVAC Chillers Market Revenue (US$ Million), 2021–2031
Figure 5. North America HVAC Chillers Market Share (%) – by Technology, 2023 and 2031
Figure 6. Air-Cooled: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Water-Cooled: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Steam-Fired: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. North America HVAC Chillers Market Share (%) – by Type, 2023 and 2031
Figure 10. Process Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Scroll Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Screw Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Centrifugal Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Absorption Chillers: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. North America HVAC Chillers Market Share (%) – by Application, 2023 and 2031
Figure 16. Industrial: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Commercial: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Residential: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. North America HVAC Chillers Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 20. United States: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Canada: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Mexico: North America HVAC Chillers Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Heat Map Analysis
Figure 24. Company Positioning & Concentration
- Airedale International Air Conditioning Ltd.
- Carrier Global Corp.
- DAIKIN INDUSTRIES, Ltd.
- Drake Refrigeration, Inc.
- GEA Group AG
- Johnson Controls Inc.
- Mitsubishi Electric Corporation
- LG Electronics
- Thermal Care, Inc.
- Trane Technologies
- Kaltra
- BROADU.S.A. INC.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America HVAC chillers market
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