Summary

The North America industrial chillers market size was valued at US$ 646.39 million in 2023 and is expected to reach US$ 931.20 million by 2031; it is estimated to record a CAGR of 4.7% from 2023 to 2031.

The North America industrial chillers market is segmented into three countries— US, Canada, and Mexico. According to Cadrex Manufacturing Solutions, the manufacturing industry in North America is reviving post-pandemic, fueled by strong incentives and consumer demand. The region was inclined toward faster production at lower cost through partnerships with players in Asia Pacific. However, the manufacturing industry in the region began to foster growth by partnering with contract manufacturers and precision local manufacturing companies. The government authorities in the region are focused on introducing various legislations, initiatives, and regulations that complement the growth of the manufacturing industry in the region. For example, as part of the Inflation Reduction Act (IRA), the government authorities are focused on minimizing inflation and investments in domestic energy production. For example, IRA features an Advanced Manufacturing Production tax credit that incentivizes the domestic production of clean energy technologies—including wind components, solar components, inverters, and battery components. The 2022 bipartisan CHIPS and Science Act drives the research development and production of semiconductors in the region. Bipartisan Infrastructure Law includes funding for battery production, water treatment plants, and other activities, creating huge opportunities for the contractor manufacturers of the region. Thus, the rise in the production of semiconductors, batteries, and several other components contributes to the demand for industrial chillers to dissipate the heat during the various stages of manufacturing.

Dynamic variations in food preferences, a rise in population, and an increase in demand for quality food and beverages have been driving the food and beverages industry. E-commerce has also been a driving force in the food and beverages industry. North American Free Trade Agreement (NAFTA), a trilateral trade agreement between Canada, Mexico, and the US, fosters the trade of food and beverages products among these countries with lesser tariffs and fuels the import activities in the food and beverages industry. NAFTA eliminated most Mexican and Canadian tariffs on exports of foods and beverages processed in the US. This factor has provided the US a competitive advantage in the global market. NAFTA has also benefitted Mexico in setting up and fostering its food and beverages industry by leveraging US technology and capital. This factor has contributed to new openings of food and beverage plants across Mexico. For example, in September 2024, snack foods company Chomps announced the opening of a new, state-of-the-art processing plant in Mexico in 2025. In April 2024, Mission Foods Mexico, a subsidiary of Gruma SAB de CV, planned to invest US$ 46.5 million over the next five years to build a new snack plant in Puebla and expand its existing Huejotzingo tortilla, toast and fried food plant. Thus, the construction of new food plants generates the demand for industrial chillers in North America.

Based on chiller type, the North America industrial chillers market is segmented bifurcated into water cooled chillers and air cooled chillers. The water cooled chillers segment held the largest North America industrial chillers market share. A water cooled chiller uses water to remove the heat generated in industrial manufacturing processes. These chillers consist of components such as cooling towers, condenser water pumps, make-up water pumps, chillers, and thermal energy storage (TES) reservoirs, making them more efficient than air cooled chillers. In the industrial setup, these chillers are required to stop equipment from overheating, maximize its lifespan, and minimize production downtime. These chillers are widely used in industrial manufacturing and processing plants, chemical and petrochemical industries, pharmaceutical industries, and machine shops and foundries. Water cooled chillers are widely adopted in plants where larger chillers are required. They are in high demand to cool fluids such as oil and chemicals that can cause fires at high temperatures. Market players such as Atlas Copco North America LLC and Envisys Technologies offer new, innovative products to cater to this growing demand.

Haskris; Dimplex Thermal Solutions; Thermo Fisher Scientific Inc.; Advantage Engineering, Inc.; HYDAC International GmbH; MTA S.p.A.; KKT chillers, Inc.; Drake Refrigeration Inc; Atlas Copco AB; Daikin Industries Ltd; Carrier Global Corp; Friulair Srl; Smardt Chiller Group Inc; Trane Technologies Plc; and Blue Star Ltd. are among the key North America industrial chillers market players that are profiled in this market study.

The overall North America industrial 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 industrial 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 industrial chillers market.

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Table of Contents

TABLE OF CONTENTS

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 Industrial 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 Industrial Chillers Market – Key Market Dynamics
5.1 North America Industrial Chillers Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Increase in Demand from Manufacturing Industry
5.2.2 Growth of Market for Renting and Leasing Industrial Chillers
5.2.3 Stringent Regulations in Food and Pharmaceutical Industries
5.3 Market Restraints
5.3.1 Rise in Energy Costs
5.3.2 Fluctuation in Prices of Raw Materials
5.4 Market Opportunities
5.4.1 Retrofitting Older Chillers to Meet New Energy Efficiency Standards
5.4.2 Growing Number of Craft Breweries and Microbreweries in North America
5.5 Market Trends
5.5.1 Demand for Energy-Efficient and Sustainable Industrial Chillers
5.6 Impact of Drivers and Restraints:
6. North America Industrial Chillers Market – Global Market Analysis
6.1 North America Industrial Chillers Market Revenue (US$ Million), 2021–2031
6.2 North America Industrial Chillers Market Forecast Analysis
7. North America Industrial Chillers Market Analysis – by Chiller Type
7.1 Water Cooled Chillers
7.1.1 Overview
7.1.2 Water Cooled Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Air Cooled Chillers
7.2.1 Overview
7.2.2 Air Cooled Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8. North America Industrial Chillers Market Analysis – by Process
8.1 Continuous Flow Chillers
8.1.1 Overview
8.1.2 Continuous Flow Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Immersion Chillers
8.2.1 Overview
8.2.2 Immersion Chillers: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9. North America Industrial Chillers Market Analysis – by Application
9.1 Industrial Manufacturing
9.1.1 Overview
9.1.2 Industrial Manufacturing: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.2.1 Machine Tool
9.1.2.1.1.1 Overview
9.1.2.1.2 Machine Tool: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.2.2 Laser Systems
9.1.2.2.1.1 Overview
9.1.2.2.2 Laser Systems: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.1.2.3 Others
9.1.2.3.1 Overview
9.1.2.3.2 Others: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Food and Beverage Processing
9.2.1 Overview
9.2.2 Food and Beverage Processing: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Medical Equipment
9.3.1 Overview
9.3.2 Medical Equipment: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10. North America Industrial Chillers Market – Regional Analysis
10.1 North America: North America Industrial Chillers Market – Revenue and Forecast Analysis – by Country
10.1.1 North America: North America Industrial Chillers Market – Revenue and Forecast Analysis – by Country
10.1.1.1 United States: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.1.1 United States: North America Industrial Chillers Market Breakdown, by Chiller Type
10.1.1.1.2 United States: North America Industrial Chillers Market Breakdown, by Process
10.1.1.1.3 United States: North America Industrial Chillers Market Breakdown, by Application
10.1.1.1.3.1 United States: North America Industrial Chillers Market Breakdown, by Type
10.1.1.2 Canada: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Canada: North America Industrial Chillers Market Breakdown, by Chiller Type
10.1.1.2.2 Canada: North America Industrial Chillers Market Breakdown, by Process
10.1.1.2.3 Canada: North America Industrial Chillers Market Breakdown, by Application
10.1.1.2.3.1 Canada: North America Industrial Chillers Market Breakdown, by Type
10.1.1.3 Mexico: North America Industrial Chillers Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 Mexico: North America Industrial Chillers Market Breakdown, by Chiller Type
10.1.1.3.2 Mexico: North America Industrial Chillers Market Breakdown, by Process
10.1.1.3.3 Mexico: North America Industrial Chillers Market Breakdown, by Application
10.1.1.3.3.1 Mexico: North America Industrial Chillers Market Breakdown, by Type
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 Merger and Acquisition
12.4 New Product Development
13. Company Profiles
13.1 Haskris
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 Dimplex Thermal Solutions
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 Thermo Fisher Scientific 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 Advantage Engineering, Inc.
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 HYDAC International GmbH
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 MTA S.p.A.
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 KKT chillers, 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 Drake Refrigeration 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 Atlas Copco AB
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 Daikin Industries Ltd
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 Carrier Global Corp
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 Friulair Srl
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
13.13 Smardt Chiller Group Inc
13.13.1 Key Facts
13.13.2 Business Description
13.13.3 Products and Services
13.13.4 Financial Overview
13.13.5 SWOT Analysis
13.13.6 Key Developments
13.14 Trane Technologies Plc
13.14.1 Key Facts
13.14.2 Business Description
13.14.3 Products and Services
13.14.4 Financial Overview
13.14.5 SWOT Analysis
13.14.6 Key Developments
13.15 Blue Star Ltd
13.15.1 Key Facts
13.15.2 Business Description
13.15.3 Products and Services
13.15.4 Financial Overview
13.15.5 SWOT Analysis
13.15.6 Key Developments
14. Appendix
14.1 Word Index
14.2 About The Insight Partners