North America HVAC Chillers Market Size and Forecast, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology, Type, Application, 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.

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