Chillers market remains fragmented as Daikin leads 2024 sales

The Business Research Company says the global chillers market is still fairly fragmented, with Daikin Industries leading 2024 sales at 5% market share and the top 10 players holding 12% of revenue. The report points to energy efficiency, low-GWP refrigerants, digital monitoring and data center cooling as the main battlegrounds for growth.

Why it matters: - The chillers market is being shaped by energy efficiency mandates, refrigerant transition rules and rising demand for industrial and commercial cooling. - Competition is centered on system reliability, lifecycle cost, sustainability targets and digital control, which makes technology leadership a key differentiator. - The market opportunity is widening as data centers, manufacturing sites and infrastructure operators look for higher-performance thermal management.

What happened: - The Business Research Company released an analysis of the global chillers market on July 9, 2026. - Daikin Industries Ltd. led global sales in 2024 with a 5% market share. - The report said the market is fairly fragmented, with the top 10 players accounting for 12% of total revenue in 2024. - Carrier Corporation, Trane Technologies plc, Johnson Controls International plc, Mitsubishi Electric Corporation, York International Corporation, LG Electronics Inc., Midea Group Co. Ltd., Hitachi Air Conditioning Company Ltd. and Lennox International Inc. were among the leading players. - The report highlighted a wave of competition around intelligent cooling systems, low-GWP refrigerants, modular chillers, digital monitoring and data center cooling.

The details: - Daikin's air conditioning and refrigeration business offers air-cooled chillers, water-cooled chillers, modular cooling systems and inverter-based solutions. - The report said those products support energy optimization, precise temperature control, operational flexibility and long-term performance. - Carrier Corporation held 2% of the market in 2024. - Trane Technologies plc, Johnson Controls International plc, Mitsubishi Electric Corporation, York International Corporation and LG Electronics Inc. each held 1%. - Midea Group Co. Ltd., Hitachi Air Conditioning Company Ltd. and Lennox International Inc. each held 0.1% or less. - Major raw material suppliers listed in the report include Honeywell International Inc., Chemours Company, Arkema S.A., Daikin Chemical Division, Dongyue Group Ltd., Linde plc and Air Liquide S.A. - Other suppliers named include Emerson Electric Co., Danfoss A/S, Copeland LP, BITZER SE, Hanbell Precise Machinery Co. Ltd., Sanhua Holding Group Co. Ltd., Parker Hannifin Corporation, Mueller Industries Inc., Wieland Group, Nippon Steel Corporation, ArcelorMittal S.A., BASF SE and Huntsman Corporation. - Major wholesalers and distributors named in the report include Watsco Inc., Ferguson Enterprises Inc., Winsupply Inc., Johnstone Supply LLC, Reece Group, Thermal Supply Inc., United Refrigeration Inc., Beijer Ref AB, Marcone Supply, Refrigerative Supply Limited, DCNE Inc., Wolseley Canada Inc., Hajoca Corporation, APR Supply Co., FSW Ltd., W.W. Grainger Inc., Sonepar Group, HD Supply Holdings Inc., Lennox National Account Services and Gustave A. Larson Company. - Major end users listed include Intel Corporation, Taiwan Semiconductor Manufacturing Company Limited, Pfizer Inc., Johnson & Johnson, Nestlé S.A., PepsiCo Inc., The Coca-Cola Company, Reliance Industries Limited, Exxon Mobil Corporation, Shell plc, Tata Steel Limited, ArcelorMittal Nippon Steel India, Amazon.com Inc., Equinix Inc., Digital Realty Trust Inc., Marriott International Inc., Hilton Worldwide Holdings Inc., Hyundai Motor Company, Tesla Inc. and Unilever PLC. - The report included a sample request link: Request a free sample of the chillers market report. - The report also included a full report link: Access the detailed chillers market report.

Between the lines: - The concentration data suggests there is still room for smaller and regional players, but scale, engineering depth and service reach remain important barriers to entry. - The emphasis on low-GWP refrigerants and intelligent controls points to a market where compliance and efficiency are now tied directly to product competitiveness. - Carrier's February 2026 launch of the AquaEdge 30CF air-cooled centrifugal chiller shows how vendors are using product releases to target data center resilience and mission-critical cooling demand.

What's next: - Product development is expected to stay focused on energy-efficient compressor technologies, modular architectures and predictive maintenance tools. - Expansion into data center cooling and digital HVAC infrastructure is likely to remain a priority for leading suppliers. - The Business Research Company said its 2026 reports add market attractiveness scoring, TAM analysis, company scoring matrices, forecasting dashboards and future trend analysis.