Global Modular Chillers Market by End-use (Residential, Industrial, Commercial), by Product (Water-cooled, Air-cooled) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global modular chillers market was worth USD 2.39 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 6.7%) between 2021 and 2028. Market growth is expected to be driven by the growing demand for energy-efficient buildings due to rising awareness about environmental degradation and stringent government regulations. The market will be driven by increasing awareness of energy-efficient systems, the negative effects of burning fossil fuels, and support for energy-efficient technological innovation. Market growth will be further stimulated by tax rebates and financial support from governments around the world for the implementation energy-saving technology.

In the next few years, the UAE, India and China will see the development of private-owned construction companies. Global Construction 2030 reports that the global construction industry will reach USD 15.5 trillion in 2030. China, India and the U.S. are responsible for more than 57% of this overall growth. Due to high population growth, the U.S. construction industry is more concentrated in the south.

Europe has seen a number of initiatives that promote and encourage energy efficiency. The European Commission's initiative "The European Portal for Energy Efficiency of Buildings", allows for the sharing of knowledge, best practices and other information that can be used to provide energy solutions for buildings.

To prevent water from fouling in a modular chilleder, it must be treated or filtered. Particulate fouling can be caused by suspended solids such as sand, silt and other particulate matter in the heat transfer medium. Regular flushing is necessary to remove organic matter and dirt from the system.

The Covid-19 pandemic had a minimal impact on public construction. To avoid liquidation damage, companies have been fulfilling their contracts. However, disruptions in supply chains have caused shortages of construction materials and equipment, leading to delays and cancellations in ongoing projects as well as lower budgets for future ones.

Product Insights

In 2020, the market leader in global water-cooled systems was over 57%. The demand for water-cooled chillers has been slowing because of the need to perform critical maintenance such as freeze protection, mechanical tower maintenance and chiller condenser tube cleaning. Open cooling tower chillers must have a water treatment program to prevent contaminants like bacteria and algae.

Air-cooled modular chillers are dependent on the ambient dry bulb temperature. These chillers are more popular than water-cooled chillers due to their low maintenance costs, ease of installation and efficiency at freezing temperatures. Because they are low-cost, the demand for air-cooled chillers will grow at a faster rate than water-cooled chillers. This is due to the lack of cooling towers and condenser pumps.

Many companies that source raw materials from China and other affected countries are now focusing on labor planning and extended supply networks. They also activate alternative supply sources and production scheduling agility. They also evaluate alternative outbound logistics options. This can help product manufacturers in the future.

End-use Insights

With a market share of more than 48% in 2020, the commercial segment led the market. It will continue to grow at the fastest CAGR between 2021 and 2028. Modular chillers can be found in hospitals, retirement homes, and clinics to cool these buildings. These buildings house a lot heat-generating equipment and serve a large population of people with health-related issues. The demand is expected to rise in the future due to increasing awareness about the benefits of chillers and increased demand for cooling infrastructure.

Many historical buildings such as churches, museums, state capital buildings and museums don't have adequate air conditioning or are inoperable. Due to the presence of narrow doors and thick walls, it can be difficult to install an air conditioning system. It is difficult to install an entirely new air conditioning system because of the small doorways and thick walls. Because of their compact design, modular chillers can be installed in such buildings.

The chillers' compact design allows them to be transported through narrow spaces such as hallways, stairwells and doors. Modular chillers can be used to replace centralized air conditioning systems because they are able to meet cooling requirements of buildings. The residential sector will see a 5.8% CAGR in revenue between 2021 and 2028.

Modular chillers can also be used to transfer heat from the feed throats of injection molding machines, thermometers and hydraulic heat exchangers. These systems are also used in the printing industry to cool the paper when it is out of the ink drying ovens. These systems cool power supplies and lasers used in light projection and laser cutting.

Regional Insights

Asia Pacific held the largest market share, with 44% of the total in 2020. It will continue to hold this position through the forecast period. The Asia Pacific's overall infrastructure and capital project market is expected grow by 7 to 8 percent per year over the next decade. It is estimated that it will reach USD 5,300 billion in 2025. This represents nearly 60% of global market share. Market growth is expected to be influenced by the development of new buildings and constructions in the region.

The European residential construction sector saw a moderate increase rate. Hungary, Poland and the Slovak Republic drove the growth in Eastern Europe, while the U.K. and Sweden led the growth in Western Europe. Due to the availability of residential construction plans by the government, the construction sector in Hungary will grow by 14.9% during the forecast period.

While new residential constructions show more severe output contractions than renovations, the residential construction sector has seen consistent output. More than half of all residential construction activity in Europe is done by renovations. This has greatly contributed to the sector's recovery since 2014.

Due to increasing construction activity, the Asia Pacific and Central & South America will be key contributors to rising energy consumption. Market growth will continue to be driven by favorable government policies and increased consumer awareness.

Market Share Insights & Key Companies

To strengthen their market position, market players use a variety of strategies to increase their market share, including mergers and acquisitions, product launches, licensing agreements, and new product launches. Frigel, for example, introduced the 3FX watercooled chillers in May 2019. This modular chiller line has a capacity of between 25 and 139 tons. It was designed to create integrated systems in parallel or series for industrial users in order to meet the need for system redundancy. The following are some of the major players in global modular chillers market:

• Trane Technologies plc

• Gree Electric Appliances, Inc.

• Carrier

• Frigel

• Midea Group

• Multistack International Ltd.

• McQuay Air-Conditioning Ltd.

• Johnson Controls-Hitachi Air Conditioning

• Haier Group

• Mitsubishi Electric Corp.

Up Market Research published a new report titled “Modular Chillers Market research report which is segmented by End-use (Residential, Industrial, Commercial), by Product (Water-cooled, Air-cooled), By Players/Companies Midea Group, Mitsubishi Electric Corp, Gree Electric Appliances Inc, Frigel, Carrier, Haier Group, Johnson Controls-Hitachi Air Conditioning, Multistack International Ltd, McQuay Air-Conditioning Ltd (Daikin), Trane Technologies plc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Modular Chillers Market Report Segments:

The market is segmented by End-use (Residential, Industrial, Commercial), by Product (Water-cooled, Air-cooled).

Modular Chillers Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Modular Chillers Market

Overview of the regional outlook of the Modular Chillers Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Modular Chillers Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Modular Chillers Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Residential

                2. Industrial

                3. Commercial

                1. Water-cooled

                2. Air-cooled

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Modular Chillers Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Modular Chillers Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.