Modular Chillers Market

Modular Chillers Market Size (2023-2028):

The modular chillers market generated revenues of USD 3,800 million in 2022 and is estimated during the forecast period to reach 2028 USD 4,777 million. The market is likely to develop at a compound annual growth rate of 7.1% over the foreseen period.

Modular Chillers Market - Dynamics:

The global modular chillers market is promoted by the rising call in commercial, residential, and industrial applications as they are used to cool and dehumidify air in those applications.

The availability of dependable, cost-effective chillers in water-cooled and air-cooled types ranging in size from twenty to sixty nominal or cost tons are dominating the Modular Chillers market. The compact size, energy efficiency, and flexibility are also driving the Modular chillers market. There is growing incorporation of advanced technologies like artificial intelligence (AI), the internet of things (IoT), and machine learning shall stimulate the market demand. Remote access, power usage monitoring, and predictive maintenance to the users are provided by modular chillers. The implementation of the sensors for helping in obtaining data and improving performance in modular chillers.

July 2019 in North America, Frigel Group launched or started the 3FR modular air-cooled chillers for plastics processors and they are providing more desirable control, flexibility, and an industry-leading Energy Efficiency Ratio for users in need of a smarter option for a large area of processes, such as injection and blow molding, blown film, and cast sheet/film extrusion applications.

MODULAR CHILLERS MARKET REPORT COVERAGE

Modular Chillers Market Segmentation & Insights until 2028.

Modular Chillers Market - By Type:

• Water-cooled modular chillers
• Air-cooled modular chillers

The water-cooled modular chillers type segment estimated for the largest share of the market during the outlook period, owing to its superior performance compared to the air-cooled modular chillers systems. They are ideal for cooling at large commercial places like corporate offices, schools, shopping malls, and hospitals in water-cooled modular chillers.

Modular Chillers Market - By Application:

Commercial

• Corporate Offices
• Data Centers
• Public Buildings

Residential

• Multifamily and Hospitality

Industrial

• Cold storages
• Others

The commercial segment is estimated over the calculated period for the largest share and is projected to register the highest growth rate. The high demand from commercial applications is contributing to its demand in Heating, ventilation, and air conditioning systems.

Modular Chillers Market – By Region

• North America

• Europe

• Asia Pacific 

• Latin America

• Middle east and Africa

The Asia Pacific has the most popular countries like China and India. China, Japan, South Korea, and India are key markets for modular chillers in the Asia Pacific area. In 2018, China accounted for the largest share of the Asia Pacific market, owing to the presence of huge Heating, ventilation, and air conditioning and construction industries. According to the World Bank, India is estimated to be one of the world’s fastest-growing economies over the calculated period to record more than 7.0%.  In 2018, the overall demand for ACs across the Asia Pacific countries witnessed high growth. The overall economic scenario in the Asia Pacific is favorable for the growth of the modular chillers market.

Impact of COVID-19 on the Modular Chillers Market

The COVID-19 pandemic has reduced the need for Modular Chillers which means manufacturers are rapidly or quickly changing their practices and purchasing priorities to meet the demand of a COVID-19 pandemic. The import-export is dependent on many regions and right now looks like vulnerable, with an unfortunate global situation. The global Modular Chillers market is impacted by this COVID-19 pandemic when certain manufacturers either close down or decline their production because of a lack of downstream demand. In these situations, business dynamics in Asia Pacific regions were very dynamic, weakening regularly, making stability, and right now the condition is difficult.

Modular Chillers Market - Key Market Players

1. Carrier Corporation (US)

2. McQuay Air-Conditioning (Hong Kong)

3. Johnson Controls- Hitachi Air Conditioning (Japan)

4. Midea Group (China)

5. Ingersoll Rand (Ireland)

6. Gree Electric Appliances (China)

7. Frigel Firenze (Italy)

8. Mitsubishi Electric Corporation (Japan)

9. Multistack (US)

10. Haier Group (China)