Global Modular Chiller Market Report and Forecast 2024-2032

Global Modular Chiller Market Outlook

The global modular chiller market attained a value of nearly USD 2.85 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6% to reach about USD 4.79 billion in 2032.

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Rising Demand for Water-Cooled Modular Chillers to Boost the Market Growth

Due to the high performance of water-cooled modular chillers over air-cooled systems, the water-cooled type segment of the global market for modular chiller accounted for a   significant proportion of the market share. Large commercial buildings, including corporate offices, schools, retail malls, and hospitals, among others, benefit from water-cooled modular chillers, thereby invigorating the industry growth of modular chillers. Furthermore, the air-cooled category of modular chillers is expected to generate robust market growth in the coming years due to its lower operating costs and compact design.

Asia Pacific Region to Hold a Significant Share in the Market Growth of Modular Chillers

In APAC, China, Japan, South Korea, and India are the most important markets for modular chillers. Owing to rapid industrialisation and urbanisation in the region and favourable government policies and investments, the construction projects in the region are rising, further augmenting the demand for modular chillers in various sectors. In addition, due to the existence of big heating, ventilation, and air conditioning (HVAC) and construction industries, China accounted for a substantial share of the APAC market in the historical period. Furthermore, the overall demand for air conditioners in APAC countries can be attributed to rising disposable incomes and improved purchasing power of the people.   Thus, the market for modular chillers is witnessing steady demand from the Asia Pacific region, thereby adding to the overall market growth.

Modular Chiller: Market Segmentation

Modular chiller systems are a modern alternative to classic chiller systems, providing building owners, system designers, and installers with creative solutions. Modular chillers in HVAC systems have lately developed as a more cost-effective, mass-produced alternative to totally tailored chillers.

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Based on product type, the market can be divided into:

• Air Cooled Modular Chiller
• Water Cooled Modular Chiller

By capacity, the industry can be segmented into:

• Below 300 Tons
• More than 300 tons

On the basis of its application, the market can be classified into:

• Residential
• Commercial
• Industrial

The EMR report looks into regional markets of modular chiller like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Commercial Applications of  Modular Chillers to Augment Market Growth

The commercial application segment holds a significant market share in the overall market growth of modular chillers and is expected to grow at the fastest rate throughout the forecast period. Its strong application in HVAC systems owing to growing demand from the commercial sector, including air conditioning in business offices, government buildings, schools, hospitals, shopping malls, and hotels, among others, is propelling industry growth. Demand for commercial development projects is likely to increase with the rising levels of population, which, in turn, is anticipated to augment the demand for modular chillers.

The energy efficiency and reduced environmental effect of modular chillers are also significant advantages of the product, which are contributing to its demand and the consequent market growth. The ability of modular chillers to be converted into heat pumps, allowing them to supply both cooling and heating capacity for use in various commercial or industrial applications, is further aiding the market growth. Furthermore, owing to rising concerns regarding environmental degradation, modular chillers easily meet the criteria for sustainable living with characteristics like non-ozone-depleting refrigerants. These features lessen the negative environmental effect of modular chillers and ensure the safety of the users, hence invigorating the industry growth.

Key Industry Players in the Global Modular Chiller Market

The report presents a detailed analysis of the following key players in the global modular chiller market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Johnson Controls International Plc.
• Daikin Industries, Ltd
• LG Electronics
• Multistack, LLC
• Frigel Firenze S.p.A.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report