Modular Chiller Market

Modular Chiller Market Outlook (2022-2032)

Worldwide modular chiller sales are estimated at US$ 3.7 Billion for 2022. As per detailed industry analysis, the global modular chiller market is forecast to reach US$ 6.2 Billion by 2032, expanding at a CAGR of around 5.2% from 2022 to 2032.

Fact.MR, a market research and competitive intelligence provider, foresees thriving growth in modular chiller demand. The industry is riding on the coattails of ongoing rapid automation across industrial operations, be it complex or simple tasks. Over the past few decades, falling costs of cooling technologies have further aided the penetration of automation.

Report Attributes	Details
Market Size (2021A)	~US$ 3.5 Billion
Estimated Market Value (2022E)	~US$ 3.7 Billion
Forecast Market Value (2032F)	~US$ 6.2 Bn
Global Market Growth Rate (2022-2032)	5.2% CAGR
North America Market Share (2022)	16%
Market Share of Top 5 Companies	~60%
Key Companies Profiled	Johnson Controls LG Electronics Carrier Corporation Trane Technologies plc Gree Electric Appliances, Inc.

Modular chiller sales account for nearly 37% share in the global chiller market, which include modular air-cooled chillers, modular water-cooled chillers, and modular evaporative condensed chillers.

Emerging markets are considering modular chillers as an additional imperative for business profitability. Amid intense market competition, where production output and overall operational efficiency play a crucial role, automation is helping businesses maintain a competitive edge.

As essential cooling systems, modular chillers have witnessed significant developments in design, owing to which, businesses can achieve increased productivity and efficiency, thereby helping in increasing overall business ROI.

Modular Chiller Demand Analysis (2017-2021) Vs. Market Outlook (2022-2032)

• Over the period of 2017 to 2021, sales of modular chillers increased at a low CAGR of 1.3%, mainly due to the market being affected with the COVID-19 crisis of 2020.
• North America-based modular chiller market is expected to have a revenue share of 16% in 2022, and is likely to reach a valuation of US$ 876 Million by 2032.
• Europe is presumed to hold a market value of around US$ 695 Million by the end of 2022, owing to high technology adoption rate.
• Compressor chillers, as a product type, are expected to be valued at US$ 4.5 Billion by 2032.
• By capacity, above 150 ton modular chiller systems are set to hold a high market share of 47.5% by the end of 2032.
• Under cooling technology, water-cooled modular chillers are expected to hold a market share of 54% in 2022.
• Demand for R410A as a coolant type is expected to increase at a CAGR of 4% over the period of 2022-2032.
• In the end-use sectors, industrial is expected to hold a market share of 79% by the end of 2032.

What are the Key Trends Shaping Market Growth?

“Demand for Modular Chillers Rising in Energy-Efficient Buildings”

With rising infrastructural development, the world is shifting towards energy-efficient buildings that are designed to reduce the energy needs for heating and cooling. These energy-efficient buildings help in the reduction of carbon emissions, which is driving demand for modular chiller systems in parallel.

The market is also growing due to increased disposable income and rising demand for easy-to-install and lightweight modular chillers. Industrialization and urbanization are expanding in countries such as India, China, and Indonesia, which also helps drive market growth.

“Consolidation of Modular Chillers for End-use Industries to Drive Innovation”

Manufacturers of modular chiller machines are actively engaged in accommodating the surge in demand for cooling systems in different industrial applications. In particular, demand for water-cooled modular chillers is increasing steadily for several industrial operations.

Technology awareness of the ongoing industrial dynamics has pushed leading modular chiller players in strengthening their product development and production capacities. With the ongoing consolidation of the industrial cooling landscape, the sector is likely to witness innovation that will further add flexibility and convenience in cooling technology.

Country-wise Analysis

Why are Modular Chiller Suppliers Eyeing China?

“New Airport Constructions to Drive Need for Modular Chillers”

The aviation industry in China is expected to register significant growth over the coming years. According to the Civil Aviation Administration of China (CAAC), the country is expected to build 27 new airports in the span of 4 years, which will drive the sales of modular chiller plants; the need for modular chillers will increase for keeping the atmosphere cool.

China is likely to hold a valuation of US$ 1.4 Bn in 2022, and is expected to reach US$ 2.4 Bn by the end of 2032.

Why is the U.S. a Lucrative Market for Modular Chiller Manufacturers in North America?

“High Awareness about Energy-Efficient Products to Complement Market Growth”

The U.S is expected to account for the highest market share of 88% in North America in 2022, and retain its pole position over the forecast period. Factors such as increased awareness about energy-efficient end-use products, rapid industrialization, and the development of buildings and new constructions are expected to have a positive impact on market growth.

The U.S modular chiller machines market is likely to reach a valuation of US$ 786 Mn by the end of 2032.

Category-wise Analysis

Why is Modular Chillers for Industrial Use the Key Focus of Manufacturers?

“Surging Industrial Use of Cooling Systems across Geographies”

Manufacturers of modular chillers are actively engaged in accommodating the surge in demand for cooling systems in different industrial sectors such as food & beverages, oil & gas, healthcare, etc. In particular, demand for modular chillers is increasing steadily for several industrial operations.

The industrial end-use sector is expected to expand at a CAGR of 5.4% and reach a valuation of US$ 4.7 Bn by the end of 2032. With the ongoing consolidation of the industrial cooling landscape, the sector is likely to witness innovation that will further add flexibility and convenience in cooling technology.

Why are Compressor Chillers Likely to Witness Accelerated Demand Growth?

“Low Initial Cost of Compressor Chillers Beneficial for End Users”

Many leading modular chiller producers are aiming to achieve lower initial costs and better efficiency. However, owing to inconsistent output, high power consumption, and high maintenance, different types of compressor chillers are on the verge of becoming obsolete.

Low initial cost of compressor chillers, which are suitable for a small area, is one of the factor for the current demand in the global market. Companies are also significantly investing in R&D activities, trying out different technical incorporations in order to develop the price-to-performance ratio of compressor chillers.

New developments such as oil-free magnetic bearing technology with high-efficiency heat exchangers are predicted to witness substantial adoption in compressor chillers over the next couple of years.

The compressor chiller segment is expected to be valued at US$ 2.8 Bn in 2022 and is likely to grow 1.6X by the end of 2032.

Competitive Landscape

Fact.MR has profiled the following key modular chiller manufacturers in its report - Airwoods, Amrta, Blue Star Ltd., Carrier Corporation, Changzhou Vrcoolertech Refrigeration Co., Ltd, Daikin Industries, Ltd, Dekon, Euroklimat, Frigel Firenze S.p.A., Gree Electric Appliances, Inc., Haier Group, Hitachi Air Conditioning, Holtop, HUALI GROUP CO., LTD, Ingersoll Rand, Jiangsu Huazhao Refrigeration Equipment CO., Ltd., Jinan Mgreenbelt Machinery Co., Ltd., Johnson Controls, LG Electronics, McQuay Air-Conditioning Ltd, Midea Group, Mitsubishi Electric, Multistack, LLC., PowerWorld, Ruidong, Senho Machinery (Shenzhen) Co., Ltd, Shanghai Elan Industry Co., Ltd, Shanghai Shenglin M&E Technology Co., Ltd., Trane Technologies plc.

These key market players are constantly innovating product designs to meet modern-day challenges pertaining to component placement in the engine environment. 

Some of the recent market developments are:

• Frigel Firenze S.p.A., in 2019, launched a new modular chiller named the 3FX chiller. Theses chillers are available in 12 different models, out of which, 7 models come with screw compressors while the remaining are scroll compressors.
• Trane Technologies plc, in 2019, acquired Arctic Chiller Group to enhance its product portfolio of high-efficiency water-cooled and air-cooled modular chillers and the enhancement of magnetic bearing chillers for the application of process cooling and commercial HAVC application.

Similarly, recent developments related to the market are tracked and presented in the comprehensive study.

Key Segments Covered in Modular Chiller Industry Research

• By Product Type :

  • Compressor Chillers
    • Screw Chillers
    • Centrifugal Chillers
    • Scroll Chillers
    • Reciprocating Chillers
  • Absorption Chillers

• By Capacity :

  • Up to 30 Ton
  • 30 - 50 Ton
  • 50 -70 Ton
  • 70 - 100 Ton
  • 100 - 150 Ton
  • Above 150 Ton

• By Cooling Technology:

  • Air-cooled
  • Water-cooled
  • Evaporative Condensed Modular Chillers

• By Coolant Type :

  • R134A
  • R744
  • R717
  • HCFC (R2, R123, R124, R151) Modular Chillers
  • HCS (R600A, R290) Modular Chillers
  • R407C
  • R404A
  • R410A
  • R448A
  • R449A
  • Others

• By End-use Sector :

  • Commercial Modular Chillers
    • Corporate Offices
    • Data Centers
    • Hospitality Sector
  • Industrial Modular Chillers
    • Chemicals & Petrochemicals
    • Healthcare
    • Plastics & Polymers
    • Food & Beverages
    • Oil & Gas
    • Energy & Power
    • Automotive
    • Discrete Manufacturing

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA