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I AgreeAnalysis of Modular Chiller market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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 |
|
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.
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“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.
“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.
“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.
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“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.
“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.
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:
Similarly, recent developments related to the market are tracked and presented in the comprehensive study.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
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The global modular chiller market is currently worth US$ 3.7 Billion.
2021 is the base year in the global market report on modular chillers.
Sales of modular chillers are expected to increase at a CAGR of 5.2% through 2032.
The global modular chiller market is likely to reach a valuation of US$ 6.2 Bn by the end of 2032.
The market is likely to offer an absolute dollar opportunity of around US$ 2.2 Bn during 2022-2032.
East Asia holds a leading market share of around 48% in 2022, and is presumed to remain in the same growth curve through 2032.
Compressor chillers holds the highest market share of 76% in 2022.
The North American region is likely to offer great growth prospects with a market valuation of US$ 599 Mn in 2022.
Commercial modular chillers are set to account for market share of 22% by 2032.
R134A modular chillers are expected to reach a market valuation of US$ 480 Mn by the end of 2032.