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Modular Chiller Market

Modular Chiller Market

Modular Chiller Market Analysis by Product Type (Compressor Chillers, Absorption Chillers), by Cooling Technology (Air-cooled, Water-cooled, Evaporative Condensed Modular Chillers), by Coolant Type, by Capacity, by End-use Sector, by Region - Global Forecast 2022-2032

Modular Chiller Market
FACT7155MR

Modular Chiller Market Outlook (2022-2032)

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

Report Attributes

Details

Modular Chiller Market Size (2021A)

~US$ 3.5 Bn

Estimated Market Value (2022E)

~US$ 3.7 Bn

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

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.

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 Mn by 2032.
  • Europe is presumed to hold a market value of around US$ 695 Mn 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 Bn 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.

Modular Chiller Market forecast analysis by Fact.MR

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.

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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.

An Adaptive Approach to Modern-day Research Needs

Key Segments Covered in Modular Chiller Industry Research

  • Modular Chiller Market By Product Type :

    • Compressor Chillers
      • Screw Chillers
      • Centrifugal Chillers
      • Scroll Chillers
      • Reciprocating Chillers
    • Absorption Chillers
  • Modular Chiller Market By Capacity :

    • Up to 30 Ton Modular Chillers
    • 30 - 50 Ton Modular Chillers
    • 50 -70 Ton Modular Chillers
    • 70 - 100 Ton Modular Chillers
    • 100 - 150 Ton Modular Chillers
    • Above 150 Ton Modular Chillers
  • Modular Chiller Market By Cooling Technology:

    • Air-cooled Modular Chillers
    • Water-cooled Modular Chillers
    • Evaporative Condensed Modular Chillers
  • Modular Chiller Market By Coolant Type :

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

    • North America Modular Chiller Market
    • Latin America Modular Chiller Market
    • Europe Modular Chiller Market
    • East Asia Modular Chiller Market
    • South Asia & Oceania Modular Chiller Market
    • MEA Modular Chiller Market

- FAQs -

The global modular chiller market is currently worth US$ 3.7 Bn.
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.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

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