Modular Chillers Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2077 | Last Updated On: Jun 21 2022 | Available Formats

> Global Modular Chillers Market Expected to reach a high CAGR of 7.1% By 2029: DataM Intelligence

Global Modular Chillers Market is segmented By Product Type (Water-cooled modular chillers, Air-cooled modular chillers), By Application (Commercial, Residential, Industrial, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029


Market Overview

The Global "Modular Chillers Market" is expected to grow at a high CAGR of 7.1% during the forecasting period (2022-2029).

The modular chiller is a self-contained chilled water production system. It is the main component of the  HVAC system. It is the pre-engineered and fabricated with all system components including the compressor, condenser, expansion device, and evaporator.  It works equally well in a building mechanical room without an enclosure, and in an open environment with an enclosure to protect the components from the elements. 

Market Dynamics:

The market is driven by the growing demand for the modular chillers in the commercial, residential, and industrial applications owing to its advantages such as flexibility, expandability, serviceability, redundancy, better capacity controls, and energy-efficient. The modular chillers are used to cool and dehumidify air in commercial, institutional, or industrial facilities.

The market is dominated by the availability of the dependable, cost-effective chillers available in water-cooled and air-cooled types ranging in size from 20 to 60 nominal tons each. The modular chillers are compact in size, energy-efficient, and flexible. These chillers could be connected in parallel from 6 units to 12 units to increase the overall cooling capacity of chiller systems. There is growing incorporation of advanced technologies such as artificial intelligence, the internet of things, and machine learning shall stimulate the market demand. The modular chiller provides the remote access, power usage monitoring, and predictive maintenance to the users. The implementation of the sensors in the modular chillers helps in acquiring the data helps in improving improve performance.

The rise in the launch of the novel modular chillers shall stimulate market growth. For instance, in July 2019, Frigel Group had launched the 3FR modular air-cooled chillers for plastics processors in North America.  These modular chillers provide the better control, flexibility and an industry-leading Energy Efficiency Ratio (EER) for users in need of a smarter option for a wide range of processes, including injection and blow molding, blown film, and cast sheet/film extrusion applications.

In June 2015, Mitsubishi Electric had launched a range of advanced, inverter-driven chillers to the United Kingdom market to challenge the traditional way of delivering cooling and heating. It is the highly efficient e-series modular chiller range is designed to answer the need for controllable, energy-efficient cooling and heating with reduced plant size and a host of advanced features and benefits.

Segment Analysis

The global modular chillers market is segmented based on product type as water-cooled modular chillers, and air-cooled modular chillers. The water-cooled modular chillers segment accounts for the highest market share due to the rising demand for the water-cooled modular chillers for power generation, mining, automotive, and food & beverage industry. The water-cooled modular chillers provide superior performance in comparison to the air-cooled modular chillers. The water-cooled modular chillers are widely used for cooling at large commercial places including the corporate offices, schools, shopping malls, and hospitals. There is rising adoption of the modular chillers due to its low operating cost and compact design. It is expected that the water-cooled modular chillers segment shall fuel the market growth. The market is dominated by the availability of the water-cooled modular chillers. For instance, Carriers AquaSnap 30MP packaged liquid and condenser chillers feature a compact modular design that makes them ideal for easy replacement, retrofit, or new construction applications.

Further, the market is also classified based on the application as commercial, residential

Industrial, and others. The commercial segment accounts for the highest market share due to the rising usage of the modular chillers in the commercial buildings. There is a high demand for HVAC systems in hospitals, commercial offices, shopping malls, hotels, and commercial institutions. The rise in the number of commercial projects along with the rising population shall boost the market demand for modular chillers used for commercial buildings. The stringent standards for the commercial buildings imposed by the regulatory bodies shall stimulate market growth over the forecasted period. There is high usage of air conditioning in commercial offices, government buildings, schools, hospitals, shopping malls, and hotels.

Geographical Presentation

By region, the global modular chillers market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global modular chillers market due to the high usage of the modular chillers for power generation, mining, automotive, and food & beverage industry. There is a high investment for the research and development activities and innovation centers by the major players. Companies are focussing on expanding their production facilities for meeting the growing demand for modular chillers with the rising adoption of home automation. Companies are following the various energy efficiency requirements stated by regulatory authorities for the development of the modular chillers.

The Asia-Pacific region is expected to have positive market growth owing to the rising rapid industrialization. There is an increasing demand for modular chillers in processing, manufacturing, and smelting. There is high adoption of the water-cooled chillers in power plants to maximize the cooling. The drastic market growth is expected to be observed in developing countries such as China and India due to the growing HVAC and construction industries. There is an increase in the number of companies manufacturing the modular chillers. The increasing tourism has increased the construction of hotels and public infrastructure which incorporates the high usage of the district cooling. The growing domestic income and purchasing power of the people shall boost the market demand for modular chillers over the forecasted period.

Competitive Analysis

The global modular chillers market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Ingersoll Rand, Gree Electric Appliances Inc., Carrier Corporation, Frigel Firenze S.P.A., Multistack, LLC, Johnson Controls, Qingdao Haier, and Mitsubishi Electric Hydronics are the leading market players with significant market share.

The major players are using product development, novel product approvals, market expansion, and product diversification strategies for holding their position in the market. For instance, in February 2019, Frigel Group had launched the ModularChiller line of central chillers that includes its new family of modular and highly energy-efficient 3FX water-cooled chillers ranging from 25 to 139 tons each. It is designed for use with Frigel’s internationally patented Ecodry 3DK central adiabatic dry-cooler systems and offering engineered, automatic free-cooling capability, 3FX chillers are a key component of a digitally controlled, integrated closed-loop intelligent cooling system engineered to save energy and deliver reliable performance.

The companies are entering into the collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for modular chillers and their expansion across the globe. For instance, in March 2018, Mitsubishi Electric Hydronics & IT Cooling Systems Spa had acquired the minority shares of the distribution company Topclima and the service company Sater. Topclima had gained a leadership position in chiller and heat pump distribution in the Spanish market.

In January 2018, Ingersoll Rand acquired ICS Group Holdings Ltd, a leading European temperature control and HVAC solutions provider. This acquisition would enable the company to cater to a broad range of customers and strengthen its growth in the European market.

In  December 2016, Climaveneta S.p.A. and RC Group S.p.A., (wholly-owned subsidiaries of MELCO Hydronics & IT Cooling S.p.A.) had merged and is doing the business as the Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A. This merger would realize synergies for strengthened competitiveness in Mitsubishi Electric's HVAC business, mainly in Europe. It is expected to facilitate increased sales and expanded market share in the comfort chiller segment, and enhance the competitiveness of specialized air conditioning systems in the IT cooling segment.

Why Purchase the Report?

  • Visualize the composition of the global modular chillers market products in terms of product type and application highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the global modular chillers market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of global modular chillers market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

**The global modular chillers market report will provide access to approximately 53 market data tables, 44 figures, and 178 pages

Target Audience

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