Modular Chillers Market Size, Share, Industry, Forecast and outlook (2024-2031)

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, 2024-2031

Report Overview

Modular Chillers Market is expected to grow at a CAGR of 7.1% during the forecast period 2024-2031

The modular chiller is a self-contained chilled water production system. It is the main component of the  HVAC system. It is 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 Summary

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Market Dynamics

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

The market is dominated by the availability of 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 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 novel modular chillers shall stimulate market growth. For instance, in July 2019, Frigel Group launched the 3FR modular air-cooled chillers for plastics processors in North America.  These modular chillers provide 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 launched a range of advanced, inverter-driven chillers in the United Kingdom market to challenge the traditional way of delivering cooling and heating. It is the highly efficient e-series modular chiller range designed to answer the need for controllable, energy-efficient cooling and heating with reduced plant size and a host of advanced features and benefits.

Market Segmentation Analysis

The global modular chillers market insights are 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 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. Water-cooled modular chillers are widely used for cooling at prominent commercial places including corporate offices, schools, shopping malls, and hospitals. There is rising adoption of modular chillers due to their 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 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 modular chillers in 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 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.

Market Geographical Share

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 Opportunity due to the high usage of modular chillers for power generation, mining, automotive, and food & beverage industry. There is an increased investment in 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 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 water-cooled chillers in power plants to maximize 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 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.

Companies and 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 shares.

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 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 Eco dry 3DK central adiabatic dry-cooler systems and offers 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 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 acquired the minority shares of the distribution company Topclima and the service company Sater. Topclima had gained a leadership position in the Spanish market's chiller and heat pump distribution.

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.) merged and are 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

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