Modular Chillers Market Analysis | 2024-2030

Market Insights

The modular chillers market was estimated at USD 2.6 billion in 2023 and is likely to grow at a CAGR of 6.66% during 2024-2030 to reach USD 4.09 billion in 2030.

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Market Dynamics

Introduction

Modular chillers are advanced cooling systems designed for flexible and efficient temperature control in commercial, industrial, and residential applications. Comprising multiple, interconnected modules, these chillers can be easily scaled to meet varying cooling demands. Each module operates independently, ensuring high energy efficiency, redundancy, and system reliability. Modular chillers are compact, easy to install, and offer significant space savings compared to traditional chillers. They are widely used in data centers, healthcare facilities, manufacturing plants, and office buildings. With features like quiet operation, precise temperature regulation, and lower maintenance costs, modular chillers are a sustainable solution for modern cooling requirements.

Market Drivers

Improved HVAC technology, a focus on sustainability, and rising demand for energy-efficient cooling solutions are all driving market growth. Environmental factors and infrastructure development to support market expansion.

For building services in both commercial and residential applications, modular chillers are becoming more and more popular. The reason for this is that they can both cool and recover heat from the cooling module, which raises a cooling system's total efficiency. To end customers, a modular chiller is a collection of small modules that are connected to generate output akin to that of a single chiller.

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Key Players

The following are the key players in the modular chiller market:

• Carrier Corporation
• McQuay Air-Conditioning Ltd.
• Multistack, LLC.
• Johnson Controls- Hitachi Air Conditioning
• Midea Group
• Ingersoll Rand
• Gree Electric Appliances, Inc.
• Haier Group
• Frigel Firenze S.p.A.
• Mitsubishi Electric Corporation.

Segment Analysis

By Type

"Water-cooled segment held the larger share of the market in 2023, and is expected to remain dominant during the forecast period"

Based on the type, the market is segmented as air-cooled and water-cooled. The water-cooled segment held the larger share of the market in 2023, and is expected to remain dominant during the forecast period, owing to its superior performance in comparison to the air-cooled systems. Water-cooled systems are ideal for cooling at large commercial places, such as corporate offices, schools, shopping malls, and hospitals. While the air-cooled segment is expected to register a higher growth, attributed to its low operating cost and compact design.

By Application Type

"Commercial application segment has accounted for the largest market share during the forecast period"

Based on the application type, the modular chillers market is segmented as commercial, industrial, residential, and others. The commercial application segment has accounted for the largest market share and is projected to register the highest growth rate owing to its high demand in the HVAC systems. Population growth is expected to create demand for commercial construction projects, which in turn, will create the demand for modular chillers.

Regional Analysis

"Asia-Pacific is estimated to be the largest market during the forecast period"

In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. China clocked the largest share of the Asia-Pacific’s market, driven by the presence of gargantuan HVAC and construction industries. As per the World Bank, India is likely to be one of the world’s fastest-growing economies with an estimated annual GDP expansion rate, exceeding 7.0% during the forecast period.  The general economic scenario in the Asia-Pacific region is conducive for the growth of the modular chillers market.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s functional modular chillers market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The modular chillers market is segmented into the following categories. 

By Type

• Air-cooled 
• Water-cooled 

By Application Type

• Commercial
• Industrial
• Residential
• Others 

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.