The global modular chiller market is estimated to surpass US$ 3.7 Bn in 2022, growing at a CAGR of 5.2% during the forecast period (2022-2032). The global sales of modular chiller are expected to reach US$ 6.2 Bn by the end of 2032.
Increasing penetration of automation in industrial operations due to low cost of cooling technologies will aid the growth in the market. In addition to this, advancements in modular chillers are anticipated to increase the productivity and efficiency in various industries, thereby propelling the demand.
Also, end users are focusing on the development of energy-efficient buildings to reduce the energy requirement for heating and cooling in several countries. A slew of such efforts to reduce carbon emissions is likely to drive the sales of modular chiller. With rapid urbanization and improved standard of living in China, Indonesia, and India, the demand for modern infrastructure is burgeoning. This is expected to increase the adoption of easy to install and light weight modular chillers.
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Further, technological advancements for developing advanced industrial dynamics in terms of cooling technology is projected to open new growth avenues for key players. Hence, demand for advanced modular chiller in the various sectors, especially food & beverages, for the storage and prevention of contamination of food products is estimated to drive the market.
On account of this, key players are extensively investing in the research and development (R&D) activities to develop price-to-performance ratio of modular chillers. This is anticipated to bolster the growth in the market in the coming years.
Key Takeaways:
- Based on product type, the compressor segment is expected to grow 1.6X, surpassing US$ 2.8 Bn by the end of 2022.
- In terms of end-use, the industrial modular chiller segment is estimated to reach US$ 4.7 Bn, exhibiting growth at 5.4% CAGR over the forecast period
- The U.S. is expected to account for 88% of market share in North America due to rising demand for energy-efficient end-use products in country.
- China is anticipated to surpass US$ 1.4 Bn, with sales projected to increase 1.7x through 2022 & beyond.
- By capacity, above 150 ton modular chillers segment is predicted to account for 47.5% of the overall market share by the end of 2032.
Growth Drivers:
- Growing advancements in construction and building activities is projected to bolster the sales of modular chillers in the coming years.
- Surging demand for cooling systems, especially water-cooled modular chillers, in industrial sectors will boost the market.
- Integration of advanced technologies such as internet of things (IoT), artificial intelligence (AI), and machine learning in modular chillers will propel the sales.
Market Buoyancy Analysis
Key manufacturers operating in the global modular chiller market are advancing their manufacturing facilities to strengthen their foothold in the industry. In addition to this, they are also updating their product portfolio by integrating technologies such as AI and IoT to gain competitive edge.
For instance,
- In 2019, Frigel Firenze S.p.A. developed a new modular chiller named “3FX chiller.” They are available in 12 different models, from which 7 are integrated with screw compressors while the rest are scroll compressors.
- In 2019, Trane Technologies plc acquired Arctic Chiller Group to upgrade its product portfolio comprising of high-efficiency water-cooled and air-cooled modular chillers. This acquisition also helped advance magnetic bearing chillers for further application in process cooling and commercial HAVCs.
Market Titans
- Amrta
- Daikin Industries, Ltd
- Airwoods
- Frigel Firenze S.p.A.
- Haier Group
- Blue Star Ltd.
- Carrier Corporation
- Changzhou Vrcoolertech Refrigeration Co., Ltd
- Dekon
- Euroklimat
- Gree Electric Appliances, Inc.
- Jiangsu Huazhao Refrigeration Equipment CO., Ltd.
- Johnson Controls
- Hitachi Air Conditioning
- Holtop
- HUALI GROUP CO., LTD, Ingersoll Rand
- Jinan Mgreenbelt Machinery Co., Ltd.
- LG Electronics
- McQuay Air-Conditioning Ltd
- Midea Group, Mitsubishi Electric
- Multistack, LLC.
- Trane Technologies plc.
- Shanghai Elan Industry Co., Ltd
- PowerWorld
- Ruidong, Senho Machinery (Shenzhen) Co., Ltd
- Shanghai Shenglin M&E Technology Co., Ltd.
In-Depth Assessment on Key Segments
- By Product Type :
Compressor Chillers
Screw Chillers
Centrifugal Chillers
Scroll Chillers
Reciprocating Chillers
Absorption Chillers - By Capacity :
Up to 30 Ton
30 – 50 Ton
50 -70 Ton
70 – 100 Ton
100 – 150 Ton
Above 150 Ton - By Cooling Technology:
Air-cooled
Water-cooled
Evaporative Condensed Modular Chillers - By Coolant Type :
R744
R717
HCFC (R2, R123, R124, R151) Modular Chillers
HCS (R600A, R290) Modular Chillers
R407C
R404A
R410A
R448A
R449A
Others
- 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
The global Modular chiller attached storage report answers numerous pertinent questions, some of which are:
- What are some of the latent areas of investments in the market?
- Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
- What trends are likely to change the status quo of the positions held by leading players of the market in the not-so-distant future?
- Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the market?
- What are the strategies adopted by top players to retain their stronghold in the market?
- Which strategic moves will new entrants adopt to gain a strong foothold in the market?
- What are COVID-19 implications on the market and learn how businesses can respond, manage, and mitigate the risks?
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