The new report by Expert Market Research titled, ‘Global Modular Chiller Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global modular chiller market, assessing the market based on its segments like product type, capacity, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 2.4 Billion
- Forecast CAGR (2023-2028): 9%
- Forecast Market Size (2026): USD 3.4 Billion
Over the forecast period, the increased need for energy-efficient buildings is expected to fuel the product demand, owing to rising awareness about environmental degradation combined with stringent government regulations. The rising construction spending in emerging nations such as China, India, and Brazil, owing to strong economic and industrial development and population growth, is expected to drive product demand. The commercial application category accounts for a substantial portion of total modular chiller market growth and is predicted to increase at a quick rate throughout the forecast period. Its widespread use in HVAC systems, owing to rising commercial demand for air conditioning in places like company offices, government buildings, schools, hospitals, shopping malls, and hotels, is propelling the industry growth forward. Modular chillers’ potential to be turned into heat pumps, allowing them to provide both cooling and heating capacity for use in a variety of commercial and industrial applications, is assisting market expansion.
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Industry Definition and Major Segments
The modular chiller is a self-contained chilling system that produces chilled water. It is the most crucial component of the HVAC system. The compressor, condenser, expansion device, and evaporator are all pre-engineered and manufactured components of the system. It works just as well in an open location with an enclosure to protect the components from the weather as it does in a mechanical room in a structure.
Based on product type, the market can be divided into:
- Air Cooled Modular Chiller
- Water Cooled Modular Chiller
By capacity, the industry can be segmented into:
- Below 300 Tons
- More than 300 tons
On the basis of its application, the market can be classified into:
- Residential
- Commercial
- Industrial
On the basis of region, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The market is expected to grow even faster in the future years as people become more aware of energy-efficient devices and the negative consequences of burning fossil fuels. The growth is attributed to pressure operating features and lower condensing temperature offered by water-cooled systems compared to air-cooled systems, urbanisation, and government initiatives to enhance the country’s infrastructure. Modular chillers easily meet the standards for sustainable living, such as non-ozone-depleting refrigerants, despite the growing concerns about environmental deterioration. These features reduce the negative environmental impact of modular chillers while also ensuring user safety, boosting industrial growth.
Key Market Players
The major players in the market are Johnson Controls International Plc., Daikin Industries, Ltd, LG Electronics, Multistack, LLC, and Frigel Firenze S.p.A., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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