The global modular chillers market size is expected to reach USD 3.99 Billion in 2028 and register a revenue CAGR of 6.5% during the forecast period, according to a latest report by Reports and Data. Increasing construction of commercial buildings, rising number of renovation activities of old residential and commercial infrastructures, and rising demand for HVAC systems and AC are some of the major factors expected to drive market revenue growth during the forecast period. In addition, increasing global population, as well as rapid urbanization and industrialization, especially in developing countries, are expected to boost demand for residential and commercial buildings, which is further expected to result in increasing demand for systems and electronic devices wherein modular chillers are required.
Moreover, modular chillers are used in residential and commercial refrigeration applications due to compact design, lightweight, and lower hold-up volume. Air-cooled free cooling units are utilized in cold regions, in applications where cooling is needed around the year such as data centers, process applications, and large buildings with permanent core cooling load. Increasing industrial applications of modular chillers is expected to boost revenue growth of this market during the forecast period. Ability of modular chillers to cool and recover heat from cooling module to increase cooling system’s overall efficiency is resulting in increasing use of these chillers in power generation industry. Additionally, presence of stringent energy codes is resulting in increasing popularity of green buildings and high demand for modular chillers. Increasing awareness regarding environmental degradation, coupled with stringent government regulations, tax rebates, and financial support for development of energy-efficient buildings are also boosting demand for green buildings.
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Some Key Highlights from the Report
- In May 2019, Frigel introduced ModularChiller 3FX Water Cooled Central Chiller line. Ranging from 25 to 139 tons each, the modular and energy-efficient 3FX product line allows for easy expansion and provides automatic free cooling as part of an integrated closed-loop process cooling system. 3FX chillers are a key component of a digitally controlled, integrated closed-loop intelligent cooling system engineered to save energy and deliver reliable performance. It is designed for use with Frigel’s internationally patented Ecodry 3DK central adiabatic dry-cooler systems and will offer engineered, automatic free-cooling capability.
- Water-cooled modular chillers segment is expected to account for largest revenue share in the global modular chillers market over the forecast period, owing to wide usage in significant commercial locations, including corporate offices, shopping malls, schools, and hospitals, for cooling. Manufacturers are investing in the development of enhanced modular chillers which are smaller in size, flexible in terms of installations, simple to service, energy-efficient, and compliant with stringent energy codes.
- Power generation segment is expected to register a robust revenue CAGR over the forecast period. Ability of modular chillers to cool and recover heat from the cooling module in order to increase the overall efficiency of cooling system is boosting its demand from the power generation industry.
- Commercial segment is expected to account of a steady revenue share over the forecast period. Increasing usage of modular chillers in commercial buildings due to growing demand for HVAC systems in hospitals, shopping centers, corporate offices, business institutions, and hotels is projected to boost growth of this segment.
- The market in North America is expected to register a robust revenue CAGR over the forecast period. Rising demand for home automation and advanced HVAC systems is resulting in the development of more compact modular chillers by major manufacturers in the region.
- Some major companies profiled in the market report are Ingersoll Rand (Trane Technologies plc), Gree Electric Appliances Inc., Carrier Global Corporation, FRIGEL FIRENZE S.p.A., Midea Group, Multistack, McQuay Air-conditioning Limited, Johnson Controls-Hitachi Air Conditioning, Haier Group Corporation, and Mitsubishi Electric Corporation.
For the purpose of this report, Reports and Data has segmented the global modular chillers market based on type, end-use, application, and region:
- Type Outlook (Revenue, USD Billion; 2018-2028)
- Air-Cooled Modular Chillers
- Water-Cooled Modular Chillers
- End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Power Generation
- Mining
- Automotive
- Food & Beverage
- Application Outlook (Revenue, USD Billion; 2018-2028)
- Residential
- Commercial
- Industrial
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- Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
- North America
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