Modular Chillers Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Mar 2021 | No. of Pages : 250 Pages | Category : Chemical and Material

The global Modular Chillers market size is expected to be worth around US$ 5.02 billion by 2030, according to a new report by Vision Research Reports.

The global Modular Chillers market size was valued at US$ 2.39 billion in 2020 and is anticipated to grow at a CAGR of 6.10% during forecast period 2021 to 2030.

Modular chillers are best suitable for residential, commercial, and industrial applications to control the room temperature and keep it cool. They are used for heating as well as cooling application. It is the main component of HVAC systems. These systems have components such as compressors, evaporators, and chilling towers. In addition, they are robust, redundancy, better capacity control, lightweight, and energy-efficient. Modular chillers are of two types such as air-cooled and water-cooled. These chillers are mainly used in commercial and industrial areas. A rise in construction activities and government spending on infrastructural construction activities globally is anticipated to boost the growth of the modular chiller market. For instance, Australian government planned to spend $ 110 billion by 2030 on transport infrastructure across Australia country. 

Growth Factors

The growing demand for energy-efficient buildings on account of the rising awareness regarding environmental degradation coupled with stringent government regulations is anticipated to fuel the product demand over the forecast period.

Increasing construction spending in emerging countries, such as China, India, and Brazil, on account of strong economic and industrial development coupled with population expansion, is anticipated to drive the product demand over the forecast period. In addition, rising awareness about energy-efficient systems and the harmful impacts of burning fossil fuels is expected to further boost the market growth over the coming years.

Several initiatives promoting and encouraging energy-efficiency have been adopted and implemented in Europe. For instance, the European Commission’s initiative “The European Portal for Energy Efficiency of Buildings” allows exploration and sharing of knowledge and optimal practices offering energy solutions for buildings.

According to the International Trade Administration (ITA), the construction industry in Canada was valued at USD 126.3 billion in 2018 and accounted for over 7% of the country’s GDP. The presence of stringent government regulations in Toronto and Vancouver for cooling the overheated markets in the residential sector is expected to drive the product demand over the coming years.

Report Highlights

The water-cooled systems led the global market in 2020 and accounted for a revenue share of over 57%. However, the demand for water-cooled chillers is witnessing sluggish growth on account of the requirement of critical maintenance including freeze protection, mechanical tower maintenance, chiller condenser-tube cleaning, and water treatment. Furthermore, the chillers using open cooling towers are required to have a water treatment program for preventing contaminants such as algae and bacteria.

The condensing temperature of air-cooled modular chillers is dependent on the ambient dry-bulb temperature. These chillers are widely used due to their lower maintenance costs, easy installation & design, and high efficiency at freezing temperatures, compared to water-cooled chillers. The demand for air-cooled chillers is expected to witness the fastest CAGR on account of their low cost, attributed to the absence of condenser water pumps and cooling towers.

In response to the Covid-19 pandemic, various companies sourcing raw materials from China or other affected economies are focusing on labor or workforce planning, extended supply networks, and activating alternative supply sources, production scheduling agility, visibility of inbound materials, and evaluating alternative outbound logistics options, which can create opportunities for product manufacturers over the coming years.

The commercial segment led the market in 2020 with a share of over 48% and will expand further at the fastest CAGR from 2021 to 2028. Modular chillers are used in healthcare facilities, including clinics, retirement homes, and hospitals, to provide cooling to these buildings. These facilities deal with a large number of people having health-related problems and these buildings contain a lot of equipment generating heat. Thus, rising awareness regarding the benefits of chillers along with increasing demand for cooling infrastructure is anticipated to augment the demand over the coming years.

Historical buildings, such as churches, museums, and state capital buildings, often do not have proper air conditioning, or the existing systems are obsolete. The presence of small doorways, thick walls, etc. makes it difficult to install a completely new air conditioning system. Hence, modular chillers are considered for installation in such a building owing to their compact design.

The compact design of the chillers allows their transportation through limited spaces, such as stairwells, hallways, and doorways. Modular chillers provide a replacement to the centralized air conditioning systems on account of their ability to fulfill the requisite cooling demands of structures. Thus, the residential sector is anticipated to witness a significant CAGR of 5.8% from 2021 to 2028 in terms of revenue over the forecast period.

Modular chillers are also used for transferring heat from the feed throat of injection molding machines, thermometers (mold temperature controllers), and hydraulic heat exchangers. In addition, in the printing industry, these systems cool the paper after it comes out of the ink drying ovens. These systems are used to cool the power supplies and lasers in light projection and laser cutting facilities.

Asia Pacific accounted for the highest market share of over 44% in 2020 and will retain its leading position throughout the forecast period. In the Asia Pacific, the overall capital project and infrastructure market is expected to grow by 7% to 8% per year over the next decade and is expected to approach USD 5,300 billion by 2025, representing nearly 60% of the global market share. The development of new constructions and buildings in the region is anticipated to have a positive impact on market growth.

Residential construction in Europe witnessed a moderate growth rate with Hungary, Poland, and the Slovak Republic driving the growth in Eastern Europe and the U.K., Sweden, and Ireland, leading the growth in Western Europe. The construction sector in Hungary is expected to grow by 14.9% over the forecast period on account of residential construction schemes offered by the government.

New residential constructions exhibit more significant output contractions, while renovation output has been consistent in the residential construction sector. Renovation accounts for over half of the total residential construction activities in Europe and has largely contributed to the recovery of the construction sector since 2014.

The Asia Pacific and Central & South America are anticipated to contribute to the rising energy consumption owing to the increasing construction activities. Favorable government policies and increasing consumer awareness are expected to remain the key driving factors for the market growth over the forecast period.

Key Players

  • Trane Technologies plc

  • Gree Electric Appliances, Inc.

  • Carrier

  • Frigel

  • Midea Group

  • Multistack International Ltd.

  • McQuay Air-Conditioning Ltd. (Daikin)

  • Johnson Controls-Hitachi Air Conditioning

  • Haier Group

  • Mitsubishi Electric Corp.

Market Segmentation

  • Product Outlook 

    • Water-Cooled

      • <50kW

      • 51-100kW

      • 101-200kW

      • 201-300kW

      • >301kW

    • Air-Cooled

      • <50kW

      • 51-100kW

      • 101-200kW

      • 201-300kW

      • >301kW

  • End-use Outlook 

    • Commercial

      • Corporate Offices

      • Data Centers

      • Public Buildings

      • Mercantile & Service

      • Healthcare

      • Others

    • Residential

    • Industrial

      • Chemical

      • Food & Beverage

      • Metal Manufacturing & Machining

      • Medical & Pharmaceutical

      • Plastics

      • Others

  • Regional Outlook

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • France

      • Germany

      • Italy

      • Spain

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

    • Central & South America

      • Argentina

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

      • UAE

The Modular Chillers market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Modular Chillers market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Modular Chillers market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Modular Chillers market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Modular Chillers market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Modular Chillers capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Modular Chillers by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Modular Chillers market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Modular Chillers market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Modular Chillers market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Modular Chillers industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Modular Chillers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Modular Chillers market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Modular Chillers market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Modular Chillers market. These factors have benefited the growth of the global market for Modular Chillers. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Modular Chillers. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Modular Chillers are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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