The global modular chillers market is growing at a considerable CAGR of 6.5% during the forecast period. Increasing demand associated with lightweight modular chillers, rising technological advancements are two of the prime factors affecting and driving the market. Additionally, the increasing disposable income along with growing activities related to construction are also estimated to be the key factors that are contributing significantly towards the growth of the market. However, changes in the price of raw materials and high installation costs are the major factors constraints that are hindering the growth of the global modular chillers market across the globe. 

Moreover, the emerging focus on increasing government initiatives for promoting energy efficiency is also one of the key factors that are creating opportunities in the market. New launches in the market are likely to drive the growth of the global modular chillers market. For instance, in September 2020, Carrier Global Corp. had officially brought out its performance testing lab for a 6000RT capacity water-cooled chiller. This testing lab would be located in its new manufacturing in Shanghai. The newly launched testing lab is considered to be one of the largest in China which is AHRI and GMPI certified offering 50Hz/60Hz power along with support to high voltage applications for fulfilling the requirements.

Impact of COVID-19 Pandemic on the Global Modular Chillers Market 

The global modular chillers market is hardly hit by the COVID-19 pandemic since December 2019. The COVID-19 pandemic had brought a lot of disruption across the globe. Due to the Covid-19 pandemic, the manufacturing activities were also halted which had adversely impacted the growth of the market.

Segmental Outlook 

The global modular chillers market is segmented based on type and application. Based on type, the market is segmented into water-cooled and air-cooled. Further, based on the application the market is segmented into residential, commercial, and industrial.

Global Modular Chillers Market Share by Type 2020 (%)

Based on type, the water-cooled modular chiller holds a significant share in the market. This is owing to its higher performance due to the presence of its functionalities and widespread application when compared with others. Additionally, this Chiller is considered to be the finest for cooling large places such as shopping malls and offices among others. This Chiller provides low operating cost along with effective operations offering at low temperatures for the purpose of removing and solving the problems related to the activity of cooling towers in the winter season that are some other factors enhancing the growth of the segment in the market as well.

Regional Outlooks

The global modular chillers market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in 2020 in the global modular chillers market. In North America, growing construction activities are one of the prime factors affecting the growth of the market in the region. For instance, as per the data published by the U.S. Census Bureau, in April 2021, the completion of new privately-owned housing units rose by 1426 Units when compared with December 2020 by 1386 units. Additionally, the increasing demand awareness among people for the adoption of modular chillers along with the existence of a large number of players is some other main factors that are providing support to the growth of the market in the region. Moreover, in Europe initiatives for promoting energy efficiency have been implemented in the country. For instance, European Commission had taken initiative with the name as the European portal for the energy efficiency of buildings that supports in enables optimal practice for energy solutions for buildings.

Global Modular Chillers Market, by Region 2021-2027

Asia-Pacific will have Considerable Growth in the Global Modular Chillers Market

Asia-Pacific region is expected to witness the highest growth opportunities for the market. Increasing demand for HVAC across the region is likely to drive the growth of the regional market. Additionally, key market companies expanding their reach along with Infrastructural developments in this emerging region, especially in South Korea, China, and India are some other factor that is also affecting the growth of the market.

Market Player Outlook

Key players of the global modular chillers market are Carrier Global Corp., DAIKIN INDUSTRIES, Ltd., JOHNSON CONTROLS - HITACHI AIR CONDITIONING, Midea, and Mitsubishi Electric Corp. To survive in the market, these players adopt different marketing strategies such as product launches and acquisitions. For instance, in February 2019, one of the providers in intelligent process cooling named FRIGEL FIRENZE S.p.A. had introduced its new modular and high energy efficient 3FX water-cooled chillers in its modular chiller line of central chillers. The chillers range between 25 to 139 tons each that is designed in a manner that saves energy along with providing reliable performance which is offered in 12 models in order to fulfill the required demand. Additionally, the new modular chillers also support in meeting the need of cooling for its industrial users in a flexible manner. 

In July 2019, FRIGEL FIRENZE S.p.A. had set forth the launch of its 3FR modular air-cooled chillers for the need of plastic processors in North America. These new chillers support in fulfilling the need from 38 to 130 tons by offering better control along with flexibility. 

The Report Covers

    • Market value data analysis of 2020 and forecast to 2027.

    • Annualized market revenues ($ million) for each market segment.

    • Country-wise analysis of major geographical regions.

    • Key companies operating in the global modular chillers market based on the availability of data, information related to new product launches, and relevant news is also available in the report.

   • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

    • Analysis of market-entry and market expansion strategies.

    • Competitive strategies by identifying ‘who-stands-where in the market.