Modular Chillers Market Players: Midea Group, Multistack International Ltd., Haier Group, And Mitsubishi Electric Corp.
Modular Chillers Industry Overview
The global modular chillers market size is expected to reach USD 4.02 billion by 2028 registering a CAGR of 6.7%, according to a new report by Grand View Research, Inc. 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.
Modular Chillers Market Segmentation
Grand View Research has segmented the global modular chillers market on the basis of product, end-use, and region:
Based on the Product Insights, the market is segmented into Water-Cooled, and Air-Cooled.
- 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.
- 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.
Based on the End-use Insights, the market is segmented into Commercial, Residential, and Industrial.
- 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.
- 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 Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Mergers & acquisitions, new product launches, and licensing agreements are a few of the strategies adopted by the market players to strengthen their positions in the market. For instance, Frigel introduced the 3FX water-cooled chillers in May 2019, a modular chiller line with a capacity in the range of 25 and 139 tons designed specifically to build integrated systems either in series or parallel configurations for industrial users to fulfill the demand for system redundancy. Some prominent players in the global modular chillers market include:
- 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.
Order a free sample PDF of the Modular Chillers Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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