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Global Modular Chiller Market Analysis, Share, Forecast: By Product Type: Air Cooled Modular Chiller, Water Cooled Modular Chiller; By Capacity: Below 300 Tons, More than 300 tons; By Application: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Modular Chiller Market Outlook
The global modular chiller market attained a value of nearly USD 2.69 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.9% to reach about USD 3.81 billion in 2032.
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Rising Demand for Water-Cooled Modular Chillers to Boost the Market Growth
Due to the high performance of water-cooled modular chillers over air-cooled systems, the water-cooled type segment of the global market for modular chiller accounted for a significant proportion of the market share. Large commercial buildings, including corporate offices, schools, retail malls, and hospitals, among others, benefit from water-cooled modular chillers, thereby invigorating the industry growth of modular chillers. Furthermore, the air-cooled category of modular chillers is expected to generate robust market growth in the coming years due to its lower operating costs and compact design.
Asia Pacific Region to Hold a Significant Share in the Market Growth of Modular Chillers
In APAC, China, Japan, South Korea, and India are the most important markets for modular chillers. Owing to rapid industrialisation and urbanisation in the region and favourable government policies and investments, the construction projects in the region are rising, further augmenting the demand for modular chillers in various sectors. In addition, due to the existence of big heating, ventilation, and air conditioning (HVAC) and construction industries, China accounted for a substantial share of the APAC market in the historical period. Furthermore, the overall demand for air conditioners in APAC countries can be attributed to rising disposable incomes and improved purchasing power of the people. Thus, the market for modular chillers is witnessing steady demand from the Asia Pacific region, thereby adding to the overall market growth.
Modular Chiller: Market Segmentation
Modular chiller systems are a modern alternative to classic chiller systems, providing building owners, system designers, and installers with creative solutions. Modular chillers in HVAC systems have lately developed as a more cost-effective, mass-produced alternative to totally tailored chillers.
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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
The EMR report looks into regional markets of modular chiller like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Commercial Applications of Modular Chillers to Augment Market Growth
The commercial application segment holds a significant market share in the overall market growth of modular chillers and is expected to grow at the fastest rate throughout the forecast period. Its strong application in HVAC systems owing to growing demand from the commercial sector, including air conditioning in business offices, government buildings, schools, hospitals, shopping malls, and hotels, among others, is propelling industry growth. Demand for commercial development projects is likely to increase with the rising levels of population, which, in turn, is anticipated to augment the demand for modular chillers.
The energy efficiency and reduced environmental effect of modular chillers are also significant advantages of the product, which are contributing to its demand and the consequent market growth. The ability of modular chillers to be converted into heat pumps, allowing them to supply both cooling and heating capacity for use in various commercial or industrial applications, is further aiding the market growth. Furthermore, owing to rising concerns regarding environmental degradation, modular chillers easily meet the criteria for sustainable living with characteristics like non-ozone-depleting refrigerants. These features lessen the negative environmental effect of modular chillers and ensure the safety of the users, hence invigorating the industry growth.
Key Industry Players in the Global Modular Chiller Market
The report presents a detailed analysis of the following key players in the global modular chiller market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Johnson Controls International Plc.
- Daikin Industries, Ltd
- LG Electronics
- Multistack, LLC
- Frigel Firenze S.p.A.
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product Type, Capacity, Application, Region |
| Breakup by Product Type | Air Cooled Modular Chiller, Water Cooled Modular Chiller |
| Breakup by Capacity | Below 300 Tons, More than 300 tons |
| Breakup by Application | Residential, Commercial, Industrial |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Johnson Controls International Plc., Daikin Industries, Ltd, LG Electronics, Multistack, LLC, Frigel Firenze S.p.A., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Modular Chiller Market Analysis
8.1 Key Industry Highlights
8.2 Global Modular Chiller Historical Market (2018-2023)
8.3 Global Modular Chiller Market Forecast (2024-2032)
8.4 Global Modular Chiller Market by Product Type
8.4.1 Air Cooled Modular Chiller
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Water Cooled Modular Chiller
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Modular Chiller Market by Capacity
8.5.1 Below 300 Tons
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 More than 300 tons
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Modular Chiller Market by Application
8.6.1 Residential
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Industrial
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Modular Chiller Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Modular Chiller Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Modular Chiller Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Modular Chiller Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Modular Chiller Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Modular Chiller Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Johnson Controls International Plc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Daikin Industries, Ltd
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 LG Electronics
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Multistack, LLC
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Frigel Firenze S.p.A.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Modular Chiller Market: Key Industry Highlights, 2018 and 2032
2. Global Modular Chiller Historical Market: Breakup by Product Type (USD Million), 2018-2023
3. Global Modular Chiller Market Forecast: Breakup by Product Type (USD Million), 2024-2032
4. Global Modular Chiller Historical Market: Breakup by Capacity (USD Million), 2018-2023
5. Global Modular Chiller Market Forecast: Breakup by Capacity (USD Million), 2024-2032
6. Global Modular Chiller Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Modular Chiller Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Modular Chiller Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Modular Chiller Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Modular Chiller Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Modular Chiller Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Modular Chiller Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Modular Chiller Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Modular Chiller Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Modular Chiller Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Modular Chiller Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Modular Chiller Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Modular Chiller Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Modular Chiller Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Modular Chiller Market Structure
Key Questions Answered in the Report
The global modular chiller market attained a value of nearly USD 2.69 billion in 2023.
The market is projected to grow at a CAGR of 5.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 3.81 billion in 2032.
The industry is being driven by the increasing deployment of water-cooled modular chillers in various end-use sectors, and the rising demand from major developing countries owing to its cost-effectiveness.
The market is being driven by the increasing deployment of water-cooled modular chillers in various end-use sectors and rising demand from major developing countries owing the cost-effectiveness of modular chillers.
The key trends of the market include rising application of modular chillers in the commercial sector and its energy efficient and environment friendly characteristics.
The leading product types of modular chillers are air cooled modular chiller and water cooled modular chiller.
The important capacities of modular chiller are below 300 tons and more than 300 tons.
The significant applications of modular chillers include residential, commercial, and industrial.
The key players in the global modular chiller market are Johnson Controls International Plc, Daikin Industries, Ltd, LG Electronics, Multistack, LLC, and Frigel Firenze S.p.A., among others.
Analyst Review
The global modular chiller market attained a value of about USD 2.69 billion in 2023, driven by the rising demand for water cooled modular chillers. Aided by the growing applications in the commercial sector, the market is expected to grow at a CAGR of 5.9% during 2024-2032 to reach nearly USD 3.81 billion in 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product type, the modular chiller industry can be segmented into air cooled modular chiller and water cooled modular chiller. By capacity, the industry is categorised into below 300 tons and more than 300 tons. On the basis of application, the market can be segmented into residential, commercial, and industrial. The major regional markets for modular chiller are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Johnson Controls International Plc, Daikin Industries, Ltd, LG Electronics, Multistack, LLC, and Frigel Firenze S.p.A., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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