Modular Chiller Market to Exceed US$ 3.7 Bn Amid Rising Demand for Cost-Effective Cooling Systems in Industrial Facilities, Fact.MR Report

NEW YORK, March 18, 2022 /PRNewswire/ -- The global modular chiller market is estimated to surpass US$ 3.7 bn in 2022, growing at a CAGR of 5.2% during the forecast period (2022-2032). The global sales of modular chiller are expected to reach US$ 6.2 Bn by the end of 2032.

Increasing penetration of automation in industrial operations due to low cost of cooling technologies will aid the growth in the market. In addition to this, advancements in modular chillers are anticipated to increase the productivity and efficiency in various industries, thereby propelling the demand.

Also, end users are focusing on the development of energy-efficient buildings to reduce the energy requirement for heating and cooling in several countries. A slew of such efforts to reduce carbon emissions is likely to drive the sales of modular chiller.

With rapid urbanization and improved standard of living in China, Indonesia, and India, the demand for modern infrastructure is burgeoning. This is expected to increase the adoption of easy to install and light weight modular chillers.

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Further, technological advancements for developing advanced industrial dynamics in terms of cooling technology is projected to open new growth avenues for key players. Hence, demand for advanced modular chiller in the various sectors, especially food & beverages, for the storage and prevention of contamination of food products is estimated to drive the market.

On account of this, key players are extensively investing in the research and development (R&D) activities to develop price-to-performance ratio of modular chillers. This is anticipated to bolster the growth in the market in the coming years.

Key Takeaways:

• Based on product type, the compressor segment is expected to grow 1.6X, surpassing US$ 2.8 Bn by the end of 2022.
• In terms of end-use, the industrial modular chiller segment is estimated to reach US$ 4.7 Bn, exhibiting growth at 5.4% CAGR over the forecast period
• The U.S. is expected to account for 88% of market share in North America due to rising demand for energy-efficient end-use products in country.
• China is anticipated to surpass US$ 1.4 Bn, with sales projected to increase 1.7x through 2022 & beyond.
• By capacity, above 150 ton modular chillers segment is predicted to account for 47.5% of the overall market share by the end of 2032.

Growth Drivers:

• Growing advancements in construction and building activities is projected to bolster the sales of modular chillers in the coming years.
• Surging demand for cooling systems, especially water-cooled modular chillers, in industrial sectors will boost the market.
• Integration of advanced technologies such as internet of things (IoT), artificial intelligence (AI), and machine learning in modular chillers will propel the sales.

Restraints:

• High maintenance cost and power consumption are the factors likely to restrain the growth in the modular chiller market.
• Inconsistency in output is likely to inhibit the application of modular chillers in energy & power, automotive, and oil & gas industries.

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Competitive Landscape:

According to Fact.MR, key players including Johnson Controls, LG Electronics, Carrier Corporation, Trane Technologies plc, and Gree Electric Appliances, Inc. are anticipated to account for majority of the share in the market.

Key manufacturers operating in the global modular chiller market are advancing their manufacturing facilities to strengthen their foothold in the industry. In addition to this, they are also updating their product portfolio by integrating technologies such as AI and IoT to gain competitive edge.

For instance,

• In 2019, Frigel Firenze S.p.A. developed a new modular chiller named "3FX chiller." They are available in 12 different models, from which 7 are integrated with screw compressors while the rest are scroll compressors.
• In 2019, Trane Technologies plc acquired Arctic Chiller Group to upgrade its product portfolio comprising of high-efficiency water-cooled and air-cooled modular chillers. This acquisition also helped advance magnetic bearing chillers for further application in process cooling and commercial HAVCs.

Key Companies Profiled by Fact.MR

• Amrta
• Daikin Industries, Ltd
• Airwoods
• Frigel Firenze S.p.A.
• Haier Group
• Blue Star Ltd.
• Carrier Corporation
• Changzhou Vrcoolertech Refrigeration Co., Ltd
• Dekon
• Euroklimat
• Gree Electric Appliances, Inc.
• Jiangsu Huazhao Refrigeration Equipment CO., Ltd.
• Johnson Controls
• Hitachi Air Conditioning
• Holtop
• HUALI GROUP CO., LTD, Ingersoll Rand
• Jinan Mgreenbelt Machinery Co., Ltd.
• LG Electronics
• McQuay Air-Conditioning Ltd
• Midea Group, Mitsubishi Electric
• Multistack, LLC.
• Trane Technologies plc.
• Shanghai Elan Industry Co., Ltd
• PowerWorld
• Ruidong, Senho Machinery (Shenzhen) Co., Ltd
• Shanghai Shenglin M&E Technology Co., Ltd.

More Valuable Insights on Modular Chiller Market

Fact.MR, in its report, offers a market analysis on the global modular chiller market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals the growth of technology in the modular chiller market with detailed segmentation as follows:

By Product Type

• Compressor Chillers

• Screw Chillers
• Centrifugal Chillers
• Scroll Chillers
• Reciprocating Chillers

• Absorption Chillers

By Capacity:

• Up to 30 Ton Modular Chillers
• 30 - 50 Ton Modular Chillers
• 50 -70 Ton Modular Chillers
• 70 - 100 Ton Modular Chillers
• 100 - 150 Ton Modular Chillers
• Above 150 Ton Modular Chillers

By Cooling Technology:

• Air-cooled Modular Chillers
• Water-cooled Modular Chillers
• Evaporative Condensed Modular Chillers

By Coolant Type:

• R134A Modular Chillers
• R744 Modular Chillers
• R717 Modular Chillers
• HCFC (R2, R123, R124, R151) Modular Chillers
• HCS (R600A, R290) Modular Chillers
• R407C Modular Chillers
• R404A Modular Chillers
• R410A Modular Chillers
• R448A Modular Chillers
• R449A Modular Chillers
• Others

By End-Use Sector:

• Commercial Modular Chillers

• Corporate Offices
• Data Centers
• Hospitality Sector

• Industrial Modular Chillers

• Chemicals & Petrochemicals
• Healthcare
• Plastics & Polymers
• Food & Beverages
• Oil & Gas
• Energy & Power
• Automotive
• Discrete Manufacturing

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

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Key Questions Covered in the Modular Chiller Market Report

• Which are the key factors driving the global modular chiller market?
• What is the expected growth rate of global modular chiller market during the forecast period (2022-2032)?
• What will be the market revenue of the modular chiller market in 2022?
• Which region is estimated to dominate the global modular chiller market?
• Which are the factors impeding the growth of modular chiller market?
• Who are the key players operating in the global modular chiller market?

Explore Fact.MR's Coverage on the Industrial Goods Domain

Process Chillers Market Trends: Growing demand for ready-to-eat food products due to changing lifestyle and dietary habits of consumers is projected to increase the demand for process chillers. In addition to this, integration of manufacturing technologies such as the industrial internet of things (IIOT) in the chillers is projected increase the sales in the coming years.

Chillers Market Forecast: Increasing demand to reduce heat from the commercial, residential, and industrial building is likely to create lucrative opportunities for the market. In addition to this, demand for user-friendly and low-maintenance chillers, especially screw chillers, is expected to surge the sales of chillers in the coming years.

Truck Refrigeration Unit Market Growth: The global truck refrigeration unit market is expected to expand due to the increasing transportation and trading of perishable foods and drugs & chemicals. Additionally, increasing incorporation of sensors, software, monitoring equipment, and scanners in cold chain logistics is projected to create remunerative growth avenues for the market.

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SOURCE Fact.MR