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Global Modular Chillers Market – Industry Trends and Forecast to 2031

Chemical and Materials

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Global Modular Chillers Market – Industry Trends and Forecast to 2031

  • Chemical and Materials
  • Upcoming Report
  • Feb 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Modular Chillers Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 3.91 USD Billion
Diagram Market Size (Forecast Year) USD 6.08 USD Billion
Diagram CAGR %

Major Markets Players

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Global Modular Chillers Market, By Type (Water-Cooled Modular Chillers, Air-Cooled Modular Chillers), Application (Commercial, Residential, Industrial, Others) – Industry Trends and Forecast to 2031.

Modular Chillers Market

Modular Chillers Market Analysis and Size

The modular chiller market continues to thrive, driven by the surge in global commercial construction projects. The demand for energy-efficient buildings, propelled by growing environmental awareness and government incentives such as tax rebates, fuels market growth. Stringent regulations and increasing awareness about energy-efficient systems further stimulate innovation. Modular chillers, known for their advantages over traditional models, witness high adoption rates. Rapid industrialization and significant investments in the construction sector contributed to this growth. In addition, technological advancements and chiller replacements open new opportunities for market players.

Data Bridge Market Research analyzes the global modular chiller market which was USD 3.91 billion in 2023, is expected to reach USD 6.08 billion by 2030, and is growing at a CAGR of 5.67% in the forecasted period of 2023 to 2031. "Water-cooled modular chillers" dominate the type segment of the market due to their high efficiency, making them a preferred choice for various industrial and commercial applications, including data centers and manufacturing facilities. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Modular Chillers Market Scope and Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Million, Pricing in USD

Segments Covered

Type (Water-Cooled Modular Chillers, Air-Cooled Modular Chillers), Application (Commercial, Residential, Industrial, Others)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

Market Players Covered

Trane Technologies (Ireland), Daikin Industries (Japan), Johnson Controls International (Ireland), Carrier Global Corporation (U.S.), Broad Group (China), Mitsubishi Electric Corporation (Japan), York International (U.S.), Blue Star Limited (India), GREE Electric Appliances Inc. (China), Lennox International Inc. (U.S.), Hitachi Appliances, Inc. (Japan), Thermax Limited (India), Bosch Thermotechnology (Germany), Climaveneta S.p.A. (Italy), Climacool Corp (U.S.)

Market Opportunities

  • Favouring stringent government regulations
  • Advantages over traditional chillers

Market Definition

Modular chillers are specialized cooling systems used in various industrial and construction applications. They are designed to efficiently cool brine and water and dehumidify the surrounding air. Modular chillers can operate independently or in conjunction with other chiller modules to provide the required cooling capacity. These versatile units offer cooling capabilities and feature either internal or remote condensers. There are two main types of modular chillers: water-cooled and air-cooled, each with distinct applications and advantages.

Global Modular Chillers Market Dynamics

Drivers

  • Increasing Commercial Construction Projects

The modular chiller market is experiencing robust growth due to the escalating number of commercial construction projects worldwide. These systems play a vital role in providing efficient and scalable cooling solutions for large-scale buildings, which are in high demand.

  • Demand for Energy-Efficient Solutions

Growing environmental awareness and government incentives to promote energy-efficient technologies have driven the adoption of modular chillers in the construction industry. These chillers offer enhanced energy performance, reducing the carbon footprint and operational costs for end-users.

Opportunities

  • Favouring Stringent Government Regulations

Governments worldwide are implementing and promoting regulations that favor energy-efficient and environmentally friendly technologies, including modular chillers. These regulations create a conducive environment for the adoption of modular chillers, as they align with sustainability goals, reduce carbon emissions, and help organizations meet compliance requirements. The backing of such regulations enhances the market's growth potential by encouraging businesses and industries to invest in more eco-friendly and energy-efficient cooling solutions.

  • Advantages Over Traditional Chillers

Modular chillers offer several benefits over conventional chiller systems. Their flexibility, scalability, and enhanced energy efficiency make them a preferred choice in various applications. These advantages drive market growth by meeting the increasing demand for energy-efficient and adaptable cooling solutions. Modular chillers are well-suited for addressing the challenges of modern cooling needs while aligning with sustainability goals and government regulations, creating significant opportunities for the market.

Restraints/Challenges

  • Limited Replacement Market

In some regions, the market for replacing existing chiller systems may be limited. This constraint can hinder the widespread adoption of modular chillers, as the demand for replacements is not as extensive as in new construction projects.

  • High Initial Costs

Despite their long-term cost-saving benefits, modular chiller systems often require a substantial initial investment. This upfront expense can deter potential users and slow down adoption, especially in cost-sensitive markets.

Recent Development

  • In September 2023, Trane has introduced two new products to enhance energy efficiency. Trane Autonomous Control, powered by BrainBox AI, optimizes system performance through AI, reducing energy consumption and carbon emissions. Additionally, Trane in Server Row Solutions offer energy-efficient cooling for data centers. These innovations align with decarbonization goals and promote efficient building performance
  • In August 2023, Daikin Industries, Ltd. will establish a new air conditioner production base in Tsukubamirai City, Ibaraki, Japan, to enhance product supply capabilities in the Kanto region. This expansion focuses on boosting supply capabilities, driving technological innovation, and reducing supply risks in the region. The new factory will become Daikin's first air conditioning plant in the Kanto region, aligning with its goal to strengthen domestic production

Global Modular Chillers Market Scope

The modular chillers market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Water-Cooled Modular Chillers
  • Air-Cooled Modular Chillers

Application

  • Commercial
  • Residential
  • Industrial
  • Others

Global Modular Chillers Market regional analysis/insights

The modular chillers market is analyzed and market size insights and trends are provided by country, type, and application as referenced above.

The countries covered in the market report are the U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Poland, Switzerland, Netherlands, Hungary, Austria, Norway, Ireland, Turkey, Lithuania, rest of Europe, China, Japan, India, Australia, South Korea, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, rest of Asia-Pacific, Brazil, Argentina, Peru, rest of South America, South Africa, Saudi Arabia, U.A.E., Israel, Egypt, and rest of Middle East & Africa.

Asia-Pacific is expected to dominate and also witness significant growth in the market due to robust industrialization, increasing construction activities, and a growing focus on energy-efficient solutions in countries like China and India, contributing to the market's significant growth in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Modular Chillers Market Share Analysis

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.

Some of the major players operating in the modular chillers market are:

  • Trane Technologies (Ireland)
  • Daikin Industries (Japan)
  • Johnson Controls International (Ireland)
  • Carrier Global Corporation (U.S.)
  • Broad Group (China)
  • Mitsubishi Electric Corporation (Japan)
  • York International (U.S.)
  • Blue Star Limited (India)
  • GREE Electric Appliances Inc. (China)
  • Lennox International Inc. (U.S.)
  • Hitachi Appliances, Inc. (Japan)
  • Thermax Limited (India)
  • Bosch Thermotechnology (Germany)
  • Climaveneta S.p.A. (Italy)
  • Climacool Corp (U.S.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Modular Chillers Market size will be worth USD 6.08 billion by 2031 during the forecast period.
The Modular Chillers Market growth rate is 5.67% during the forecast period.
The Increasing Commercial Construction Projects and Demand for Energy-Efficient Solutions are the growth drivers of the Modular Chillers Market.
The type and application are the factors on which the Modular Chillers Market research is based.
The major companies in the Modular Chillers Market are Trane Technologies (Ireland), Daikin Industries (Japan), Johnson Controls International (Ireland), Carrier Global Corporation (U.S.), Broad Group (China), Mitsubishi Electric Corporation (Japan), York International (U.S.), Blue Star Limited (India), GREE Electric Appliances Inc. (China), Lennox International Inc. (U.S.), Hitachi Appliances, Inc. (Japan), Thermax Limited (India), Bosch Thermotechnology (Germany), Climaveneta S.p.A. (Italy), Climacool Corp (U.S.).
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