Modular Chiller Market Segmentation by Type (Water-Cooled Modular Chiller, Air-Cooled Modular Chiller); By Capacity (Below 300 Tons, More than 300 Tons); By Application (Industrial, Commercial and Others); by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2024-2033

Modular Chiller Market Overview:

The Modular Chiller Market Size was valued at USD 4.9 billion in 2024. The market is expected to expand at a CAGR of 6.2% from 2024-2033, and is expected to cross value of USD 8.2 billion by the end of 2033.

Modular chillers, a natural fit for the environment, reach high cooling power easily and with energetic efficiency, providing cooling for air traffic control centres, medical devices & hospital surgery suites. The requirement for energy-efficient HVAC systems, such as modular chillers, which apply less energy than conventional systems, exert less impact on the environment and reduce operational costs. Worldwide annual progress on energy intensity as of 2022 was 2%, and it is expected to double from 2022 to 2030. The proportion of electricity in energy demand increases by about a third, and smart grid spending more than doubles. In the industrial sector, yearly energy productivity expands by 2.3% annually, and electricity registers for 30% of energy applications by 2030. Cars have become 5% more efficient every year, largely with the help of electrification and a shift to smaller vehicles. Carrier Corporation, McQuay Air-Conditioning Ltd., Johnson Controls- Hitachi Air Conditioning, Midea Group and Ingersoll Rand are some of the key players in the Modular Chiller Market.

Japan Modular Chiller Market Overview

Chillers in factories, buildings, and several industrial procedures regulate temperature or offer a comfortable ambience through refrigeration cycle to captivate heat and release it elsewhere, efficiently reducing the object's temperature. An air-cooled chiller controls the temperature of the curing ambience, guaranteeing the concrete's suitable durability and strength. In construction projects, modular chillers allow efficient energy application, dust control and equipment safety. Growth in the construction industry is one of the significant growth drivers of the modular chiller market. Japan has transformed its construction sector with the help of smart technology for maintenance, energy management, and security. Japan’s liberal democratic party has promised to kindle the domestic economy with the help of several public work projects. The pledge was impacted by the Japanese government's preparations for significant events which were to happen in Japan, such as the World Expo in Osaka. During 2019, 5.3% of the nominal GDP by construction business activities. Moreover, the construction industry’s nominal GDP produced has grown by 0.4%. Johnson Controls- Hitachi Air Conditioning and Mitsubishi Electric Corporation are some of the significant players in the Japanese Modular Chiller Market.

Modular Chiller Market Drivers – Analyst’s Observation

According to the analysts, some key growth drivers for the Modular Chiller Market are as follows:

• Increased demand for air conditioning:

The modular chiller market size is driven by the expanding requirement for air conditioning in the industrial, commercial and residential sectors because of population increase and increasing temperatures. Using electric fans and air conditioners to remain cool registers for around 20% of the total electricity applied in buildings globally today. Expanding demand for air conditioners. According to data, extreme heat is reason for the air conditioner demand, with a sustained average everyday temperature of 30°c, significantly boosting weekly sales by about 16%. In 2023, the world went through the hottest June, and extraordinary temperatures have not been up to July – jeopardizing several lives and pushing electricity networks to their limits to maintain cool.

• Government incentive and rebate programmes:

Energy-efficient cooling system uses up to 50% less energy compared to traditional arrangements and natural refrigerants. The temperature in the Middle East and North African region is increasing at twice the average worldwide rate, and cooling demand is anticipated to rise significantly throughout the area in the upcoming decade. In previous years, Egypt was the latest country to approve the Kigali Amendment, and the Gulf Cooperation Council countries such as Arabia, Kuwait, Bahrain, Oman and Kuwait intend to do something similar. Regional interest in National Cooling Action Plan is growing with Turkiye and Jordan functioning to advance their schemes. Kigali Amendment can prevent around 0.4°c of global warming. Sustainable cooling is at the intersection of the Sustainable Development Goals, the Paris Agreement and the Kigali. In Turkiye and MENA, the number of commercial refrigeration units is anticipated to increase by more than 37% between 2020 and 2050, when approximately 8 million appliances will be installed. National Energy Efficiency Action Plans detail a region’s broad strategy for long-term change. Characteristically, they evaluate national energy consumption and set out actions to improve energy efficiency. The supportive governmental incentive predicts the growth of the modular chiller market size.

Which Probable Factors Could Hamper the Modular Chiller Market Trend?

As per our analysis, some of the challenges expected to limit the global market growth of Modular Chiller Market are as follows:

• Complicated maintenance and installation:

The connection and maintenance of modular chillers often call for specialised knowledge that raises the total complexity and cost of the project. End users may find it difficult because of the absence of professionally trained service staff or trained technicians, particularly in segments where a shortage of HVAC specialists is there.

• Availability of substitute:

The modular chiller market is going under competitive pressure from available substitute cooling technologies such as district cooling, evaporative cooling and variable refrigerant flow mechanisms. In certain applications, these technologies might offer cost reductions or distinct benefits, which will impact consumer preferences.  

How is the Modular Chiller Market Segmented?

Our experts have segmented the Modular Chiller Market according to the points mentioned below:

• By Type:
  • Water-Cooled Modular Chiller
  • Air-Cooled Modular Chiller
  • Others
• By Capacity
• Below 300 Tons
• More than 300 Tons
• By Application:
  • Industrial
  • Commercial
  • Others
• By Region:
  • North America (United States and Canada)
  • Europe (Germany, U.K, Italy, Russia, Spain, France, Belgium, Rest of Europe)
  • Asia Pacific (China, Japan, India, Australia, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
  • Latin America (Brazil, Argentina, Chile)
  • Middle East & Africa (Israel, North Africa, South Africa, GCC, Rest of MEA)

Timeline considered for all these studies will be:

2023 – Base Year

2024 – Estimated Year

2024-2033 – Forecast Period

What are the Probable Factors Influencing the Asia Pacific Having the Highest Market Share Modular Chiller Market Forecast?

The growing HVAC market in China and India has led to highest market share of modular chiller market in Asia Pacific region. China leads in air conditioner manufacturing, covering around 70% of the world’s room air conditioners and 22% of the connected cooling capacity globally. The fastest growth of China in space cooling energy ingestion globally in the past two decades is the growth driver of the modular chiller market size. By 2030, the cooling demands in buildings may mature over the subsequent decade. China leads the worldwide market demand for Acs, and larger units are immensely popular. At present, China produces about 70% of the region’s room AC and includes about 22% of the set cooling capacity worldwide. The sales of AC have expanded fivefold since 2000, indicating about 40% of the worldwide sales in 2017. Climate change, changing consumer preferences and affordability will enhance cooling energy applications. Moreover, the HVAC sector in India is set for considerable growth, providing increased chances for United States organizations in the HVAC industry. Several government initiatives such as the “Make in India” project, financial incentives and the dedication to turn carbon neutral by 2070 are significant contributions leading to energy-effective HVAC market growth.

What are the Probable Factors Influencing the North America Modular Chiller Market Forecast?

North America is expected to register the fastest CAGR growth in the forecast period because of the use of modular chillers in industrial infrastructure projects. The United States manufacturers are growing their business by emphasizing mergers and acquisitions. Trane, a leading worldwide provider of indoor comfort mechanisms and services and a business of Ingersoll Rand, broadcasted that it has purchased Arctic Chiller Group, a Canadian HVAC manufacturer, that has adeptness in high effectiveness of air and water-cooled, modular and procedure chillers for commercial HVAC and procedure cooling applications. A strong focus on green building initiatives is another growth driver of the modular chiller market size in the region. North America is the most developed green building market, with government and commercial sectors to drive the approval of sustainable building. In 2021, the United States spent around USD 86 billion on green building projects; according to the World Green Building Council, approximately 40% of the global carbon emissions are attributed to building construction and the requirements to operate them.

Modular Chiller Market Key Players

Some key players in the Modular Chiller Market are as follows:

• Carrier Corporation
• McQuay Air-Conditioning Ltd.
• Johnson Controls- Hitachi Air Conditioning
• Midea Group
• Ingersoll Rand
• Mitsubishi Electric Corporation
• Trane
• Daikin Industries, Ltd.
• Gree Electric Appliances, Inc. of Zhuhai
• Haier Group
• Others

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Modular Chiller   Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Type
      2. By Application
      3. By Region
5. Market Segmentation by Type 
   1. Water-Cooled Modular Chiller
   2. Air-Cooled Modular Chiller
   3. Others
6. Market Segmentation by Application
   1. Education &Entertainment
   2. Research & Space Exploration
   3. Others
7. Market Segmentation by Component  
   1. Hardware
   2. Software
   3. Others
8. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      7. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      8. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      9. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      10. Australia
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Type and Application
      11. South Korea
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Type and Application
      12. Rest of Asia Pacific
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Type and Application
   3. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3.               Market Analysis by Type and Application
   4. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis Type and Application
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Application
9. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
      1. Carrier Corporation
      2. McQuay Air-Conditioning Ltd.
      3. Johnson Controls- Hitachi Air Conditioning
      4. Midea Group
      5. Ingersoll Rand
      6. Mitsubishi Electric Corporation
      7. Trane
      8. Daikin Industries, Ltd.
      9. Gree Electric Appliances, Inc. of Zhuhai
      10. Haier Group
      11. Others
10. Strategic Recommendations
11. Appendix
    1. List of Tables
    2. List of Figures
12. References