Modular Chiller Market To Reach US$ 6.2 Billion By 2032, Growing At A CAGR of 5.2%: Report By Fact.MR

In the latest study, Fact.MR comprehensively explains the historical and forecast data, offering in-depth insights into the global modular chiller market. The market report also provides details such as growth drivers and opportunities through leading segments including product type, cooling technology, coolant type, capacity, end-use sector, and regions.

| Source: FACT.MR FACT.MR

Rockville, March 22, 2023 (GLOBE NEWSWIRE) -- 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:

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

  • 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.

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Key Segments Covered in Modular Chiller Industry Research

  • By Product Type :
    • Compressor Chillers
      • Screw Chillers
      • Centrifugal Chillers
      • Scroll Chillers
      • Reciprocating Chillers
    • Absorption Chillers
  • By Capacity :
    • Up to 30 Ton
    • 30 - 50 Ton
    • 50 -70 Ton
    • 70 - 100 Ton
    • 100 - 150 Ton
    • Above 150 Ton
  • By Cooling Technology:
    • Air-cooled
    • Water-cooled
    • Evaporative Condensed Modular Chillers
  • By Coolant Type :
    • R134A
    • R744
    • R717
    • HCFC (R2, R123, R124, R151) Modular Chillers
    • HCS (R600A, R290) Modular Chillers
    • R407C
    • R404A
    • R410A
    • R448A
    • R449A
    • 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

Check out more related studies published by Fact.MR Research: 

Process Chillers Market: 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: 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: 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.

Portable Chiller Market: The portable chiller is used and designed to eradicate heat from the finished product in various industries. Portable chillers are specially designed for industrial chilling for small scale industrial applications. Portable chillers comprises cooling-assembly-based on water and gas, which is dispersed through a process of heat exchange.

Regenerative Heat Exchanger Market: The number of high-temperature applications has increased in recent years. This has led to an increase in the demand for systems that can operate at high temperature. The increasing demand for recovery of waste heat has led to wide adoption of a regenerative heat exchanger. A regenerative heat exchanger is a system that allows fluids to pass over the storage material in an alternate manner for efficient heat transfer.

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Mot-clé

Modular Chiller Market Compressor Chillers Absorption Chillers

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