The Modular Chillers Market research report provides comprehensive study of the industry size and share, upcoming trends, industry demand & detailed information from different sources. The modular chillers market size is estimated to be USD 2.6 billion in 2019 and projected to reach USD 3.5 billion by 2024, at a CAGR of 6.0%, between 2019 and 2024. Modular chillers is mainly used in the commercial, industrial, and residential applications for air conditioning, space cooling, and process cooling. They are energy efficient, compact, and easy to maintain as compared to their substitutes. The growing number of commercial construction projects are also expected to drive the modular chillers market. The market study focuses on analysis by Type (Air-Cooled, Water-Cooled), Application (Commercial, Industrial, Residential), and Region (North America, Europe, APAC, the Middle East & Africa, and South America).

Modular Chillers Market Key Players

• Carrier Corporation (US)
• McQuay Air-Conditioning Ltd., (Hong Kong)
• Johnson Controls- Hitachi Air Conditioning (Japan)
• Midea Group (China)
• Ingersoll Rand (Ireland)
• Gree Electric Appliances, Inc. (China)
• Frigel Firenze S.p.A. (Italy)
• Mitsubishi Electric Corporation (Japan)
• Multistack, LLC. (US)
• Haier Group (China).

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Ingersoll Rand (Ireland) is among the key players in the modular chillers market. It is specialized in the manufacturing of HVAC systems through its established brand ‘Trane’. It has a strong foothold across the North American region, contributing around 70.0% of group’s revenue.

Gree Electric Appliances (China) is an international air conditioning company. It has a presence across emerging economies, and thus expected to provide growth opportunities to the company in the near future.

Carrier Corporation (US) is the leading manufacturer and supplier of HVAC solutions. The company owns more than 80 brands, such as Carrier, Chubb, Kidde, and Edwards in the HVAC market. 

Modular Chillers Market Segmentation

The report segments the global modular chillers market on the basis of type, application, and region

By Type:

• Water-cooled modular chillers
• Air-cooled modular chillers

The water-cooled segment accounted for the larger share in the modular chillers market

The water-cooled modular chillers use water and heat transfer fluids for cooling, making them very efficient compared to the air-cooled modular chillers, which utilize only ambient air for cooling. This has increased its demand in space and process cooling in the commercial and industrial applications.

By Application:

• Commercial
  • Corporate Offices
  • Data Centers
  • Public Buildings
• Residential
  • Multifamily and Hospitality
• Industrial
  • Cold storages
• Others

Commercial to be the fastest-growing application segment of the modular chillers market

The demand for modular chillers has been gaining momentum in the HVAC industry as it is lighter, efficient, and lowers the required refrigerant volume as compared to other heat exchangers. Modular chillers are widely used in AC systems and heat pumps for efficient heat transfer between refrigerant and air.

By Region:

• North America
• APAC
• Europe
• Middle East & Africa
• South America

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APAC is projected to be the fastest-growing modular chillers market

APAC is projected to be the fastest-growing market for modular chillers, owing to the presence of highly-populated countries, such as China and India. China, India, Japan, Indonesia, and South Korea are some of the key countries in the modular chillers market in this region. China accounted for the largest share of the APAC market, owing to the presence of huge HVAC industries. The growing sales of HVAC systems and their increasing demand from commercial and residential infrastructure in the region boosts the demand for modular chillers. In addition, growing urbanization and population are mainly driving the demand for modular chillers in the HVAC systems.

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