The Global Modular Chillers Market Size valued for USD 3.9 Billion in 2021 and is anticipated to reach USD 6.4 Billion by 2030 with a CAGR of 5.7% from 2022 to 2030.

In recent years, modular chillers have replaced completely tailored chillers in HVAC systems as a more affordable, mass-produced alternative. The HVAC supplier can combine this little packaged chiller with other chiller modules to create one bigger equipment for the HVAC system. Depending on the needs of the site, the modular chiller can be produced in two, three, or more modules, which are subsequently combined at the final location. Especially made for installations where entrances, hallways, or freight elevators restrict access space. In cities or other locations with limited space, modular chillers are common for industrial and medical purposes. Modular chillers come in a variety of varieties, including modular air-cooled chillers and modular water-cooled chillers. However, the compressor, condenser, expansion device, and evaporator are the same main components in both types of systems.

Modular Chillers Market Dynamics

Additionally, it is anticipated that rising disposable income in emerging economies will support the expansion of the modular chiller market. For instance, between 2017 and 2019, the population's disposable income in the United States increased by almost 7%. Additionally, large players are making Type launches and acquisitions their primary means of expanding their Type lines. Increased urbanization and industrialization in nations like China, India, Vietnam, and Indonesia spurs an increase in construction activity, which in turn propels the modular chiller market's expansion. For instance, the National Smart Cities Mission (NSCM), launched by the Indian government in 2018, aims to create 100 smart cities by 2025.

For instance, in 2018 Aermec released high efficient modular chillers that allow the refrigerant circuit to be oil-free and use 50% more refrigerants than previous Types in response to the growing need for small and energy-efficient modular chillers. Additionally, rising government investment on HVAC system installation, increased adoption of new releases and acquisitions for boosting Type portfolios, and expanding awareness of energy-efficient systems are all creating potential prospects for the market. For instance, the German government provided $603.4 million in funding in 2020 to upgrade the HVAC systems in public buildings.

Modular Chillers Market Insights

The modular chiller market is predicted to develop at the quickest rate during the forecast period in the commercial application sector, which already accounts for a sizeable market share. Its widespread use in HVAC systems, which includes air conditioning in commercial facilities like as businesses, government buildings, schools, hospitals, malls, and hotels, among others, is spurring industry expansion. With population growth comes an increased demand for commercial development projects, which is expected to drive up demand for modular chillers.

Global Modular Chillers Market Geographical Competition

The North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa regions make up the five geographical segments of the global Modular Chillers market. In Europe, a number of initiatives to encourage and promote energy efficiency have been developed and put into action. The "European Portal for Energy Efficiency of Buildings" programme of the European Commission, for instance, encourages research into, exchange of, and use of knowledge and best practices for buildings. The market for modular chillers is expected to increase throughout the projected period as a result of the increasing demand for energy-efficient buildings brought on by growing environmental awareness and severe governmental regulations. The key markets in APAC for modular chillers are China, Japan, South Korea, and India. The demand for modular chillers in various industries is growing as a result of the region's fast industrialization and urbanisation as well as favourable government policies and investments.

Global Modular Chillers Industry Segment Analysis

Modular Chillers Market By Type

·         Water-Cooled Modular Chillers

·         Air-Cooled Modular Chillers

Modular Chillers Market By Application

·         Commercial

·         Residential

·         Industrial

·         Acne

Modular Chillers Market Leading Companies

This section of the study honors the market's top vendors Carrier Corporation, Frigel Firenze, Gree Electric Appliances, Haier Group, Ingersoll Rand, Johnson Controls- Hitachi Air Conditioning, Mitsubishi Electric Corporation, Midea Group, McQuay Air-Conditioning, Multistack, and others.

Modular Chillers Market Regions