Modular Chiller Market is Expected to Reach $3.7 Billion by 2027

According to a new report published by Allied Market Research, titled, "Modular Chiller Market by Product Type, Capacity, and End User: Opportunity Analysis and Industry Forecast, 2020-2027," the global modular chiller market size was $2.7 billion in 2019, and is projected to reach $3.7 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.

The report analyzes the modular chiller market based on product type, capacity, application, and region. The product type covered in this report is the air-cooled modular chiller and water-cooled modular chiller. The capacity taken into consideration in the report are the below 300 tons and more than 300 tons. On the basis of application, the market is categorized into residential, commercial, and industrial.

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An increase demand for compact, energy efficient, and small heating, ventilation, and air conditioning systems to control room atmosphere is anticipated to stimulate the growth of the modular chiller industry. In addition, increase in construction spending in emerging countries such as India, China, Brazil, and others is anticipated to fuel the growth of the modular chiller market. For instance, India government planned to spend $1.4 trillion on infrastructure development from year 2020 to 2025. In addition, modular chillers are best suitable for food & beverages, automotive, die casting, plastics, and others. An increase in demand for modular chillers globally owing to growing construction activities is expected to lead to the growth of the modular chiller market. A rise in tourism sector globally has led to increase in demand for commercial buildings such as hotels and public buildings. This in turn is estimated to fuel the growth of the modular chiller market. For instance, tourism industry in Japan is expected to grow by over 10% from 2020 to 2030.

Modular chillers are chiller which are compact in size. It is a part of HVAC system. It is designed to form one larger chiller by combining more than one modular chiller in a series or parallel method. Each modular chiller contains one or two independent components, such as compressors, regulators, and circuits. Modular chiller having features such as serviceability, redundancy, flexibility, high energy-efficient, and better capacity controls. Increase in spending on residential and commercial construction sector owing to meet indoor air quality drives the growth of the modular chiller market. For instance, in Japan, according to the Ministry of Land, the government increased its allocation toward tourism sector grew by 15% from 2017 to 2018. In addition, owing to increase in greenhouse gas emission globally and rise in global warming, there has been a rise in awareness about installing heating, air conditioning, and ventilation (HVAC) systems, which in turn drives the growth of the modular chiller market. For instance, Germany government aimed to reduce the greenhouse gas emission by at least 55% by 2030 as compared to 2019 emission level. Moreover, growing demand for energy efficient, compact, and lightweight HVAC systems in commercial and industrial sectors is anticipated to drive the growth of the modular chiller market.

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However, high initial capital investment required and fluctuation in raw material prices are anticipated to hamper the growth of the modular chiller market. Conversely, rise in environment concerns, coupled with stringent government regulation toward energy-efficiency requirement regulations is anticipated to provide lucrative opportunities for growth of the modular chiller market.

However, one of the major restraints for modular chiller market is high initial capital investment and setup cost. Modular chillers require around 150% to 200% of the cost to install similar tonnage of water-cooled standard chiller. In addition, fluctuation in raw material prices is anticipated to hampers the modular chiller market growth. Conversely, strict government regulations toward energy-efficiency are predicted to offer lucrative opportunities for the market development of modular chiller.

Coronavirus disease (COVID-19) is a dangerous disease caused by a newly discovered virus named Coronavirus. Many people are suffering from coronavirus diseases throughout the globe. During lockdown, owing to the COVID-19 pandemic, various major players in the global modular chiller market to stop their business production due to lockdown implemented in countries such as China, the U.S., India, and other countries. This break directly impacted the sales of modular chiller companies. Also, lack of manpower and raw materials have halted the supply of modular chillers. Moreover, stoppage in infrastructure development buildings construction is anticipated to impact the sales of modular chiller market. For instance, net sales of LG Electronics dropped by 24.1% from quarter 2 (April 2019 to July 2019) to quarter 2 (April 2020 to July 2020). However, the introduction of vaccines for coronavirus disease and the re-initiation of production facilities is anticipated to provide lucrative opportunities for the modular chiller players.

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The key players profiled in the global modular chiller market report included Johnson Controls International Inc, Raytheon Technologies (Carrier Corporation), Ingersoll-Rand Plc (Trane Technologies Plc), Daikin Industries Ltd (McQuay Air-Conditioning Ltd), Mitsubishi Electric Corporation, LG Electronics, Midea Group Co. Ltd, Gree Electric Appliances Inc, Frigel Firenze S.p.A., and Multistack LLC.

Many competitors in the market adopted product launch and acquisition as their key developmental strategies to expand their product portfolio. For instance, in September 2019, Trane Technologies a subsidiary of Ingersoll Rand Plc, acquired Arctic Chiller Group, based in Canada which deals in various types of chillers. The acquisition was aimed to improve the product portfolio of modular chillers in Canada.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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