Unveiling Growth Prospects in the Global Modular Chiller Market: Cooling the Future

Allied Market Research has recently released an insightful report titled "Modular Chiller Market by Product Type, Capacity, and End User: Opportunity Analysis and Industry Forecast, 2020-2027." According to the findings, the global modular chiller market, valued at $2.7 billion in 2019, is poised to reach $3.7 billion by 2027, registering a noteworthy CAGR of 6.2% from 2020 to 2027.

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The report conducts a comprehensive analysis of the modular chiller market, categorizing it based on product type, capacity, application, and region. The product types covered include air-cooled modular chillers and water-cooled modular chillers, while the capacity is segmented into below 300 tons and more than 300 tons. In terms of application, the market encompasses residential, commercial, and industrial sectors.

The surge in demand for compact, energy-efficient heating, ventilation, and air conditioning systems is expected to drive the modular chiller industry's growth. Furthermore, increased construction spending in emerging economies like India, China, Brazil, and others is set to fuel the market's expansion. Notably, the Indian government plans to invest $1.4 trillion in infrastructure development from 2020 to 2025, contributing significantly to the modular chiller market's growth.

Modular chillers find optimal application in various industries, including food & beverages, automotive, die casting, and plastics, contributing to the global demand. The rise in global tourism has spurred the need for commercial buildings like hotels and public spaces, further propelling the modular chiller market. For example, Japan's tourism industry is expected to grow by over 10% from 2020 to 2030.

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However, high initial capital investment and setup costs pose a significant challenge for the modular chiller market. Modular chillers require 150% to 200% of the cost to install similar tonnage of water-cooled standard chillers. Fluctuations in raw material prices also present hurdles to market growth. On the flip side, stringent government regulations promoting energy efficiency offer promising opportunities for market development.

The COVID-19 pandemic significantly impacted the global modular chiller market, causing major players to halt production during lockdowns implemented in countries like China, the U.S., and India. This disruption, coupled with a lack of manpower and raw materials, led to supply chain interruptions. Despite these challenges, the introduction of vaccines and the resumption of production facilities are anticipated to offer lucrative opportunities for modular chiller players.

Key Players: The report profiles key players in the global modular chiller market, including 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.

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Key Findings of the Study:

Water-cooled modular chiller segment dominated the market in 2019 and is projected to grow significantly.

More than 300 tons segment generated the highest revenue in 2019 in terms of capacity.

The commercial segment led in revenue generation in 2019 based on application.

Asia-Pacific is expected to register the highest growth rate in the coming years.

The report provides in-depth analysis, current trends, and emerging opportunities in the modular chiller market.

The modular chiller market analysis spans from 2020 to 2027, offering valuable insights into its growth dynamics.

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