The global Modular Chillers market is expected to grow at a CAGR of 6.2% during the forecast period (2024-2031), reaching a value of USD YY billion by 2031, up from USD XX billion in 2024.
Asia-Pacific is expected to dominate the market throughout the forecast period. The growth of the Modular Chillers market is driven by the increasing demand for energy-efficient cooling solutions, the rising number of data centers, and the growing construction industry.
Increasing adoption of modular chillers in data centers
Data centers are increasingly adopting modular chillers due to their energy efficiency, scalability, and ease of installation. The modular design allows data center operators to scale their cooling capacity as their IT infrastructure grows, minimizing upfront costs and optimizing energy consumption. In 2023, the global data center cooling market was valued at USD 10.3 billion, with modular chillers accounting for a significant share.
Stringent regulations on energy efficiency and environmental impact
Governments around the world are implementing strict regulations on energy efficiency and environmental impact, driving the demand for eco-friendly and energy-efficient cooling solutions. Modular chillers, with their advanced features like variable frequency drives and heat recovery systems, help organizations comply with these regulations while reducing their carbon footprint. The European Union's Ecodesign Directive and the United States' Energy Star program are examples of such regulations.
High initial installation costs
Despite the long-term energy savings and operational benefits, the high initial installation costs of modular chillers can hinder market growth, especially for small and medium-sized enterprises. The cost of a modular chiller system can be substantial, depending on the capacity, features, and customization required. However, as the technology advances and competition increases, the prices of modular chillers are expected to decrease, making them more accessible to a wider range of customers.
By Application, the Commercial segment is expected to dominate the market during the forecast period.
The Commercial segment, which includes office buildings, hospitals, schools, and retail spaces, holds the largest market share in the Modular Chillers market. The growing focus on energy efficiency, indoor air quality, and occupant comfort in commercial buildings is driving the adoption of modular chillers. In 2023, the global commercial HVAC market was valued at USD 63.2 billion, with modular chillers playing a significant role in meeting the cooling requirements of these buildings.
Asia-Pacific is expected to dominate the Modular Chillers market during the forecast period.
Asia-Pacific's dominance in the Modular Chillers market can be attributed to several factors, including rapid urbanization, growing construction activities, and increasing industrialization. The region's expanding data center industry and the rising demand for energy-efficient cooling solutions in commercial and industrial sectors further drive market growth. In 2023, China accounted for the largest share of the Asia-Pacific Modular Chillers market, followed by Japan and India.
Recent market developments in Asia-Pacific include:
In December 2023, Daikin Industries launched a new line of modular chillers designed specifically for data center applications, targeting the growing demand in the Asia-Pacific region.
In February 2024, Mitsubishi Electric announced the expansion of its manufacturing facility in Thailand to cater to the increasing demand for modular chillers in Southeast Asia.
Key statistics highlighting Asia-Pacific's market dominance:
Asia-Pacific accounted for YY% of the global Modular Chillers market in 2024.
China held a YY% share of the Asia-Pacific Modular Chillers market in 2024.
The Modular Chillers market is highly competitive, with several key players focusing on product innovation, energy efficiency, and customization. Major companies in the market include Carrier Corporation, Trane Technologies, Johnson Controls, Daikin Industries, Mitsubishi Electric, and LG Electronics.
Carrier Corporation is one of the leading players in the global Modular Chillers market, with a strong presence in North America and Europe. The company's AquaEdge series of modular chillers, known for their high energy efficiency and low environmental impact, has been well-received in the market.
Recent developments in the competitive landscape include:
In September 2023, Trane Technologies acquired a majority stake in an AI-driven energy optimization startup to enhance its modular chiller offerings with advanced energy management capabilities.
In November 2023, Johnson Controls launched a new line of modular chillers with integrated heat recovery systems, targeting the growing demand for sustainable cooling solutions.
The future outlook for the Modular Chillers market remains positive, driven by the increasing focus on energy efficiency, sustainability, and the growing demand from data centers and commercial buildings. As the market evolves, companies that offer innovative, eco-friendly, and customizable modular chiller solutions are expected to gain a competitive edge.
Carrier Corporation
Trane Technologies
Johnson Controls
Daikin Industries
Mitsubishi Electric
LG Electronics
December 2023: Daikin Industries launched a new line of modular chillers for data centers
September 2023: Trane Technologies acquired a majority stake in an AI-driven energy optimization startup
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)*
5. COMPANY PROFILES
5.1. Carrier Corporation
5.2. Trane Technologies
5.3. Johnson Controls
5.4. Daikin Industries
5.5. Mitsubishi Electric
5.6. LG Electronics
5.7. Gree Electric Appliances
5.8. Midea Group
5.9. Haier Smart Home
5.10. Danfoss (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Increasing adoption of modular chillers in data centers
6.1.2. Growing demand for energy-efficient and eco-friendly cooling solutions
6.1.3. Rising popularity of smart and connected modular chillers
6.2. Market Drivers
6.2.1. Stringent regulations on energy efficiency and environmental impact
6.2.2. Rapid urbanization and growing construction industry
6.2.3. Increasing industrialization and manufacturing activities
6.3. Market Restraints
6.3.1. High initial installation costs
6.3.2. Lack of awareness about the benefits of modular chillers
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Air-Cooled
7.1.1. Scroll Compressor
7.1.2. Screw Compressor
7.1.3. Centrifugal Compressor
7.2. Water-Cooled
7.2.1. Scroll Compressor
7.2.2. Screw Compressor
7.2.3. Centrifugal Compressor
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Commercial
8.1.1. Office Buildings
8.1.2. Hospitals & Healthcare Facilities
8.1.3. Educational Institutions
8.1.4. Retail Spaces
8.1.5. Hotels & Restaurants
8.2. Industrial
8.2.1. Manufacturing Plants
8.2.2. Food & Beverage Processing
8.2.3. Pharmaceutical Industry
8.3. Residential
8.3.1. Multi-Family Housing
8.3.2. Single-Family Homes
9. BY CAPACITY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Less than 100 Tons
9.1.1. 50-100 Tons
9.1.2. Less than 50 Tons
9.2. 100-250 Tons
9.2.1. 100-150 Tons
9.2.2. 150-200 Tons
9.2.3. 200-250 Tons
9.3. 250-500 Tons
9.3.1. 250-350 Tons
9.3.2. 350-500 Tons
9.4. More than 500 Tons
9.4.1. 500-750 Tons
9.4.2. More than 750 Tons
10. BY REFRIGERANT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. R-134a
10.1.1. Pure R-134a
10.1.2. R-134a Blends
10.2. R-410A
10.2.1. Pure R-410A
10.2.2. R-410A Blends
10.3. R-407C
10.3.1. Pure R-407C
10.3.2. R-407C Blends
10.4. Others
10.4.1. R-22
10.4.2. R-32
10.4.3. R-290
11. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
11.1. North America
11.1.1. United States
11.1.2. Canada
11.1.3. Mexico
11.2. South America
11.2.1. Brazil
11.2.2. Argentina
11.2.3. Rest of South America
11.3. Europe
11.3.1. Germany
11.3.2. United Kingdom
11.3.3. France
11.3.4. Italy
11.3.5. Spain
11.3.6. Russia
11.3.7. Rest of Europe
11.4. Asia-Pacific
11.4.1. China
11.4.2. Japan
11.4.3. India
11.4.4. Australia
11.4.5. South Korea
11.4.6. Rest of Asia-Pacific
11.5. Middle-East
11.5.1. UAE
11.5.2. Saudi Arabia
11.5.3. Turkey
11.5.4. Rest of Middle East
11.6. Africa
11.6.1. South Africa
11.6.2. Egypt
11.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Type:
Air-Cooled
Water-Cooled
By Application:
Commercial
Industrial
Residential
By Capacity:
Less than 100 Tons
100-250 Tons
250-500 Tons
More than 500 Tons
By Refrigerant:
R-134a
R-410A
R-407C
Others
By Distribution Channel:
Direct Sales
Indirect Sales
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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