Global Modular Chiller Market Size, Share And Forecast

(MENAFN- Straits Research) Introduction

Modular chillers are made to be connected in series or parallel with other modular chillers to form a single, larger chiller. A modular chiller may contain autonomous components such as compressors, regulators, and circuits. Improved capacity control, serviceability, and redundancy are all advantages of the modular chiller, which is also flexible and energy efficient. The market for modular chillers is predicted to grow due to increased demand for energy-efficient goods and technologies. governments worldwide spend money on various infrastructure development projects also help expand the modular chiller market. Increased demand for flexible, lightweight, and energy-efficient heating, air conditioning, and ventilation systems is expected to grow the modular chiller market. The modular chiller market is also growing due to increased demand from the food and beverage industry. Modular chillers are increasingly used in various industries, including breweries, distilleries, food and dairy processing plants, wineries, and vineyards. This demand surge is a result of this trend.

Market Dynamics Growing Awareness of Greenhouse Gas Emissions and Demand for HVAC Solutions Drives the Global Market

Modular chillers help regulate cool temperatures and improve air quality by removing nitrous acid, carbon dioxide, and sulfur dioxide. Indian Power Ministry developed a chiller energy efficiency policy to reduce carbon emissions and energy use. Increased global greenhouse gas emissions are expected to boost the modular chiller market.

The market expansion is fueled by the rising demand for energy-efficient solutions and HVAC (heating, ventilation, and air conditioning) systems to improve indoor environment quality. In addition, the expansion of the market is being driven by an increase in demand for modular chiller systems that are lightweight and easy to install. The fact that modular chillers are particularly well suited for use in commercial and industrial settings also contributes to the expansion of the market. Major players are focusing on the newly developed modular chiller to enhance the application of HVAC systems in commercial settings. In addition, heating, ventilation, and air conditioning (HVAC) systems are frequently utilized in residential, commercial, and industrial settings. The expansion of the market is being driven by an uptick in demand for modular chillers from the food and beverage industry. This demand is driven by an increase in the number of establishments adopting modular chillers, including breweries, distilleries, food and dairy processing units, vineyards, and wineries. The expansion of the modular chiller market is expected to be fueled by such occurrences.

Environmental concerns and government regulations on energy efficiency are expected to boost the modular chiller market. The French government has mandated stringent norms for installing energy-efficient modular chillers in residential and non-residential construction (RT2020 and RT2012). These rules reduce energy use. RT2012 and RT2020 require a maximum of 40 to 65 kWh/m2/pa. Industrialists design machines and technologies to facilitate production, lower maintenance and production costs, increase production flexibility and reduce waste and lead times. They're also cutting costs associated with running and manufacturing modular chillers to improve product quality. The US, Germany, and Japan have cutting-edge technological businesses, developed processing facilities, highly skilled workforces, and increased R&D initiatives. Growing applications and competition motivate businesses to focus on technological advancements to meet consumer demands. This should boost the modular chiller market.

Regional Analysis

Asia-Pacific is the highest revenue contributor , growing at a CAGR of 7.1% during the forecast period. The growth of the modular chiller market in the Asia-Pacific region is driven by an increase in the rate of urbanization and industrialization in developing countries. Modular chillers find widespread application throughout the Asian economy, including the food and beverage industry, corporate offices, airports, and metro stations, among other places. It is anticipated that the development of the market will be brought about by the expansion of the electronics and aviation industries. It is expected that investments made by the government in constructing infrastructure buildings will cater to the market's growth.

Europe is the second-largest contributor to the market and is estimated to reach around USD 925.72 million at a CAGR of 5.6% during the forecast period. The demand for heating and cooling products is anticipated to increase due to government regulations concerning energy efficiency and the utilization of modular chillers that are friendly to the environment. As a consequence of this, the market for modular chillers is expanding at a rapid rate. In addition, major players in the modular chiller market in Europe are increasingly emphasizing the importance of acquisition as a critical component of their overall development strategy to expand their product offerings.

Key Highlights

• The global modular chiller market was valued at USD 4,170.7 million in 2021. It is expected to reach USD 7,351.15 million by 2030, growing at a CAGR of 6.5% during the forecast period (2022–2030).
• Based on the product type, the global modular chiller market has been categorized into air-cooled and water-cooled modular chillers. The water-cooled modular chillers segment is the highest contributor to the market, growing at a CAGR of 6.2% during the forecast period.
• Based on the Capacity, the global modular chiller market has been categorized below 300 tons and more than 300 tons. The more than 300 tons segment is the highest contributor to the market, growing at a CAGR of 6.1% during the forecast period.
• Based on the application, the global Modular Chiller market has been categorized into residential, commercial, and industrial. The commercial segment is the highest contributor, growing at a CAGR of 6.8% during the forecast period.
• Asia-Pacific is the highest revenue contributor, growing at a CAGR of 7.1% during the forecast period.