According to the report by Expert Market Research (EMR), the global modular chiller market size is projected to grow at a CAGR of 6% between 2024 and 2032. Aided by the increasing demand for energy-efficient cooling systems and the versatility of modular chillers, the market is expected to grow significantly by 2032.
Modular chillers are cooling systems composed of multiple smaller units that can be connected to work as a single large chiller. This modularity offers flexibility in capacity adjustment and ensures high operational efficiency. They are widely used in commercial buildings, industrial facilities, and large residential complexes for air conditioning and process cooling.
The modular chiller market growth is driven by several factors, including the growing focus on energy efficiency in cooling systems. Modular chillers are designed to adapt to varying cooling demands, reducing energy wastage and offering cost savings over traditional chiller systems. This feature is particularly appealing in the context of rising energy costs and increasing environmental consciousness.
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Additionally, the trend towards sustainable building practices is significantly contributing to the modular chiller market demand. Modular chillers, with their ability to minimise energy consumption and carbon footprint, align well with green building standards and certifications like LEED (Leadership in Energy and Environmental Design). The adoption of these chillers is therefore being encouraged in new construction and renovation projects.
Another factor bolstering the market is the increasing demand for cooling systems in data centres. The exponential growth of data usage and cloud computing has led to the expansion of data centres globally. Modular chillers provide an effective solution to manage the substantial cooling requirements of these facilities, ensuring the optimal performance of servers and other computing equipment.
The modular chiller market outlook is also influenced by the technological advancements. Innovations in chiller design, such as the integration of Internet of Things (IoT) technology, are enhancing system performance, enabling remote monitoring and predictive maintenance. These technological improvements are making modular chillers more reliable, efficient, and user-friendly.
Regionally, the Asia Pacific is accounting for a significant portion of the modular chiller market share, driven by rapid urbanisation, industrial growth, and the escalating need for energy-efficient cooling solutions in countries like China and India. North America and Europe also hold substantial market shares, supported by stringent environmental regulations and advanced infrastructure.
Modular Chiller Market Segmentation
The market can be divided based on product type, capacity, application, and region.
Market Breakup by Product Type
- Air Cooled Modular Chiller
- Water Cooled Modular Chiller
Market Breakup by Capacity
- Below 300 Tons
- More than 300 tons
Market Breakup by Application
- Residential
- Commercial
- Industrial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Modular Chiller Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global modular chiller market. Some of the major players explored in the report by Expert Market Research are as follows:
- Johnson Controls International Plc.
- Daikin Industries, Ltd
- LG Electronics
- Multistack, LLC
- Frigel Firenze S.p.A.
- Others
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