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Modular Chillers Market by Type (Air-Cooled, Water-Cooled), Application (Commercial, Industrial, Residential), and Region (North America, Europe, APAC, the Middle East & Africa, and South America) - Global Forecast to 2024


Product Code : MNMCH00107080
Survey : MarketsandMarkets
Publish On : 20, May, 2022
Category : Chemicals and Advanced Materials
Study Area : Global
Report format : PDF
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[Report Description]

“The modular chillers market is projected to register a CAGR of 6.0% between 2019 and 2024.”
The modular chillers market is estimated to be USD 2.6 billion in 2019 and is projected to reach USD 3.5 billion by 2024, at a CAGR of 6.0%. This growth is attributed to the advantages and benefits of modular chillers over its substitutes. Also, the demand for modular chillers is driven by growth in the number of construction projects. However, the high initial setup cost is hindering the growth of the modular chillers market. In addition, the high consumption of electricity is expected to be a major challenge for modular chillers market during the forecast period.

“The commercial application segment accounted for the largest market share.”
The commercial application for space cooling at various commercial places, such as shopping malls, government and private offices, schools, hospitals, and airports, dominates the modular chillers market and is projected to register a high CAGR during the forecast period. This growth is because of the growing number commercial construction projects and urbanization in the emerging countries. Commercial buildings require HVAC systems for maintaining a comfortable and dry atmosphere inside. Thus, the demand for modular chillers in commercial application is projected to grow during the forecast period.

“APAC is the largest and fastest-growing modular chillers market.”
In 2018, APAC was estimated to account for the largest share of the modular chillers market, owing to the rapid increase in commercial infrastructure projects, growing population, and expanding urban cities. China accounted for the largest share of the APAC market, owing to the presence of HVAC industries and rapid growth in the construction industry by transforming suburban cities into urban cities. Moreover, in the past few years APAC countries registered an annual growth of more than 17.0% year-on-year. This scenario in the region is favorable for the growth of the modular chillers market during the forecast period.

Extensive primary interviews were conducted in the process of determining and verifying sizes of several segments and subsegments of the modular chillers market gathered through secondary research.

The breakdown of primary interviews has been given below.

  • By Company Type: Tier 1 – 55%, Tier 2 – 27%, and Tier 3 – 18%
  • By Designation: C Level Executives – 36%, Director Level – 18%, Others – 46%
  • By Region: APAC – 37%, Europe – 27% North America – 18%, Middle East & Africa -- 9% , South America – 9%,

The key companies profiled in this report include Carrier Corporation (US), McQuay Air-Conditioning Ltd., (Hong Kong), Johnson Controls- Hitachi Air Conditioning (Japan), Midea Group (China), Ingersoll Rand (Ireland), Gree Electric Appliances, Inc. (China), Frigel Firenze S.p.A. (Italy), Mitsubishi Electric Corporation (Japan), Multistack, LLC. (US), and Haier Group (China).

Research Coverage
This report covers the modular chillers market and forecasts its market size until 2024. The market has been segmented based on type, application, and region. The report also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their positions in the market. The report also provides insights into the driving and restraining factors in the modular chillers market, along with opportunities and challenges across these industries. It also includes profiles for top manufacturers in the market.

Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
1. This report segments the modular chillers market and provides the closest approximations of overall market size for its segments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the market and provide information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as joint venture, new product launch, acquisition, and expansion.

TABLE OF CONTENTS

1 INTRODUCTION 14
1.1 OBJECTIVES OF THE STUDY 14
1.2 MARKET DEFINITION 14
1.3 MARKET SCOPE 15
1.3.1 MARKET SEGMENTATION 15
1.3.2 REGIONS COVERED 15
1.3.3 YEARS CONSIDERED FOR THE STUDY 16
1.4 CURRENCY 16
1.5 LIMITATIONS 16
1.6 STAKEHOLDERS 16
2 RESEARCH METHODOLOGY 17
2.1 RESEARCH DATA 17
2.1.1 SECONDARY DATA 18
2.1.1.1 Key data from secondary sources 18
2.1.2 PRIMARY DATA 19
2.1.2.1 Key data from primary sources 19
2.1.2.2 Key industry insights 20
2.1.2.3 Breakdown of primary interviews 20
2.2 MARKET SIZE ESTIMATION 21
2.2.1 BOTTOM-UP APPROACH 21
2.2.2 TOP-DOWN APPROACH 22
2.3 DATA TRIANGULATION 23
2.4 LIMITATIONS 24
2.4.1 METHODOLOGY LIMITATIONS 24
2.5 ASSUMPTIONS 24
3 EXECUTIVE SUMMARY 25
4 PREMIUM INSIGHTS 28
4.1 ATTRACTIVE OPPORTUNITIES IN THE MODULAR CHILLERS MARKET 28
4.2 MODULAR CHILLERS MARKET, BY TYPE 28
4.3 MODULAR CHILLERS MARKET, BY APPLICATION 29
4.4 APAC MODULAR CHILLERS MARKET, BY APPLICATION AND COUNTRY 29
4.5 MODULAR CHILLERS MARKET, BY KEY COUNTRIES 30
5 MARKET OVERVIEW 31
5.1 INTRODUCTION 31
5.2 MARKET DYNAMICS 31
5.2.1 DRIVERS 32
5.2.1.1 Growth in the number of commercial construction projects 32
5.2.1.2 Advantages of modular chillers over traditional chillers 32
5.2.2 RESTRAINT 32
5.2.2.1 High setup cost of modular chillers 32
5.2.3 OPPORTUNITY 33
5.2.3.1 Growing industrial applications 33
5.2.3.2 Replacement of currently installed chillers 33
5.2.4 CHALLENGE 33
5.2.4.1 High electricity consumption 33
5.3 PORTER’S FIVE FORCES ANALYSIS 34
5.3.1 THREAT OF NEW ENTRANTS 34
5.3.2 THREAT OF SUBSTITUTES 35
5.3.3 BARGAINING POWER OF BUYERS 35
5.3.4 BARGAINING POWER OF SUPPLIERS 35
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 36
6 MACROECONOMIC OVERVIEW 37
6.1 INTRODUCTION 37
6.1.1 REAL GDP GROWTH RATE AND PER CAPITA GDP OF MAJOR ECONOMIES 37
6.2 TRENDS OF HVAC INDUSTRY 38
6.2.1 AC UNITS DEMAND IN NORTH AMERICA 38
6.2.2 AC UNITS DEMAND IN EUROPE 39
6.2.3 AC UNITS DEMAND IN APAC 39
7 MODULAR CHILLERS MARKET, BY TYPE 40
7.1 INTRODUCTION 41
7.1.1 WATER-COOLED MODULAR CHILLERS 42
7.1.1.1 Water-cooled modular chillers have high demand owing to the
high efficiency 42
7.1.2 AIR-COOLED MODULAR CHILLERS 42
7.1.2.1 Low operating cost and environmental footprint is driving
the demand for air-cooled modular chillers 42
8 MODULAR CHILLERS MARKET, BY APPLICATION 43
8.1 INTRODUCTION 44
8.2 COMMERCIAL 45
8.2.1 CORPORATE OFFICES 45
8.2.1.1 Transformation of suburban cities to urban cities is majorly
driving the number of corporate offices 45
8.2.2 DATA CENTERS 45
8.2.2.1 Data centers are one of the largest consumers of modular
chillers system 45

8.2.3 PUBLIC BUILDINGS 45
8.2.3.1 Growth in the population is driving the number of public buildings 45
8.3 RESIDENTIAL 46
8.3.1 MULTIFAMILY BUILDING AND HOSPITALITY 46
8.3.1.1 Growing demand for luxury apartment is expected to drive the modular chillers market in the multifamily and hospitality segment 46
8.4 INDUSTRIAL 46
8.4.1 COLD STORAGES 46
8.4.1.1 Use of AC in food storage facilities is likely to create a huge
demand for modular chillers 46
8.5 OTHERS 46
9 MODULAR CHILLERS MARKET, BY REGION 47
9.1 INTRODUCTION 48
9.2 APAC 49
9.2.1 CHINA 51
9.2.1.1 China is the largest producer and consumer of AC units 51
9.2.2 JAPAN 52
9.2.2.1 Modular chillers demand is majorly driven by the moderate growth
in the commercial infrastructure sector 52
9.2.3 INDIA 53
9.2.3.1 Growth in commercial construction is likely to influence the demand for modular chillers positively 53
9.2.4 SOUTH KOREA 54
9.2.4.1 The modular chillers market is affected positively by the increasing demand for AC systems 54
9.2.5 REST OF APAC 55
9.3 NORTH AMERICA 56
9.3.1 US 57
9.3.1.1 Transformation of suburban cities into urban cities is providing
a boost to the modular chillers market 57
9.3.2 CANADA 58
9.3.2.1 Canada’s modular chillers market is majorly driven by its
booming construction industry 58
9.3.3 MEXICO 59
9.3.3.1 Growth in commercial construction driven by urbanization is influencing the market positively 59
9.4 EUROPE 60
9.4.1 ITALY 62
9.4.1.1 Ongoing infrastructural developments in Basilicata and Puglia regions are increasing the demand for modular chillers 62
9.4.2 GERMANY 63
9.4.2.1 Government’s goal to complete climate-neutral infrastructure
across the country by 2050 is a major opportunity for the market 63

9.4.3 FRANCE 64
9.4.3.1 The impressive growth of the HVAC industry in recent years
is promising for the market 64
9.4.4 UK 65
9.4.4.1 The recovering construction industry and steady HVAC systems demand are likely to propel the market 65
9.4.5 RUSSIA 66
9.4.5.1 The growing demand for AC units in the HVAC industry is fueling
the market growth 66
9.4.6 SPAIN 67
9.4.6.1 The market is driven by the positive scenario in the residential construction sector, which includes new building permits
across the country 67
9.4.7 REST OF EUROPE 68
9.5 MIDDLE EAST & AFRICA 69
9.5.1 SAUDI ARABIA 70
9.5.1.1 Upcoming infrastructural development projects in various sectors, including transportation, will generate potential growth
opportunities for the market 70
9.5.2 UAE 71
9.5.2.1 Infrastructural development in all the major cities of the country
is propelling the demand for modular chillers 71
9.5.3 SOUTH AFRICA 72
9.5.3.1 Increasing population and subsequent growth in residential and commercial construction are driving the market 72
9.5.4 REST OF MIDDLE EAST & AFRICA 73
9.6 SOUTH AMERICA 74
9.6.1 BRAZIL 75
9.6.1.1 Growing residential and non-residential construction is driving
the HVAC industry increasing the demand for modular chillers 75
9.6.2 REST OF SOUTH AMERICA 76
10 COMPETITIVE LANDSCAPE 77
10.1 OVERVIEW 77
10.2 COMPETITIVE LEADERSHIP MAPPING, 2018 79
10.2.1 TERMINOLOGY/NOMENCLATURE 79
10.2.1.1 Visionary leaders 79
10.2.1.2 Innovators 79
10.2.1.3 Dynamic differentiators 79
10.2.1.4 Emerging companies 79
10.2.2 STRENGTH OF PRODUCT PORTFOLIO 81
10.2.3 BUSINESS STRATEGY EXCELLENCE 82
10.3 MARKET RANKING OF KEY PLAYERS, 2018 83

10.4 COMPETITIVE SCENARIO 84
10.4.1 NEW PRODUCT LAUNCH 84
10.4.2 EXPANSION 84
10.4.3 ACQUISITION & JOINT VENTURE 85
11 COMPANY PROFILES 86
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
11.1 INGERSOLL RAND 86
11.2 GREE ELECTRIC APPLIANCES 88
11.3 CARRIER CORPORATION 90
11.4 FRIGEL FIRENZE 92
11.5 MIDEA GROUP 94
11.6 MULTISTACK 96
11.7 MCQUAY AIR-CONDITIONING 97
11.8 JOHNSON CONTROLS-HITACHI AIR CONDITIONING 98
11.9 QINGDAO HAIER 99
11.10 MITSUBISHI ELECTRIC HYDRONICS & IT COOLING SYSTEMS 101
11.11 OTHER PLAYERS 102
11.11.1 AERMEC 102
11.11.2 CLIMACOOL 102
11.11.3 KINGAIR MACHINERY 102
11.11.4 LG ELECTRONICS 102
11.11.5 SUZHOU SUJING BUSH REFRIGERATION EQUIPMENT 102
11.11.6 TICA CLIMATE SOLUTIONS 102
11.11.7 WITHAIR INDUSTRIES 102
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
12 APPENDIX 103
12.1 DISCUSSION GUIDE 103
12.2 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL 105
12.3 AVAILABLE CUSTOMIZATIONS 107
12.4 RELATED REPORTS 107
12.5 AUTHOR DETAILS 108

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