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Economic development

Modular Chillers Market to Reach USD 5.07 Billion by 2032

Strategic Insights

— 2 min read

The global modular chillers market is expected to exhibit significant growth, driven by increasing adoption of energy-efficient HVAC systems and rising demand for cost-effective and scalable cooling solutions. The market, which was valued at USD 2.93 billion in 2023, is projected to reach USD 5.07 billion by 2032, expanding at a compound annual growth rate (CAGR) of 6.33% from 2024 to 2032. This growth is attributed to the increasing awareness around sustainable practices, rising energy costs, and the surge in commercial construction, coupled with the evolution of smart infrastructure and urban development.

Key Takeaways:

  • The global modular chillers market is expected to exhibit significant growth, driven by increasing adoption of energy-efficient HVAC systems and rising demand for cost-effective and scalable cooling solutions.
  • The market, which was valued at USD 2.93 billion in 2023, is projected to reach USD 5.07 billion by 2032, expanding at a compound annual growth rate (CAGR) of 6.33% from 2024 to 2032.
  • The water-cooled modular chillers segment dominated the market in 2023, commanding 61.40% of the total revenue share, and are expected to remain a key driver of growth in the market.
  • The commercial segment accounted for the largest share, 47.80%, of the modular chillers market in 2023, driven by the rising necessity for dependable cooling at corporate offices, hospitals, data centers, and educational institutions.
  • The Asia Pacific region emerged as the largest contributor to the global modular chillers market revenue in 2023, holding 40.70% of the global market revenue.
  • The Middle East & Africa (MEA) region is projected to record a noteworthy CAGR of 5.99% through 2032, driven by government policies supporting green buildings, energy efficiency, and urban smart city projects.
  • Key players in the market include Trane Technologies plc, GREE ELECTRIC APPLIANCES, INC., Carrier Corporation, FRIGEL FIRENZE S.p.A., Midea Group, Multistack International Limited, Daikin Industries, Ltd., Johnson Controls, Haier Group, Mitsubishi Electric Corporation, McQuay Air-Conditioning Ltd., Johnson Controls-Hitachi Air Conditioning, Ingersoll Rand, Multistack, LLC., LG Electronics, and Nanjing TICA Climate Solutions Co., Ltd.
  • Recent developments in the market include the unveiling of a new engineering center and lab by Johnson Controls in May 2023, and the introduction of the SpiraChill and iChill product lines by Airedale International in February 2023.

Statistics:

  • The global modular chillers market is expected to reach USD 5.07 billion by 2032.
  • The market is expected to expand at a compound annual growth rate (CAGR) of 6.33% from 2024 to 2032.
  • The water-cooled modular chillers segment dominated the market in 2023, commanding 61.40% of the total revenue share.
  • The commercial segment accounted for the largest share, 47.80%, of the modular chillers market in 2023.
  • The Asia Pacific region emerged as the largest contributor to the global modular chillers market revenue in 2023, holding 40.70% of the global market revenue.
  • The Middle East & Africa (MEA) region is projected to record a noteworthy CAGR of 5.99% through 2032.

Sources:

  • SNS Insider pvt ltd.
  • SNS Insider pvt ltd.
  • SNS Insider pvt ltd.
  • SNS Insider pvt ltd.
  • SNS Insider pvt ltd.

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