Europe & Southeast Asia Modular Chiller Market Size, Growth, Trends, Opportunity and Forecast to 2027 - Astute Analytica

CHICAGO, UNITED STATES, November 30, 2022 /EINPresswire.com/ -- The Europe Modular Chiller Market is forecast to experience an increase in revenue from US$ 529.2 Mn in 2021 to US$ 724.0 Mn by 2027. The market is growing at a CAGR of 5.4% during the forecast period from 2022 to 2027. In terms of volume, the market is recording a CAGR of 4.5% over the forecast period.
Southeast Asia Modular Chiller Market is forecast to experience an increase in revenue from US$ 40.50 Mn in 2021 to US$ 59.40 Mn by 2027. The market is growing at a CAGR of 6.6% during the forecast period from 2022 to 2027. In terms of volume, the market is recording a CAGR of 5.7% over the forecast period.

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Recently, modular chillers have become popular in HVAC systems as more affordable, customizable chillers. HVAC suppliers can combine this package chiller with other chiller modules to create a larger whole-system chiller. Modular chillers are available in two primary varieties: modular air-cooled chillers and modular water-cooled chillers. However, the condenser, compressor, evaporator, and expansion device are the same main components in both systems.

Market Influencing Factors

The key driver of the modular chiller market's expansion in Europe and the SEA is the rise in public infrastructure investment and simultaneous heating and cooling capacity. The growing government's spending on infrastructure construction projects helps the modular chiller market grow.

Furthermore, modular chillers eliminate the need for idle time in HVAC applications and allow for the expansion of capacity by adding parallel modules. The modular chiller market is likely to experience new prospects for growth due to the increased investment in cutting-edge technologies for creating improved industrial dynamics in terms of cooling technology.

On the other hand, factors such as strict rules, the increased initial price of industrial applications, and growing awareness about environmental protection may slow down the industry expansion.

Impact Analysis of COVID-19

Due to the outbreak of COVID-19, the Europe & SEA modular chiller witnessed a significant decline in the market. Owing to the COVID-19 pandemic, many major competitors in the modular chiller industry stopped their business production as the government of several countries, such as the UK, Germany, Italy, and others, implemented lockdowns. This break directly affected the sales of modular chiller players. Also, the limited availability of labor and raw materials has suspended the supply of modular chillers. Moreover, stoppage in infrastructure development building construction affected the sales of the modular chiller industry.

Segmentation Summary

In 2021, on the basis of product type, the water-cooled segment acquired a significant market share of 53.8% due to its outstanding performance compared to the air-cooled modular chillers. In addition, the water-cooled segment, the < 50kW segment, is likely to grow at a market volume of almost 12000 units by 2022. On the other hand, the air-cooled segment will reach a valuation of 352.10 million in 2027 owing to their growing demand due to its low price relative to the water-cooled modular chillers. Additionally, in the air-cooled segment, the 51-100kW segment will grow at a CAGR of almost 5.4%. The >301kW segment will rise at a volume of 691 units by 2027.

In 2021, on the basis of demand, the replacement market segment accounted for a share of 65% of the market due to the increased usage of replacement modular chillers. However, the new market segment will grow at the highest annual growth rate over the projection years.

In 2021, on the basis of application, the commercial segment held a market share of 50% due to the growing application of modular chillers in several healthcare buildings. In addition, in the commercial segment, the corporate office segment is likely to record the highest CAGR of 6.7%. In addition, the healthcare segment will reach a volume of 2,540 units by 2025. However, the industrial segment will exhibit a compound annual growth rate of 6% due to the rising demand for modular chillers in the pharmaceutical and food & beverage sector.

Regional Summary

In Europe, Italy acquired a share of 16% in the modular chiller market due to the increasing adoption of energy-efficient products. In addition, the Netherlands is likely to rise at a market volume of approx 824 units in 2027 due to the increasing industrialization and rising expansion of new buildings in the country.

The South East Asia region will grow at a volume of nearly 2,900 thousand units by 2025 in the modular chiller market due to the growing energy consumption owing to an increase in the number of construction movements. In addition, the growing awareness amongst consumers and profitable government policies will boost the market growth in the region.

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Prominent Competitors

The leading companies in the Europe and South East Asia modular chiller market are:
1st Cooling Inc.
Carrier Corporation
AEC Inc.
Croll Reynolds
ClimaCool Corp.
Frigel
Delta T Systems
HIVER Aircon Pvt. Ltd
Gree Electric Appliances Inc.
Midea Group
Mcquay Air-Conditioning Limited
Trane Technologies plc.
Multistack, LLC
Ware Mechanical, Inc.
Haier Group Corp.
LG Electronics Inc.
Ingersoll-Rand
Other Prominent Players

Key Developments by these Players

In Nov 2022, Carrier unveiled a new version of the Hourly Analysis Program (HAP), their peak load and energy modeling software, in order to serve HVAC design professionals. A subsidiary of Carrier Global Corporation, which offers the world's best solutions for sustainable, healthy, safe, and intelligent buildings and cold chains.

In Aug 2022, Delta T Systems introduced new Modular Chiller systems with integrated variable-speed pumps and tanks. This chiller was designed to replace inefficient, outdated central chiller systems the chillers' unique tank leveling algorithm replaces inefficient, outdated systems.

In March 2021, Frigel, the industry innovator in intelligent process cooling, added air-cooled portable chillers to the product lineup. The chillers provide good performance at high ambient circumstances and are designed for maximum ambient temperatures between 113°F and 122°F.

In Jan 2020, Cerebrus, LLC, a worldwide private equity fund, declared a $75 million investment over the next three years in a newly established HVAC engineering and manufacturing company, XNRGY Climate Systems.

Segmentation Outline

The Europe and South East Asia modular chiller market segmentation focuses on Product Type, Demand, Application, and Region.

By Product Type Segment
Water-Cooled
o <50kW
o 51-100kW
o 101-200kW
o 201-300kW
o >301kW
Air-Cooled
o <50kW
o 51-100kW
o 101-200kW
o 201-300kW
o >301kW

By Demand Segment
New Market
Replacement Market

By Application Segment
Commercial
o Data Centers
o Corporate Offices
o Public Buildings
o Mercantile & Service
o Healthcare
o Others
Industrial
o Chemical
o Food & Beverage
o Metal Manufacturing & Machining
o Medical & Pharmaceutical
o Plastics
o Others
Residential
o Multistorey
o Bungalows/ Villas

By Region Segment
Europe
The UK
Germany
France
Italy
Spain
Netherlands
Rest of Europe

South East Asia
Indonesia
Thailand
Singapore
Malaysia
Philippines
Vietnam
Myanmar
Rest of SEA

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