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

LIST OF TABLES
TABLE 1 ANNUAL PERCENT CHANGE OF REAL GDP GROWTH RATES (2016–2023) 37
TABLE 2 TRENDS AND FORECAST OF GDP PER CAPITA, BY COUNTRY, 2016–2020 (USD) 38
TABLE 3 OVERALL AC DEMAND IN NORTH AMERICA, 2015–2017 (THOUSAND UNITS) 38
TABLE 4 OVERALL AC DEMAND IN EUROPE, 2015–2017 (THOUSAND UNITS) 39
TABLE 5 OVERALL AC DEMAND IN APAC, 2015–2017 (THOUSAND UNITS) 39
TABLE 6 MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 41
TABLE 7 MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 44
TABLE 8 MODULAR CHILLERS MARKET SIZE, BY REGION, 2017–2024 (USD MILLION) 48
TABLE 9 APAC: MODULAR CHILLERS MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION) 50
TABLE 10 APAC: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 50
TABLE 11 APAC: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 50
TABLE 12 CHINA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 51
TABLE 13 CHINA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 51
TABLE 14 JAPAN: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 52
TABLE 15 JAPAN: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 52
TABLE 16 INDIA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 53
TABLE 17 INDIA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 53
TABLE 18 SOUTH KOREA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 54
TABLE 19 SOUTH KOREA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 54
TABLE 20 REST OF APAC: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 55
TABLE 21 REST OF APAC: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 55
TABLE 22 NORTH AMERICA: MODULAR CHILLERS MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION) 56
TABLE 23 NORTH AMERICA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 57
TABLE 24 NORTH AMERICA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 57
TABLE 25 US: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 57
TABLE 26 US: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 58
TABLE 27 CANADA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 58
TABLE 28 CANADA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 58
TABLE 29 MEXICO: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 59
TABLE 30 MEXICO: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 59
TABLE 31 EUROPE: MODULAR CHILLERS MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION) 61
TABLE 32 EUROPE: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 61
TABLE 33 EUROPE: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 61
TABLE 34 ITALY: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 62
TABLE 35 ITALY: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 62
TABLE 36 GERMANY: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 63
TABLE 37 GERMANY: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 63
TABLE 38 FRANCE: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 64
TABLE 39 FRANCE: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 64
TABLE 40 UK: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 65
TABLE 41 UK: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 65
TABLE 42 RUSSIA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 66
TABLE 43 RUSSIA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 66
TABLE 44 SPAIN: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 67
TABLE 45 SPAIN: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 67
TABLE 46 REST OF EUROPE: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 68
TABLE 47 REST OF EUROPE: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 68
TABLE 48 MIDDLE EAST & AFRICA: MODULAR CHILLERS MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION) 69
TABLE 49 MIDDLE EAST & AFRICA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 69
TABLE 50 MIDDLE EAST & AFRICA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 69
TABLE 51 SAUDI ARABIA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 70
TABLE 52 SAUDI ARABIA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 70
TABLE 53 UAE: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 71
TABLE 54 UAE: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 71
TABLE 55 SOUTH AFRICA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 72
TABLE 56 SOUTH AFRICA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 72
TABLE 57 REST OF MIDDLE EAST & AFRICA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 73
TABLE 58 REST OF MIDDLE EAST & AFRICA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 73
TABLE 59 SOUTH AMERICA: MODULAR CHILLERS MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION) 74
TABLE 60 SOUTH AMERICA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 74
TABLE 61 SOUTH AMERICA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 74
TABLE 62 BRAZIL: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 75
TABLE 63 BRAZIL: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 75
TABLE 64 REST OF SOUTH AMERICA: MODULAR CHILLERS MARKET SIZE, BY TYPE, 2017–2024 (USD MILLION) 76
TABLE 65 REST OF SOUTH AMERICA: MODULAR CHILLERS MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION) 76
TABLE 66 NEW PRODUCT LAUNCH, 2015–2019 84
TABLE 67 EXPANSION, 2015–2019 84
TABLE 68 ACQUISITION & JOINT VENTURE, 2015–2019 85

LIST OF FIGURES
FIGURE 1 MODULAR CHILLERS MARKET: RESEARCH DESIGN 17
FIGURE 2 MODULAR CHILLERS MARKET: BOTTOM-UP APPROACH 21
FIGURE 3 MODULAR CHILLERS MARKET: TOP-DOWN APPROACH 22
FIGURE 4 MODULAR CHILLERS MARKET: DATA TRIANGULATION 23
FIGURE 5 WATER-COOLED TYPE ACCOUNTED FOR THE LARGER MARKET SHARE IN 2018 25
FIGURE 6 COMMERCIAL TO BE THE FASTEST-GROWING APPLICATION 26
FIGURE 7 APAC TO BE THE FASTEST-GROWING MODULAR CHILLERS MARKET 26
FIGURE 8 INCREASING DEMAND FOR SPACE COOLING TO DRIVE THE MODULAR CHILLERS MARKET 28
FIGURE 9 WATER-COOLED TO BE THE LARGER TYPE SEGMENT IN THE MODULAR CHILLERS MARKET 28
FIGURE 10 COMMERCIAL TO BE THE LARGEST APPLICATION OF MODULAR CHILLERS BY 2024 29
FIGURE 11 COMMERCIAL WAS THE LARGEST APPLICATION SEGMENT AND CHINA THE LARGEST MARKET IN APAC IN 2018 29
FIGURE 12 INDIA TO REGISTER THE HIGHEST CAGR IN THE MARKET 30
FIGURE 13 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN THE MODULAR CHILLERS MARKET 31
FIGURE 14 PORTER’S FIVE FORCES ANALYSIS: MODULAR CHILLERS MARKET 34
FIGURE 15 WATER-COOLED TO BE THE LARGER TYPE SEGMENT IN THE MODULAR CHILLERS MARKET 41
FIGURE 16 COMMERCIAL TO BE THE LARGEST APPLICATION SEGMENT 44
FIGURE 17 APAC TO REGISTER THE HIGHEST CAGR IN THE MODULAR CHILLERS MARKET 48
FIGURE 18 APAC: MODULAR CHILLERS MARKET SNAPSHOT 49
FIGURE 19 NORTH AMERICA: MODULAR CHILLERS MARKET SNAPSHOT 56
FIGURE 20 EUROPE: MODULAR CHILLERS MARKET SNAPSHOT 60
FIGURE 21 COMPANIES ADOPTED ACQUISITION AS THE KEY STRATEGY BETWEEN 2015 AND 2019 78
FIGURE 22 MODULAR CHILLERS MARKET: COMPETITIVE LEADERSHIP MAPPING, 2018 80
FIGURE 23 MARKET RANKING, 2018 83
FIGURE 24 INGERSOLL RAND: COMPANY SNAPSHOT 86
FIGURE 25 INGERSOLL RAND: SWOT ANALYSIS 87
FIGURE 26 GREE ELECTRIC APPLIANCES: SWOT ANALYSIS 88
FIGURE 27 CARRIER CORPORATION: COMPANY SNAPSHOT 90
FIGURE 28 CARRIER CORPORATION: SWOT ANALYSIS 91
FIGURE 29 FRIGEL FIRENZE: SWOT ANALYSIS 93
FIGURE 30 MIDEA GROUP: COMPANY SNAPSHOT 94
FIGURE 31 MIDEA GROUP: SWOT ANALYSIS 95
FIGURE 32 QINGDAO HAIER: COMPANY SNAPSHOT 99