According to the new market research report “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″, The modular chillers market is projected to grow from USD 2.6 billion in 2019 to USD 3.5 billion by 2024, at a CAGR of 6.0% during the forecast period.
The growth of the modular chillers can be attributed to the stringent government regulations on energy efficiency and emissions, globally. In addition, the competitive advantages of modular chillers over its substitutes has increased its demand in the HVAC and refrigeration systems.
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The modular chillers market is projected to grow from USD 2.6 billion in 2019 to USD 3.5 billion by 2024, at a CAGR 6.0%. The increasing demand for modular chillers is attributed to regulations related to energy efficiency and emission standards imposed by the governments, along with the competitive advantages of modular chillers in comparison to their substitute products. In APAC, the market is driven by the growth in the construction industry and increasing demand for HVAC systems.
There are two types of modular chillers available in the global market, namely, air-cooled and water-cooled modular chillers. The water-cooled segment accounted for the larger market share, while air-cooled modular chillers is projected to be the faster -growing type of modular chillers. Water-cooled modular chillers are more energy-efficient compared to air cooled modular chillers, owing to which they are is highly demanded in large commercial places and process cooling application in various industries, such as food & beverage, pharmaceutical, and marine transportation.
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108 – Pages
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The modular chillers market size is estimated to be USD 2.6 billion in 2019 and projected to reach USD 3.5 billion by 2024, at a CAGR of 6.0%, between 2019 and 2024. Modular chillers is mainly used in the commercial, industrial, and residential applications for air conditioning, space cooling, and process cooling. They are energy efficient, compact, and easy to maintain as compared to their substitutes. The growing number of commercial construction projects are also expected to drive the modular chillers market.
The key players in the modular chillers market are 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). Acquisition is the key growth strategy adopted by the key modular chillers manufacturers. Apart from acquisition, manufacturers have adopted expansion, joint venture, and new product launch between 2015 and 2019.
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Ingersoll Rand (Ireland) is among the key players in the modular chillers market. It is specialized in the manufacturing of HVAC systems through its established brand ‘Trane’. It has a strong foothold across the North American region, contributing around 70.0% of group’s revenue. The company has adopted organic and inorganic strategies to increase its market share and revenue. For example, in 2017, it acquired several channel points, such as distributors and independent dealers to expand the distribution network across the region.
Gree Electric Appliances (China) is an international air conditioning company. It has a presence across emerging economies, and thus expected to provide growth opportunities to the company in the near future. It is a renowned brand in the HVAC market, which was ranked 385 on the list of Forbes Global 2000 companies, in 2018. It has a strong focus on R&D, having 52 research centres and 570 labs and applied for 15,600 patents including 5,000 innovation patents. The company is adopting growth through the innovation strategy to maintain its leading position in the market.
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