Based on the 2020 Modular Chillers Market outlook, OG Analysis forecasts the market growth at a healthy CAGR of 5.65% between 2020 and 2026. Rising penetration of chillers, adoption of the latest technology, and strategic M&A among key players thrust the global market growth opportunities, finds, OG Analysis. Furthermore, growing population and urbanization along with rise in the number of commercial construction projects boost the market value and size.
Consumption of water-cooled types of modular chillers at large commercial places including corporate offices, schools, shopping malls, and hospitals drives the market demand for water-cooled modular chillers.
Furthermore, air-cooled segment records higher growth and consumption across commercial and industrial applications with potential to fulfill requirements of low operating costs and compact design.
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However, adoption of modular chillers is limited by stringent regulations over usage of limited fluorocarbon for refrigerants which remains a challenge to the modular chiller market growth.
The emergence of key end-users likely to boost the modular chillers market size during the forecast period
Commercial is observed as the fastest growing sector of modular chillers market during the forecast period. Whereas, industrial applications set to contribute market growth opportunities in coming years. Accordingly, key market OEMs are investing to serve the needs of the key end-users, for example, in 2019, Trane launched three new chillers for small commercial buildings, industrial facilities, and industrial processes.
Furthermore, increasing demand for efficient and lightweight heat transfer systems and rising copper prices boost the adoption of modular chillers in various HVAC applications.
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Asia Pacific set to enter growth phase with strong modular chillers market value
Asia Pacific emerges with strong modular chillers market growth during the forecast period. Among the key contributors, China accounted for the largest market share driven by active presence of HVAC industries.
Further, high demand from commercial and residential infrastructure in this region fuel the modular chillers market share and value.
In addition, increasing consumption of ACs, demand for chillers in solar cooling applications, and emerging end-user industries to drive the market growth across developing countries over the forecast period.
Product differentiation and M&A activities are adopted by key players to capitalize on modular chillers market share
The competitive conditions drive key market players to launch innovative and novel offerings. Following the news of the 2019 launch of new modular chiller 3FX by Frigel Firenze which delivers reliable and energy-efficient performance is an example of product differentiation strategy in focus by market vendors. Further, in 2019, Engie Refrigeration pre-launched Quantum air-cooled chiller range with improved levels of efficiency, performance, control, and serviceability.
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In addition, in 2018, Aermec launched a new compact modular centrifugal chiller offering energy efficiency even at partial loads.
Furthermore, key market players are investing in M&A activities to explore business opportunities, in 2018, Mitsubishi Electric Hydronics & IT Cooling Systems acquired chillers distributor Topclima to use the assets efficiently for business development. Also, Ingersoll Rand acquired ICS Group Holdings Ltd. to cater to a broad range of customers and strengthen its growth in the European market in 2018.
Key companies including Mitsubishi Electric Corporation, Haier Group, Carrier Corporation, McQuay Air-Conditioning, Johnson Controls- Hitachi Air Conditioning, Midea Group, Ingersoll Rand, Gree Electric Appliances, Frigel Firenze, Multistack, to rise the modular chillers market growth.
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