Global Modular Chillers Market
Global Modular Chillers Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of 7.1 % during forecast period.
The growth of the global market for modular chillers can be attributed to the stringent government regulations on energy efficiency and emissions. Additionally, the competitive benefits of modular chillers over its substitutes has increased its demand in the HVAC and refrigeration systems. Modular chillers have a compressed design, which is ideal for buildings where space is limited. It has control systems, which can be activated from remote places.
Moreover, the biggest driver of modular chillers is ‘modularity’, which means, operators can shut down any unit when cooling requirements are low and switch on any number of units when the requirement is high. Hence, the modular chiller operators can reduce the downtime to zero hours, as it is highly unlikely that all modules malfunction. Also, modular chillers proposals superior expandability, when operators plan infrastructure expansion.
Commercial segment based on application to be the fastest-growing segment of the modular chillers markets globally. The demand for modular chillers has been fast momentum in the HVAC industry as it is lighter, efficient, and lowers the required refrigerant volume as compared to other heat exchangers. Modular chillers are extensively used in AC systems and heat pumps for efficient heat transfer between refrigerant and air. In recent years, because of the growing demand for lightweight systems and increasing copper prices, the demand for modular chillers has increased in various HVAC applications.
The Asia Pacific is projected to be the fastest-growing market for modular chillers in terms of value during the forecast period. China and India are the two major markets for modular chillers in the Asia Pacific. The Chinese plastic industry has the largest share in the APAC, resulting in increased growth of the market. Similarly, high demand for chillers in solar cooling applications, and rising end-use industries are expected to drive the demand for modular chillers in both, China and India.
Major players operating in the market for modular chillers like Gree, LG, Midea etc. Gree Electric Appliances (China) is a global air conditioning company. It has a presence across emerging economies, and so expected to provide growth opportunities to the company soon. It is a renowned brand in the market for HVAC, which was ranked 385 on the list of Forbes Global 2000 companies, in 2018.
A recent development in the Global Modular Chillers Market: In March 2018, Mitsubishi Electric Hydronics & IT Cooling Systems acquired chillers provider Topclima of Climaveneta in Spain. This acquisition of Topclima helps the company to usage the assets efficiently for business development.
In January 2018, Ingersoll Rand acquired ICS Group Holdings Ltd (UK), a prominent HVAC solution provider in Europe. This acquisition aids the company to cater to a broad range of customers and strengthen its growth in the European market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Modular Chillers Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Modular Chillers Market.
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Scope of the Global Modular Chillers Market
Global Modular Chillers Market, by Type
- Water-cooled modular chillers
- Air-cooled modular chillers
Global Modular Chillers Market, by Application
o Corporate Offices
o Data Centers
o Public Buildings
o Multifamily and Hospitality
o Cold storages
Global Modular Chillers Market, by Region
- North America
- Asia Pacific
- Middle East and Africa
- South America
Key players operating in the Global Modular Chillers Market
- Mcquay International
- Johnson Controls-Hitachi Air Conditioning
- Ingersoll Rand
- Multistack LLC
- Withair (Nanjing) Industries Co., Ltd.
- Mitsubishi Electric Corporation
- Climacool Corp
- Aermec S.p.A
- Suzhou Sujing Bush Refrigeration Equipment Co.,Ltd
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