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.
Competitive advantages as compared to other alternatives drive the demand for modular chillers in the commercial application. Modular chillers have a compact design, which is ideal for buildings where space is limited. It has control systems, which can be operated from remote places. Also, the biggest advantage 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. Therefore, the modular chiller operators can reduce the downtime to zero hours, as it is highly unlikely that all modules malfunction. In addition, modular chillers offer superior expandability, when operators plan infrastructure expansion. The modular chiller system capacity can be increased by adding parallel modules with the currently installed chiller system. These overall advantages of modular chillers have increased their demand.
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Recent Developments
- In May 2019, Frigel Firenze launched new modular chillers; 3FX chillers. These chillers are available in 12 models. Seven models come with screw compressors and the remaining five come with scroll compressors. These chillers cater to industrial applications.
Key Market Players
Carrier Corporation (US), McQuay Air-Conditioning (Hong Kong), Johnson Controls- Hitachi Air Conditioning (Japan), Midea Group (China), Ingersoll Rand (Ireland), Gree Electric Appliances (China), Frigel Firenze (Italy), Mitsubishi Electric Corporation (Japan), Multistack (US), and Haier Group (China) are the key players operating in the modular chillers market.
These companies have adopted various organic as well as inorganic growth strategies between 2015 and 2019 to strengthen their positions in the market. The acquisition is the key growth strategy adopted by these leading players to enhance regional presence and product portfolios to meet the growing demand for modular chillers from emerging economies.
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