APAC is projected to be the fastest-growing modular chillers market

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%. 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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APAC is projected to be the fastest-growing market for modular chillers, owing to the presence of highly-populated countries, such as China and India. China, India, Japan, Indonesia, and South Korea are some of the key countries in the modular chillers market in this region. In 2018, China accounted for the largest share of the APAC market, owing to the presence of huge HVAC industries. The growing sales of HVAC systems and their increasing demand from commercial and residential infrastructure in the region boosts the demand for modular chillers. In addition, growing urbanization and population are mainly driving the demand for modular chillers in the HVAC systems.

Competitive advantages as compared to other alternatives, drives 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 offers 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.
Most active players in the modular chillers market:

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 a few active players in the modular chillers market.

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