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.
The demand for modular chillers has been gaining 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 widely used in AC systems and heat pumps for efficient heat transfer between refrigerant and air. In the recent years, owing to the growing demand for lightweight systems and rising copper prices, the demand for modular chillers has increased in various HVAC applications. Moreover, because of compact design, lightweight, and lower hold-up volume, modular chillers are used in the residential and commercial cooling applications.
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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.
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.
In March 2018, Mitsubishi Electric Hydronics & IT Cooling Systems acquired chillers distributor Topclima of Climaveneta in Spain. This acquisition of Topclima helps the company to use the assets efficiently for business development.
APAC has the most populous countries, namely, China and India. China, Japan, South Korea, and India are the key markets for modular chillers in APAC. In 2018, China accounted for the largest share of the APAC market, owing to the presence of huge HVAC and construction industries. According to the World Bank, India is expected to be one of the world’s fastest-growing economies with an estimated annual GDP expansion rate of more than 7.0% during the forecast period. In addition, the overall demand for ACs across APAC countries witnessed high growth in 2018. Thus, the overall economic scenario in APAC is favorable for the growth of 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.
Don’t miss out on business opportunities in Modular Chillers Market. Speak to our analyst and gain crucial industry insights that will help your business grow.
The demand for modular chillers has been gaining 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 widely used in AC systems and heat pumps for efficient heat transfer between refrigerant and air. In the recent years, owing to the growing demand for lightweight systems and rising copper prices, the demand for modular chillers has increased in various HVAC applications. Moreover, because of compact design, lightweight, and lower hold-up volume, modular chillers are used in the residential and commercial cooling applications.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75609903
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.
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.
In March 2018, Mitsubishi Electric Hydronics & IT Cooling Systems acquired chillers distributor Topclima of Climaveneta in Spain. This acquisition of Topclima helps the company to use the assets efficiently for business development.
APAC has the most populous countries, namely, China and India. China, Japan, South Korea, and India are the key markets for modular chillers in APAC. In 2018, China accounted for the largest share of the APAC market, owing to the presence of huge HVAC and construction industries. According to the World Bank, India is expected to be one of the world’s fastest-growing economies with an estimated annual GDP expansion rate of more than 7.0% during the forecast period. In addition, the overall demand for ACs across APAC countries witnessed high growth in 2018. Thus, the overall economic scenario in APAC is favorable for the growth of 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.
Don’t miss out on business opportunities in Modular Chillers Market. Speak to our analyst and gain crucial industry insights that will help your business grow.
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