Modular Chillers Market- Global Opportunity and analysis up to 2024
Posted by Robin White on September 3rd, 2019
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 6.0%. The increasing demand for modular chillers is attributed to regulations related to energy efficiency and emission standards imposed by the governments, along with the competitive advantages of modular chillers in comparison to their substitute products. In APAC, the market is driven by the growth in the construction industry and increasing demand for HVAC systems.
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There are two types of modular chillers available in the global market, namely, air-cooled and water-cooled modular chillers. The water-cooled segment accounted for the larger market share, while air-cooled modular chillers is projected to be the faster -growing type of modular chillers. Water-cooled modular chillers are more energy-efficient compared to air cooled modular chillers, owing to which they are is highly demanded in large commercial places and process cooling application in various industries, such as food & beverage, pharmaceutical, and marine transportation.
Based on application, the modular chillers market is segmented into commercial, industrial, and residential. The market in the commercial application is estimated to account for the largest market share during the forecast period. Commercial places, such as corporate offices, IT parks, government offices, schools, hospitals, and many other commercial infrastructures require modular chillers for ACs. Commercial is expected to be the fastest-growing segment in this market because of the rapidly growing commercial infrastructures, globally.
APAC is the largest modular chillers market, globally. It is also projected to register the highest CAGR during the forecast period. The growth in commercial infrastructures is a major driver of demand for modular chillers in APAC. The presence of most populous countries, such as India and China are driving urbanization in the region. In order to cater to infrastructural needs of the increasing population across these countries, the number of commercial construction projects is growing, which is driving the demand for AC systems. The increase in the demand for ACs is, in turn, boosting the demand for modular chillers.
Indonesia, India, Malaysia, Brazil, and many other emerging economies provide growth opportunties for the modular chillers market, owing to the growth in the construction activity. Industrial applications also provide significant opportunity for the modular chillers market to grow.
