Market Disruptions and Growth Drivers in the Modular Chillers Market

Posted by Stephen Lobo on May 29th, 2023

The modular chillers market is experiencing remarkable growth due to its inherent flexibility and efficiency in cooling applications. These innovative systems consist of multiple independent modules that can be easily interconnected, offering a scalable solution for various cooling needs. With increasing demand from industries such as manufacturing, data centers, and commercial buildings, the modular chillers market is poised for substantial expansion. The modular chillers market size is estimated to be USD 2.6 billion in 2019 and projected to reach USD 3.5 billion by 2024, at a CAGR of 6.0%, between 2019 and 2024. Modular chillers is mainly used in the commercial, industrial, and residential applications for air conditioning, space cooling, and process cooling. They are energy efficient, compact, and easy to maintain as compared to their substitutes. The growing number of commercial construction projects are also expected to drive the modular chillers market.

Browse 68 market data Tables and 32 Figures spread through 108 Pages and in-depth TOC on "Modular Chillers Market by Type (Air-Cooled, Water-Cooled), Application (Commercial, Industrial, Residential), and Region (North America, Europe, APAC, the Middle East & Africa, and South America) - Global Forecast to 2024"

Modular Chillers Market Key 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 a few active players in the modular chillers market.

Ingersoll Rand (Ireland) is among the key players in the modular chillers market. It is specialized in the manufacturing of HVAC systems through its established brand ‘Trane’. It has a strong foothold across the North American region, contributing around 70.0% of group’s revenue. The company has adopted organic and inorganic strategies to increase its market share and revenue. For example, in 2017, it acquired several channel points, such as distributors and independent dealers to expand the distribution network across the region.

One of the key advantages of modular chillers is their ability to provide precise and customizable cooling solutions. Each module can be individually controlled, allowing for efficient energy usage and optimal temperature management. Additionally, these systems offer redundancy, ensuring uninterrupted cooling even if one module fails. This feature is particularly crucial for critical applications where downtime is not an option.

Modular chillers are also renowned for their compact design and easy installation. Their modular nature allows for hassle-free expansion or reconfiguration as cooling requirements change. This scalability not only provides cost savings but also reduces the environmental impact by eliminating the need for complete system replacements.

Furthermore, modular chillers often incorporate advanced technologies like variable speed drives and smart controls, enabling energy-efficient operation and remote monitoring. With the growing emphasis on sustainability and energy conservation, these features make modular chillers an attractive choice for eco-conscious organizations.

As the demand for reliable and adaptable cooling solutions continues to rise, the modular chillers market is expected to witness substantial growth in the coming years. With their versatility, efficiency, and advanced features, modular chillers are revolutionizing the cooling industry and paving the way for a more sustainable and flexible future.

The water-cooled segment accounted for the larger share in the modular chillers market

The water-cooled modular chillers segment dominated the modular chillers market, with a share of more than 70.0% in 2018. The water-cooled modular chillers use water and heat transfer fluids for cooling, making them very efficient compared to the air-cooled modular chillers, which utilize only ambient air for cooling. This has increased its demand in space and process cooling in the commercial and industrial applications.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=75609903

Commercial to be the fastest-growing application segment of the modular chillers market

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.

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

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.