The report “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″ 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.
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.
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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. 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.
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.
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