Reports and Data

Modular Chillers Market Statistics, Opportunities, Demand, Forecast to 2027 : Carrier Corporation, McQuay Air-Conditioning Ltd., Etc.

The study methodologies used to examine Modular Chillers Market for the forecast period, 2020 - 2027 further classifies the industry by type, geography, end-use and end-user to add more precision and bring to light factors responsible for augmenting business development.

 

New York, NY -- (SBWIRE) -- 12/21/2020 -- According to a new report by Reports and Data, the global Modular Chillers market size is expected to reach USD 3.97 Billion from USD 2.52 billion in 2019, at a CAGR of 5.8% through 2027. The market growth is driven by the growth in residential & commercial construction along with surging demand for energy-efficient buildings.

Modular chillers utilize around one-fifth of the refrigerant required by conventional products, thereby lowering energy utilization and reducing negative environmental impact. The product is ideal for space cooling and process cooling in industrial, commercial, and residential applications as they are cost-effective, dependable, and are available in air-cooled or water-cooled types in varied sizes. The power generation industry is generating a huge demand for modular chillers owing to their ability to cool and recover heat from the cooling module, which enhances the overall efficiency of a cooling system.

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Companies profiled in the global Modular Chillers Market:

Carrier Corporation
McQuay Air-Conditioning Ltd.
Ingersoll Rand
Mitsubishi Electric Corporation
Johnson Controls-Hitachi Air Conditioning
Frigel Firenze S.p.A,
Midea Group
Haier Group
Multistack LLC.
Gree Electric Appliances Inc.

The key feature of these chillers is modularity, which allows operators to shut down or switch to any number of units as per cooling requirements. This also saves the modules from malfunctioning. The HVAC industry is also creating massive demand for modular chillers, as they are more efficient, lighter, and lower the requires lesser refrigerant as compared to other heat exchangers. The product is witnessing extensive adoption for efficient heat transfer between the refrigerant, heat pumps, and air in AC systems. The residential and commercial refrigeration applications is likely to gain traction owing to its compact design and lower hold-up volume. Rise in urbanization and industrialization trends, especially in the emerging economies, will drive the demand for modular chillers in the HVAC systems.

Modular Chillers Market: Segmentation

For the purpose of this report, Reports and Data has segmented into the global Modular Chillers market on the basis of type, end-user, application, and region:

Type Outlook (Revenue, USD Billion; 2017-2027)

Air-Cooled Modular Chillers
Water-Cooled Modular Chillers

End-User Outlook (Revenue, USD Billion; 2017-2027)

Power Generation
Mining
Automotive
Food & Beverage

Application Outlook (Revenue, USD Billion; 2017-2027)

Residential
Commercial
Industrial

Regional Outlook (Revenue, USD Billion; 2017-2027)

North America
Europe
Asia Pacific
MEA
Latin America

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Based on type, the water-cooled modular chiller segmented contributed to a revenue share close to USD 1.60 billion in 2019 and is forecast to witness a notable growth rate of 5.5% over the analysis period. The product demand is driven by its extensive commercial applications, including schools, corporate offices, hospitals, and shopping malls for their superior cooling performance.

In terms of end-use, the power generation industry was the major contributor to the modular chillers market in 2019 and is forecast to garner significant revenue share through 2027 due to the escalating demand for energy-efficient solutions for residential applications.

Based on application, the commercial sectors accounted for a revenue share close to USD 1.26 billion in 2019 and is forecast to exhibit a growth rate of 6.5% through 2027. The increasing demand for modular chillers in commercial facilities' HVAC systems across shopping centres, hospitals, corporate offices, hotels, and business institutions, will supplement modular chillers market share in the coming years.

Geographically, The Asia Pacific accounted for 45 % of the modular chillers market share, followed by North America with a 27% market share in 2019. APAC dominated the modular chillers in 2019 and is forecast to be the fastest-growing market in the coming years due to rising sales of HVAC systems and tough competition among regional industry players. The consistent focus on product innovation in the regions will support modular chillers industry expansion.

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