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NEWSGlobal Modular ChillersMarketThe Modular Chillers Market is Estimated to be USD 2.6 Billion in 2019 andis Projected to Reach USD 3.5 Billion by 2024, at a CAGR of 6.0%This growth is attributed to theadvantages and benefits of modularchillers over its substitutes. Also, thedemand for modular chillers is drivenby growth in the number of constructionprojects. However, the high initial setup costis hindering the growth of the modular chillersmarket. In addition, the high consumption ofelectricity is expected to be a major challengefor modular chillers market during the forecastperiod.Modular chillers are dependable, costeffectivechillers available in water-cooled andair-cooled types ranging in size from 20 to 60nominal tons each. They can operate alone orin combination with other chiller modules toincrease cooling capacity as needed. Modularchillers are compact in size, energy-efficient,and flexible in function. These chillers comein compact modules and can be connectedin parallel from 6 units to 12 units to increasethe overall cooling capacity of chiller systems.Modular chillers are ideal for space cooling andprocess cooling in commercial, residential,and industrial applications.The initial setup cost of modular chillers is 30-40% higher than traditional chillers providingthe installation of the same capacity system.This is the major reason that small hotels,hospitals, and many other small scale buildingoperators opt for low-cost solutions and lowinitial setup cost. The modular chillers marketis diversified and competitive, with a largenumber of global as well as regional and localplayers.The key players in this market are CarrierCorporation (US), McQuay Air-Conditioning48
Ltd., (Hong Kong), Johnson Controls- HitachiAir Conditioning (Japan), Midea Group(China), Ingersoll Rand (Ireland), Gree ElectricApplinces, Inc. (China), Frigel Firenze S.p.A.(Italy), Mitsubishi Electric Hydronics & ITCooling Systems (Japan), Multistack, LLC.(US), and Haier Group (China).These players adopted various organic andinorganic strategies between 2015 and 2019.The acquisition was the key strategy adoptedby players in the modular chillers market toincrease their product portfolio and globalpresence in order to cater to the growingdemand. The companies invest in R&D tocustomize the modular chillers as per theconsumer requirements and also to introducenew products with innovative characteristicsto create product differentiation and competewith major players.Modular Chillers Market, ByType• Water-Cooled Modular Chillers• Water-Cooled Modular Chillers HaveHigh Demand Owing to the High Efficiency• Air-Cooled Modular Chillers• Low Operating Cost and EnvironmentalFootprint is Driving the Demand for Air-CooledModular ChillersModular Chillers Market, ByApplication• Commercial• Corporate Offices• Transformation of Suburban Cities toUrban Cities is Majorly Driving the Number ofCorporate Offices• Data Centers• Data Centers are One of the LargestConsumers of Modular Chillers System• Public Buildings• Growth in the Population is Driving theNumber of Public Buildings• Residential• Multifamily Building and Hospitality• Growing Demand for Luxury Apartmentis Expected to Drive the Modular ChillersMarket in the Multifamily and HospitalitySegment• Industrial• Cold Storages• Use of Ac in Food Storage Facilities isLikely to Create A Huge Demand for ModularChillersList of Top Companies inModular Chiller Market• Aermec• Carrier Corporation• Climacool• Frigel Firenze• Gree Electric Appliances• Ingersoll Rand• Johnson Controls-Hitachi AirConditioning• Kingair Machinery• LG Electronics• Mcquay Air-Conditioning• Midea Group• Mitsubishi Electric Hydronics & ItCooling Systems• Multistack• Qingdao Haier• Suzhou Sujing Bush RefrigerationEquipment• Tica Climate Solutions• Withair Industries49
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