Modular Chillers Market Opportunities, Business Forecast To 2028
The global modular chillers market size was valued at USD 1,585.2 million in 2021 and is poised to grow at a CAGR of 5.6% during the forecast period 2022-2028. owing to increasing interest for HVAC energy-efficient solutions that meet the indoor air quality coupled with the growing demand for easy-to-install and lightweight modular chillers are fueling the market growth.
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Simultaneous Heating and Cooling Ability of Modular Chillers to Aid Modular Chillers Market Growth
HVAC systems can have a single unit that can give any amount of heating, cooling, and simultaneous heating and cool at once. Any building that has concurrent loads will benefit from a simultaneous unit. The more the accompanying unit operates, the greater the savings. To name a few, condominiums, schools, pools, grow ops, apartments, hotels, office towers, mining, industrial, and shopping malls. Simultaneous units can provide cooling, heating, cooling, and heating at any time up to 100%. Because modular chillers enable flexibility, capacity may be expanded by adding a parallel module, and no idle time is required in HVAC applications. It will eventually offer cooling capacity with little downtime. If one unit fails, the operator can turn on the others, which are considered while adding parallel modules. Manufacturers are also implementing the same to offer sufficient cooling capacity. For instance, Mitsubishi Electric Corporation expanded its E-series modular chillers with 150kw and 180kw modules to provide its ‘o-the-shelf’ offering in the United Kingdom market. Furthermore, LG Electronics’ centrifugal chiller offers module-by-module operation through different combinations to maximize the partial load efficiency.
The global modular chillers market segmentation:
1) by Product Type: Air-Cooled Modular Chillers, Water-Cooled Modular Chillers, and High-Temperature Chillers.
2) By Application: Education (K to 12 and Higher Education), Governance, Healthcare, Retail, Real Estate, Commercial, Transportation, and Others.
The Asia Pacific Leads Modular Chillers Market
The Asia Pacific holds a market share of 26.7% in the modular chillers market in the forecast period, and it is projected to grow at a CAGR over the forecast period (2022-2028). The modular chiller market in the APAC region is anticipated to grow with the highest CAGR over the future years owing to the increased awareness of energy-efficient end-use products, economic growth in emerging countries, and rapid industrialization are driving market growth in this region. Because of the numerous ongoing industrial projects, the key manufacturers are focusing on expanding their businesses in this region.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
Global Modular Chillers market further reveals that the key players increasingly adopting strategies such as the launch of newer products, frequent product approvals, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,
In May 2019-Frigel, a provider of intelligent process cooling systems based in Italyannounced the launch of its line of central chillers called Modular Chiller 3FX. The products can be used with Eco dry 3DK, the company’s internationally patented central adiabatic dry-cooler systems. The new chillers would provide automatic and engineered free-cooling capability. Also, they are a key element of an integrated and digitally controlled cooling system best suitable for delivering reliable performance and saving energy.
In September 2019 - Trane (a business brand of Ingersoll Rand), acquired Arctic Chiller Group and announced the expansion of the product portfolio of high-efficiency water-cooled and air-cooled modular chillers and magnetic bearing chillers for process cooling applications and commercial HVAC applications.
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Key players in the report are Mitsubishi Electric Corporation, Trane, Carrier Corporation, LG Electronics, Daikin Industries, Ltd. Nanjing tica climate solutions co., ltd, Midea Group, Gree Electric Appliances, Inc. of Zhuhai, and Frigel Firenze S.p.A.
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