CHICAGO, Aug. 21, 2019 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets™, 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.
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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.
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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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.
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.
Most active players in the modular chillers market:
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.
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