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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