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As per the GMI Research forecasts, an increase in the number of commercial construction projects will boost the demand for the modular chillers market. The market is projected to grow at a compound annual growth rate (CAGR) of 4.4% between 2020 and 2027, rising from USD 3,376 million in 2019 to USD 4,777 million in 2027.The global modular chillers market is likely to experience an adverse impact by the slowdown in the commercial and residential construction sector due to the COVID-19 in 2020. This will significantly impact the sales of the modular chiller at a global level. The primary reason behind the massive impact is the sharp fall in the supplies of numerous components of modular chillers from China, which is affecting the production of modular chillers around the world. The leading distributors are worried that the customers may not buy these products in the near future due to the fear of contracting the virus by the usage of modular chillers in their homes, offices, and factories. Furthermore, the market is expected to fall significantly in 2020 but will bounce back at a significant growth rate by 2021. Thereafter the market will register strong growth till 2027.
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The numerous benefits offered by the modular chiller, accelerating number of commercial construction projects, and stringent government regulations about energy efficiency are the significant factors driving the growth of the global modular chillers market. The modular chiller allows the operator to shut down any modular chiller unit whenever there is a requirement of low cooling and can switch on the unit of modular chiller when cooling demand is high. All these functions define the modularity of chiller, which helps to modular chiller operators to reduce downtime, thereby making it suitable for various applications in the commercial, residential, and industrial sectors.
The water-cooled modular chiller segment captured the maximum share of around 70% in 2019. The significant factors fuelling the growth of this segment include the accelerating adoption by the commercial end-users worldwide and the exceptional advantages offered by water cooled modular chiller such as longer lifespan and capability of providing increased capacity. The water-cooled chiller has a cooling tower that uses chilled water and heat transfer fluid for cooling, thus providing an effective cooling process for a longer period of time.
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The commercial segment is projected to grow at the highest CAGR during the forecast period owing to accelerating adoption of HVAC systems in commercial projects. These are lightweight, compact in design and have a longer lifespan. These modular chillers are being increasingly installed in commercial buildings such as offices, hotels, public houses, restaurants, shopping malls, and other buildings.
The Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period owing to the strong demand for modular chillers from emerging economies such as India and China. Additionally, the presence of a large number of industries, expanding urban cities, and large-scale HVAC system installation across the key countries in the region is further surging the growth of the market. Furthermore, the presence of big HVAC manufacturers in countries such as China will further help the market to grow at a significant rate during the forecast period.
Various key players operating in the modular chillers market include Multistack LLC., Frigel Firenze S.p.A., Midea, Johnson Controls., Carrier, Gree Electric Appliances Inc., Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A., ClimaCool Corporation, Ingersoll-Rand Inc., and Armec.
The global modular chillers market has been segmented on the basis of type, application, and region. Based on type, the market is segmented into water-cooled and air-cooled. Based on the application, the market is segmented into commercial, industrial, and residential.
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