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The global modular chillers market exhibited moderate growth during 2015-2020. Modular chillers provide the part-load capability for heating, ventilation, and air conditioning (HVAC) systems using tandem fixed-speed compressors. They offer expandability, redundancy, easy installation, high energy efficiency, minimized operational costs, reduced environmental impact, and better capacity control than conventional chilling systems. As a result, they are widely utilized in government and commercial buildings; educational and technical facilities; and entertainment venues like bars, halls, hotels, casinos, restaurants, and art galleries across the globe.
The escalating demand for green buildings, in confluence with the thriving construction industry, on account of the rising environmental concerns and increasing global population, represents one of the significant factors bolstering the modular chillers market growth. Moreover, governing agencies of numerous countries are supporting the implementation of energy-saving technologies through incentives like tax rebates and financial support, which is contributing to market growth. Apart from this, the growing adoption of HVAC systems in hotels, malls, and airports is further catalyzing the demand for modular chillers worldwide. These systems are also employed in the automotive industry to reduce heat accumulation and enhance fuel economy and passenger comfort. The rising sales of automobiles around the world are influencing the market positively. Furthermore, the leading manufacturers are offering modular chillers with variable speed compressors and condensers for industrial processes. They are also introducing models with high capacity, low-level sound, and flexible system management, which is anticipated to expand the application of modular chillers in the coming years. Looking forward, IMARC Group expects the global modular chillers market to grow at a CAGR of around 6% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global modular chillers market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type and end use.
Breakup by Type:
Breakup by End Use:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Carrier Corporation, ClimaCool Corporation, Frigel Firenze S.p.A., Gree Electric Appliances Inc., Haier Group Corporation, Johnson Controls, McQuay Air-Conditioning Ltd., Midea Group, Mitsubishi Electric Corporation and Trane Technologies plc.
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