The global modular chillers market is expected to exhibit a growth rate (CAGR) of 5.8% during 2023-2028.
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global modular chillers market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type and end use.
Breakup by Type:
Breakup by End Use:
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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.
|Base Year of the Analysis
||Type, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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Key Questions Answered in This Report:
- How has the global modular chillers market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global modular chillers market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the end use?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global modular chillers market and who are the key players?
- What is the degree of competition in the industry?