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Modular Chillers Market, Size, Share, Outlook and Growth Opportunities 2019-2026

 



(IT-NEWSWIRE.COM, March 26, 2020 ) Market Overview
• The Global Modular Chillers Market is expected to grow at a CAGR of 7.1% during the forecasting period (2019-2026).
• The modular chiller plant is a self-contained chilled water production system. An efficient and affordable alternative to the traditional stick-built chiller plant, the modular chiller plant works equally well in a building mechanical room without an enclosure, and in an open environment with an enclosure to protect the components from the elements. While modular chiller plant is pre-engineered and fabricated with all system components. Packaged in a skid, the module is pre-piped, wired, tested and shipped to the job site where the water and power connections are made.
• The modular chiller market is divided into type and application. By type, the market is divided into water-cooled modular chillers and air-cooled modular chillers. Whereas application includes commercial, residential, industrial and others.
• The increasing tourism in emerging nations is pushing for more construction of hotels and public infrastructure, which makes extensive use of district cooling. Another current market driver for HVAC chillers is the growing number of data centers. Therefore, growing commercial construction projects and stringent government regulations on energy efficiency and emissions are the key factors influencing the market growth. Moreover, rising industrial applications will provide ample opportunities for market growth.

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Market Dynamics
• The use of energy in buildings represents a large share of the total end-use of energy. In the United Nations Economic Commission for Europe (UNECE) region, buildings are responsible for approximately one-third of total energy consumption and account for almost 40 percent of CO2 emissions from combustion.
• In U.S commercial buildings consume more energy than the transportation or industry sectors, accounting for nearly 40 percent of total U.S. energy use. Hence designers, developers, and owners search for ways to minimize the operating costs and environmental impacts of buildings.
• Hence governments across the globe are focusing on energy efficiency and environmentally friendly techniques. In developed nations such as the U.S and countries of Europe, strict energy efficiency standards are implemented in buildings, especially for commercial buildings.
• The increasing tourism in emerging nations is pushing for more construction of hotels and public infrastructure, which makes extensive use of district cooling. Another current market driver for HVAC chillers is the growing number of data centers.
• Therefore, growing commercial construction projects and stringent government regulations on energy efficiency and emissions are the key factors influencing the market growth. Moreover, rising industrial applications will provide ample opportunities for market growth.

Market Segmentation
• Air and water are the two main chillers. Air-cooled chillers are cooled by utilizing air, whereas water condensers are cooled by using water sources. The compressors may be reciprocating, centrifugal, rotary screw, and rotary scroll type.
• Through progress in the efficiency of air-cooled chillers over the past few years, the air-cooled market is anticipated to grow at a faster rate and supplant some of the water-cooled parts of the chillers market. The market is also seeing strong growth in modular chillers, particularly for heat recovery, heat pump designs, and chillers that are multi-purposed for both heating and cooling.
• As a chiller is the main and the biggest energy consumption unit of the entire HVAC system, customers are diligently checking all the aspects of procurement and analyzing the total cost of ownership for 10 years. The lifetime cost of an air-cooled chiller is approximately equal to 20 times its initial cost.
• Most common developments in air-cooled chillers are with R1234ze that has very low GWP, A2L safety classification, and compatibility with most existing compressors and heat exchangers, which makes it a preferred solution for air-cooled chillers.

Geographical Analysis
• The Asia Pacific modular chiller market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY % during the forecast period.
• APAC has the most populous countries, namely, China and India. China, Japan, South Korea, and India are the key markets for Modular Chillers in APAC. In 2018, China accounted for the largest share of the APAC market, owing to the presence of huge HVAC and construction industries.
• According to the World Bank, India is expected to be one of the world’s fastest-growing economies with an estimated annual GDP expansion rate of more than 7.0% during the forecast period. In addition, the overall demand for ACs across APAC countries witnessed high growth in 2018.
• In addition, growing middle-class population, rising disposable income along with increasing urbanization and purchasing power are anticipated to boost the market growth of air conditioners, predominantly in the residential and SME segments
• Whereas in South-East Asia area strengthening of public infrastructure, the establishment of new industries, strong economic growth as well as changing business environment in countries such as Indonesia, Philippines, and Vietnam would promote the demand for air conditioners in the region over the next six years. Thus, the overall economic scenario in APAC is favorable for the growth of the Modular Chillers market.

Competitive Landscape
• The modular chillers market is moderately competitive with existing players in the market. Some of the major players include Carrier Corporation, McQuay Air-Conditioning Ltd., Johnson Controls, Midea Group, Ingersoll Rand, Gree Electric Appliances, Inc., Frigel Firenze S.p.A., Mitsubishi Electric Corporation, Multistack, LLC, and Haier Group. Companies operating in this market are focusing on product launch, and acquisition to gain market share.
• In March 2018, Mitsubishi Electric Hydronics & IT Cooling Systems acquired chillers distributor Topclima of Climaveneta in Spain. This attainment of Topclima helps the company to use the assets efficiently for business development.
• On January 2018, Ingersoll Rand acquired ICS Group Holdings Ltd (UK), an HVAC solution provider in Europe. This acquisition enables the company to cater to a broad range of customers and strengthen its growth in the European market.

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