DUBLIN--(BUSINESS WIRE)--The "Modular Chillers Market by Type (Air-Cooled, Water-Cooled), Application (Commercial, Industrial, Residential), and Region (North America, Europe, APAC, the Middle East & Africa, and South America) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Modular Chillers Market is Estimated to be USD 2.6 Billion in 2019 and is Projected to Reach USD 3.5 Billion by 2024, at a CAGR of 6.0%
This growth is attributed to the advantages and benefits of modular chillers over its substitutes. Also, the demand for modular chillers is driven by growth in the number of construction projects. However, the high initial setup cost is hindering the growth of the modular chillers market. In addition, the high consumption of electricity is expected to be a major challenge for modular chillers market during the forecast period.
The commercial application segment accounted for the largest market share.
The commercial application for space cooling at various commercial places, such as shopping malls, government, and private offices, schools, hospitals, and airports, dominates the modular chillers market and is projected to register a high CAGR during the forecast period.
This growth is because of the growing number of commercial construction projects and urbanization in emerging countries. Commercial buildings require HVAC systems for maintaining a comfortable and dry atmosphere inside. Thus, the demand for modular chillers in a commercial application is projected to grow during the forecast period.
APAC is the largest and fastest-growing modular chillers market.
In 2018, APAC was estimated to account for the largest share of the modular chillers market, owing to the rapid increase in commercial infrastructure projects, growing population, and expanding urban cities. China accounted for the largest share of the APAC market, owing to the presence of HVAC industries and rapid growth in the construction industry by transforming suburban cities into urban cities.
Moreover, in the past few years, APAC countries registered an annual growth of more than 17.0% year-on-year. This scenario in the region is favorable for the growth of the modular chillers market during the forecast period.
- Growth in the Number of Commercial Construction Projects
- Advantages of Modular Chillers Over Traditional Chillers
- High Setup Cost of Modular Chillers
- Growing Industrial Applications
- Replacement of Currently Installed Chillers
- High Electricity Consumption
- Carrier Corporation
- Frigel Firenze
- Gree Electric Appliances
- Ingersoll Rand
- Johnson Controls-Hitachi Air Conditioning
- Kingair Machinery
- LG Electronics
- Mcquay Air-Conditioning
- Midea Group
- Mitsubishi Electric Hydronics & It Cooling Systems
- Qingdao Haier
- Suzhou Sujing Bush Refrigeration Equipment
- Tica Climate Solutions
- Withair Industries
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