Modular Chillers Market | Key players operating in the market include Carrier Corp, Midea Group, Ingersoll Rand, Frigel Firenze, Multistack

According to recent market research "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", The modular chillers market is projected to grow from USD 2.6 billion in 2019 to USD 3.5 billion by 2024, at a CAGR of 6.0% during the forecast period. The growth of the modular chillers can be attributed to the stringent government regulations on energy efficiency and emissions, globally. In addition, the competitive advantages of modular chillers over its substitutes has increased its demand in the HVAC and refrigeration systems.

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The water-cooled modular chillers segment dominated the modular chillers market, with a share of more than 70.0% in 2018. The water-cooled modular chillers use water and heat transfer fluids for cooling, making them very efficient compared to the air-cooled modular chillers, which utilize only ambient air for cooling. This has increased its demand in space and process cooling in the commercial and industrial applications.

The demand for modular chillers has been gaining momentum in the HVAC industry as it is lighter, efficient, and lowers the required refrigerant volume as compared to other heat exchangers. Modular chillers are widely used in AC systems and heat pumps for efficient heat transfer between refrigerant and air. In the recent years, owing to the growing demand for lightweight systems and rising copper prices, the demand for modular chillers has increased in various HVAC applications. Moreover, because of compact design, lightweight, and lower hold-up volume, modular chillers are used in the residential and commercial cooling applications.

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The modular chillers market size is estimated to be USD 2.6 billion in 2019 and projected to reach USD 3.5 billion by 2024, at a CAGR of 6.0%, between 2019 and 2024. Modular chillers is mainly used in the commercial, industrial, and residential applications for air conditioning, space cooling, and process cooling. They are energy efficient, compact, and easy to maintain as compared to their substitutes. The growing number of commercial construction projects are also expected to drive the modular chillers market.

The key players in the modular chillers market are Carrier Corporation (US), McQuay Air-Conditioning Ltd., (Hong Kong), Johnson Controls- Hitachi Air Conditioning (Japan), Midea Group (China), Ingersoll Rand (Ireland), Gree Electric Appliances, Inc. (China), Frigel Firenze S.p.A. (Italy), Mitsubishi Electric Corporation (Japan), Multistack, LLC. (US), and Haier Group (China). Acquisition is the key growth strategy adopted by the key modular chillers manufacturers. Apart from acquisition, manufacturers have adopted expansion, joint venture, and new product launch between 2015 and 2019.

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Ingersoll Rand (Ireland) is among the key players in the modular chillers market. It is specialized in the manufacturing of HVAC systems through its established brand 'Trane'. It has a strong foothold across the North American region, contributing around 70.0% of group's revenue. The company has adopted organic and inorganic strategies to increase its market share and revenue. For example, in 2017, it acquired several channel points, such as distributors and independent dealers to expand the distribution network across the region.

Gree Electric Appliances (China) is an international air conditioning company. It has a presence across emerging economies, and thus expected to provide growth opportunities to the company in the near future. It is a renowned brand in the HVAC market, which was ranked 385 on the list of Forbes Global 2000 companies, in 2018. It has a strong focus on R&D, having 52 research centres and 570 labs and applied for 15,600 patents including 5,000 innovation patents. The company is adopting growth through the innovation strategy to maintain its leading position in the market.

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