Modular Chillers Market Size to reach USD 6.4 Billion by 2030
Global Modular Chillers Market size is expected to be worth roughly USD 6.4 Billion by 2030, growing at a CAGR of more than 5.7% during the projected timeframe of 2022-2030, according to Ameco Research
The growth of privately owned infrastructure projects in the India, UAE, and China is expected to boost construction spending over the predicted period. According to the Global Construction 2030 research, the construction sector will be worth USD 15.5 trillion by 2030, with India, China, and the United States accounting for more than 57% of total growth. The growing desire for energy-efficient structures as a result of rising environmental awareness combined with severe government regulations is expected to drive the modular chillers market growth over the projected timeframe. Moreover, rising consumer awareness of energy-efficient technologies and the detrimental effects of the combustion of fossil fuels, together with government backing for energy-efficient technology advances, is likely to drive product demand in the future years.
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Modular chillers use tandem fixed-speed compressors that can provide part-load capacity for heating, ventilation, & air conditioning (HVAC) operations. They outperform conventional chilling systems in terms of redundancy, expandability, ease of installation, decreased operational costs, lower environmental impact, high energy efficiency, and higher capacity control. As a consequence, they are commonly used in commercial and government structures, educational and technological facilities, and entertainment facilities such as pubs, theaters, hotels, nightclubs, restaurants, or art galleries around the world.
Global Modular Chillers Market Dynamics
One of the primary factors contributing to the expansion of the modular chillers market value is the increase in the amount of commercial and industrial projects around the world. The increased awareness about environmental deterioration, as well as governments granting tax breaks and financial assistance for the deployment of energy-saving technologies, are driving demand for energy-efficient structures. The presences of severe government laws, as well as an increase in awareness about energy-efficient equipment and the detrimental effects of the combustion of fossil fuels, are all factors influencing the modular chillers market trend. Furthermore, the increased acceptance of the product owing to the benefits of modular chillers over conventional chillers, growing industrialization, and rise in construction investment all benefit the modular chillers market share. Additionally, technical developments and the substitution of existing chillers create profitable prospects for market participants during the projection period.
On the other side, the high installation cost of module chillers as well as high electricity usage is projected to stymie market expansion. Supply chain instability, leading to scarcity of construction supplies and equipment is expected to pose a challenge to the modular chillers market revenue throughout the forecast period. Furthermore, administrations in a number of countries are encouraging the use of energy-saving solutions through incentives such as tax breaks and financial assistance, which is fueling market expansion. Aside from that, the increasing use of Air conditioners in hotels, shopping malls, and airports is fueling global demand for modular chillers.
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Modular Chillers Market Segmentation
Ameco Research has fragmented the global modular chillers market by type, and application. In terms of type, the market is sub-divided into air-cooled modular chillers, and water-cooled modular chillers. The water-cooled systems segment is estimated to account for a revenue share throughout the forecasting years, leading the global market in 2021. However, the market for water-cooled chillers is declining due to the need for crucial maintenance such as freeze prevention, electromechanical tower service, chiller compressor cleaning, as well as water treatment. Moreover, open cooling tower chillers must have a treatment of wastewater scheme in place to prevent impurities such as bacteria and algae.
Moreover, in terms of application, the market is further segmented into residential, commercial, and industrial. According to the modular chillers market forecast, the commercial segment is estimated to grow significantly in the market over the next few years.
Modular Chillers Market Regional Outlook
The global modular chillers market is divided into several five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. According to a review of the modular chillers industry analysis, Asia-Pacific will be the largest revenue region in 2021. As a result of increased income per capita, fast urbanization, and an increasing population, the Asia-Pacific construction industry is expected to rise. The industries in the region are expected to thrive throughout the projected timeframe as a consequence of significant government spending on public infrastructure development and the development of the housing construction industry, which is expected to support the Asia-Pacific modular chillers market size. Chemicals, pharmaceuticals, papermaking, iron and steel, textiles, and machine tooling all demand heat as a primary energy input, which is expected to drive the desire for refrigeration systems, and hence modular chillers, during the projected period.
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Modular Chillers Market Competitors
The market participants use a variety of tactics to bolster their positions within the market, including mergers and acquisitions, the introduction of new products, and licensing agreements. Some of the most notable worldwide modular chillers market players are Mitsubishi Electric Corporation, Johnson Controls- Hitachi Air Conditioning, Ingersoll Rand, Carrier Corporation, Multistack, McQuay Air-Conditioning, Midea Group, Gree Electric Appliances, Frigel Firenze, and Haier Group.
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- Website: Modular Chillers Market