According to a new report published by Allied Market Research, titled, “Modular Chiller Market by Product Type, Capacity, and End User: Opportunity Analysis and Industry Forecast, 2020-2027,” the global modular chiller market size was $2.7 billion in 2019, and is projected to reach $3.7 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.
𝙂𝙚𝙩 𝙞𝙣𝙨𝙞𝙙𝙚 𝙎𝙘𝙤𝙤𝙥 𝙤𝙛 𝙩𝙝𝙚 𝙧𝙚𝙥𝙤𝙧𝙩, 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙛𝙤𝙧 𝙨𝙖𝙢𝙥𝙡𝙚: https://www.alliedmarketresearch.com/request-sample/9787
However, one of the major restraints for modular chiller market is high initial capital investment and setup cost. Modular chillers require around 150% to 200% of the cost to install similar tonnage of water-cooled standard chiller. In addition, fluctuation in raw material prices is anticipated to hampers the modular chiller market growth. Conversely, strict government regulations toward energy-efficiency are predicted to offer lucrative opportunities for the market development of modular chiller.
𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁
Modular chillers are composed of several components, such as condensers, evaporators, compressors, and expansion valves. They are designed to provide efficient cooling for large-scale structures, such as industrial and commercial buildings. They are also used to cool data centers, medical facilities, and other specialized structures.
The global modular chiller market is driven by the growing demand for energy-efficient cooling solutions. The increasing adoption of modular chillers in commercial and industrial applications is also driving the market growth. Modular chillers provide efficient cooling with low operational costs and improved lifespan. Additionally, they are lightweight and easily installed, which contributes to their growing popularity.
𝙈𝙖𝙠𝙚 𝙖 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙄𝙣𝙦𝙪𝙞𝙧𝙮: – https://www.alliedmarketresearch.com/purchase-enquiry/9787
The global modular chiller market is further driven by the increasing adoption of renewable sources of energy. The use of renewable sources of energy, such as solar and wind energy, helps reduce the cost of electricity consumption. This, in turn, drives the demand for modular chillers, as they are energy-efficient and cost-effective.
Furthermore, the development of advanced technologies, such as variable frequency drives (VFDs), is expected to fuel the growth of the global modular chiller market. VFDs help reduce the energy consumption of chillers and provide more efficient cooling. This has made them popular among commercial and industrial applications.
The rising demand for energy-efficient cooling solutions is expected to drive the global modular chiller market over the forecast period. The increasing adoption of renewable sources of energy and the development of advanced technologies, such as VFDs, are also expected to boost the growth of the market.
𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀
Modular chillers are chiller which are compact in size. It is a part of HVAC system. It is designed to form one larger chiller by combining more than one modular chiller in a series or parallel method. Each modular chiller contains one or two independent components, such as compressors, regulators, and circuits. Modular chiller having features such as serviceability, redundancy, flexibility, high energy-efficient, and better capacity controls. Increase in spending on residential and commercial construction sector owing to meet indoor air quality drives the growth of the modular chiller market.
𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗢𝘂𝘁𝗹𝗼𝗼𝗸
For instance, in Japan, according to the Ministry of Land, the government increased its allocation toward tourism sector grew by 15% from 2017 to 2018. In addition, owing to increase in greenhouse gas emission globally and rise in global warming, there has been a rise in awareness about installing heating, air conditioning, and ventilation (HVAC) systems, which in turn drives the growth of the modular chiller market. For instance, Germany government aimed to reduce the greenhouse gas emission by at least 55% by 2030 as compared to 2019 emission level. Moreover, growing demand for energy efficient, compact, and lightweight HVAC systems in commercial and industrial sectors is anticipated to drive the growth of the modular chiller market.
However, the high cost of modular chillers and the lack of awareness of the benefits associated with them are expected to limit the growth of the market. Nevertheless, the increasing demand for energy-efficient cooling solutions and the development of advanced technologies, such as VFDs, are expected to drive the growth of the global modular chiller market.
𝙏𝙤 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙩𝙝𝙞𝙨 𝙋𝙧𝙚𝙢𝙞𝙪𝙢 𝙍𝙚𝙥𝙤𝙧𝙩: – https://www.alliedmarketresearch.com/checkout-final/bf709a001c1512e3294946c74e481748
𝗧𝗵𝗲 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀
Johnson Controls International Inc,
Raytheon Technologies (Carrier Corporation),
Ingersoll-Rand Plc (Trane Technologies Plc),
Daikin Industries Ltd (McQuay Air-Conditioning Ltd),
Mitsubishi Electric Corporation,
LG Electronics