The global modular chillers market is expected to grow over the forecast period owing to the stringent government regulations and standards on energy efficiency and emission. In addition, increasing demand for energy efficient solution in HVAC and refrigeration applications is projected to drive the product demand over the forecast period.
The chiller is a core component of the HVAC system. It is used to cool and dehumidify air in commercial, institutional or industrial facilities. It consists of a compressor, condenser, expansion device, and evaporator. Chillers offers numerous applications from space cooling to the industrial process purpose. Modular chiller is a compact device that is ideal for limited space applications. It consists of a control system that can be operated from remote places.
Modular chiller offers a benefit of ‘modularity’ that means, during the low cooling requirement operator can shut down any unit and can also switch on additional unit in case of high cooling requirements. This means no substantial downtime in a modular chiller application that allows for each unit to undertake maintenance without disturbing the ability of the remaining units to offer cooling capacity. In addition, capacity of the modular chiller can be increased just by adding parallel modules.
Growing energy consumption in the industrial and residential sectors is projected to drive the demand for solutions that decrease operation costs and enhance energy savings. Growing end-use industries, particularly in developing economies, are expected to foster market demand. Exponential industrialization & increasing research & development efforts to develop energy-efficient solutions are anticipated to lead to exponential growth over the coming years.
Energy-efficient solutions are expected to gain prominence over the coming years. Favorable government initiatives are anticipated to provide the necessary support for the growth of the modular chillers market. Increasing demand for energy-efficient solutions in the residential sector is also projected to drive modular chillers market demand over the coming years.
Growing construction spending coupled with repair and replacement activities is anticipated to drive the demand for energy efficient modular chillers. The construction markets in North America and Europe are focused on developing sustainable and energy efficient structures. Leadership in Energy and Environmental Design (LEED) is an internationally-recognized green building certification system that focuses on increasing levels of energy consumption to reduce the environmental impact associated with excessive use of energy, which, in turn, expected to drive the demand for modular chillers in construction sector over the forecast period.
On the basis of type, modular chillers are segmented into water cooled modular chillers and air cooled modular chillers. Water cooled modular chillers are expected to dominate the global market owing to the superior performance and higher energy efficiency compared to air cooled modular chillers. Water cooled modular chillers are suitable for cooling mid-size or large commercial and industrial spaces. Air cooled modular chiller expected to have fastest growth owing to the compact size and low operational cost.
On the basis of application, the modular chiller market is segmented into residential, commercial, and industrial sector. Commercial application segment is expected to have the highest demand for modular chillers owing to the increasing demand in HVAC systems in commercial infrastructures including hospitals, commercial offices, shopping malls, hotels, and commercial institution.
Modular chillers are widely used in power generation, mining, automotive, and food & beverage industry. Rapid industrialization in the Asia Pacific region is one of the primary factor positively influencing the growth of modular chillers market. Increasing demand for modular chillers in processing, manufacturing, and smelting is projected to drive the demand over the coming years.
The geographical scope is segmented on the basis of North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. Asia Pacific is expected to dominate the market over the forecast. Rapid industrialization and increasing per capita income are expected to drive the regional market growth. The increasing demand for certified energy efficient equipment is expected to boost market demand over the coming years.
Key market players work constantly with their supply base in order to ensure sourcing of highest quality of raw materials at reasonable prices. The company pursues cost reduction by a number of methods such as consolidating purchases, global strategic sourcing, bidding among potential suppliers, and reducing the number of vendors. Companies adopted acquisition strategies in order to enhance their product offerings and regional presence.
Companies are investing vast amounts in R & D activities and innovation centers in order to gain a competitive edge in the market. Companies have capitalized in expanding production facilities and acquiring certifications in order to cater growing market demand. Companies are also comply with various energy efficiency requirements stated by regulatory authorities
The modular chillers market is characterized by the presence of a large number of players including Carrier Corporation, Ingersoll Rand, McQuay Air-Conditioning, Johnson Controls- Hitachi Air Conditioning, Midea Group, Gree Electric Appliances, Frigel Firenze, Mitsubishi Electric Corporation, Multistack, and Haier Group.
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The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.