Global Modular Chiller Market Is Likely To Reach A Valuation Of Usd 3,698.0 Million By The End Of 2027

modular chiller market size is expected to reach $3,698.0 million by 2027, and $2,667.1 million in 2019, registering a cagr of 6.2%

portland, united states, united states, june 29, 2023/einpresswire / -- 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.

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market dynamics

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.

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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 size and forecast

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.

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.

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competition analysis

the key players profiled in the global modular chiller market report included

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

david correa
allied analytics llp
+15038946022 ext.
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