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.
Carrier Corporation (US) is the leading manufacturer and supplier of HVAC solutions. The company owns more than 80 brands, such as Carrier, Chubb, Kidde, and Edwards in the HVAC market. In 2018, the company registered an organic sales growth of 6.0%, majorly driven by the residential and commercial HVAC markets. It has an established joint venture in China with another leading HVAC company, ‘Midea’. This strategic joint venture is expected to expand the company’s footprints in the neighboring countries of China in the APAC region. This overall scenario is expected to create significant revenue opportunities for the company.
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
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