Asia-Pacific (APAC) Modular Chillers Market

According to GMI Research’s latest report, the Asia-Pacificmodular chillers market is expected to grow at a robust CAGR of 5.5% from 2020-2027. Asia-Pacificmodular chillers market generated revenues amounting to USD 1485.5 million in 2019 and is anticipated to reach USD 2286.5 million in 2027.

Modular chillers arecompact chillers which are designed to form one larger chillerby connecting other modules in series or parallel method.Each module contains one or two independent refrigerantcircuits, compressor, andregulators, and if one module fails, the remaining modulesare held responsible for the operations. Modular chillers provide flexibility, expandability, serviceability, redundancy, better capacity controls, and are highlyenergy-efficient.

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The key factors fuelling the growth of the market include the accelerating demand for modular chillers among the industrial end-users for process performance, coupled withthe increasing number of commercial and residential construction activities driven by the rising population growth and urbanization in the region. China, India, Japan, and South Korea are the emerging economies in the region that are experiencing significant demand for HVAC systems as there has been a rise in the number of new environment-friendly buildings. The expansion in the construction activities in these countries is driven by macro-economic indicators such as high GDP growth rates and the higher disposable income of the population. Furthermore, the demand for energy-efficient modular chillers among the end-users is increasing at a substantial rate owing to the presence of strict regulations pertaining to carbon emissions. For instance, in September 2018, India’s Ministry of Power developed an energy efficiency policy for chillers, which focuses on reducing the carbon emissions and energy consumption.

The Asia-Pacific modular chillers market will witness an adverse impact by the slowdown in the industrial, commercial, and residential construction sector due to the COVID-19 pandemic in 2020. This factor will significantly impact the sales of the modular chiller in the Asia-Pacific region. The major reason behind the massive impact is the sharp fall in the supplies of numerous components of modular chillers from China, which is affecting the production of modular chillers around the world. The leading distributors are worried that the customers may not buy these products in the near future due to the fear of contracting the virus by the usage of modular chillers in their homes, offices, and factories. However, the market is expected to bounce back in 2021 while growing at a significant rate from 2022 onwards.

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Air-Cooled modular chiller segment is projected to grow at the highest CAGR during the forecast period owing to its increased demand from industrial end-users. Air cooled modular chillers depend on a current of ambient air as a means of heat transfer and are environment friendly. They are extensively used in different industrial processes and have a high capacity of around have 1000 tons. Furthermore, the demand for air-cooled modular chillers in commercial buildings is also gaining traction in the region.

The commercial segment accounted for the largest market share in 2019 and is expected to grow at the highest CAGR during the forecast period owing to the accelerating adoption of HVAC systems in variouscommercial projects. There are multiple projects that are in the pipeline such as airports, metro networks, ports, roads, bridges, and hotels, in several countries includingChina and India,which will further contribute towards the increased demand for modular chillers.

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China is anticipated to lead the Asia-Pacificmodular chillers market during the forecast period owing to thepresence of large HVAC manufacturers in the region. The expansion of the commercial construction industry, coupled with strict rules and regulations pertaining to carbon energy emissions, are further fuelling the growth of the market.

Various notable players operating in the market includeMultistack LLC., Frigel Firenze S.p.A., Midea, Johnson Controls., Carrier, Gree Electric Appliances Inc., Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A., Ingersoll-Rand Inc., Haier, Armec, and LG Electronics.

Key Developments:

• • In 2019, Frigel Firenze S.p.A. launched its 3FX water-cooled modular chillers having a range from 25 to 139 tons each. These technologically advanced chillers are highly efficient and capable of saving energy to a higher level.
  • In 2019, Trane, a subsidiary of Ingersoll Rand acquired Arctic Chiller Group, a Canadian based modular chiller manufacturer. Through this strategic acquisition, the company strengthened its product portfolio, especially for modular chillers.
  • In 2018, Armec launched a new water-cooled chiller which is capable of providing increased energy efficiency. This new compact centrifugal modular chiller is light in weight, has an LCD user interface, and a color touchscreen.

The Asia-Pacificmodular chillers market has been segmented on the basis of type, application, andcountries. Based ontype, the market is segmented into water-cooled and air-cooled. Based on application, the market is segmented into commercial, industrial, and residential.

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Key questions answered in this research report:

• • At what pace is Asia-Pacific modular chillers market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Asia-Pacific modular chillers market? What will be the impact of drivers and restraints in the future?
  • Which type of modular chiller generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various application areas of Asia-Pacific modular chillers market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Asia-Pacific Modular Chillers Market by Type

• • Water-Cooled
  • Air-Cooled

Asia-Pacific Modular Chillers Market by Application

• • Commercial
  • Residential
  • Industrial

Asia-Pacific Modular Chillers Market by Countries

• • China Modular Chillers Market All-Up (Option 1: Free 25% Customization)
  • India Modular Chillers Market All-Up (Option 2: Free 25% Customization)
  • Japan Modular Chillers Market All-Up (Option 3: Free 25% Customization)
  • South Korea Modular Chillers Market All-Up (Option 4: Free 25% Customization)
  • Malaysia Modular Chillers Market All-Up (Option 5: Free 25% Customization)
  • Rest of Asia-Pacific Modular Chillers Market All-Up (Option 6: Free 25% Customization)

Asia-Pacific Modular Chiller Leading Market Players (Option 7: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • • Multistack LLC.
    • Frigel Firenze S.p.A.
    • Midea
    • Johnson Controls.
    • Carrier
    • Gree Electric Appliances Inc.
    • Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A.
    • LG Electronics
    • Ingersoll-Rand Inc.
    • Haier
    • Aemec.