Modular Chillers Market Size was valued at USD 1,585.2 million in 2021 and is poised to expand at a substantial growth of 5.6% over 2022-2028. The demand for HVAC equipment is promptly growing due to increased spending in the construction sector and rising disposable incomes across developing nations. Climate change is another key element contributing to the rising demand for HVAC systems. As the temperature rises and the weather becomes more unpredictable, many consumers see HVAC equipment as a good investment. Furthermore, rising customer preference for comfort has increased the demand for HVAC systems. Furthermore, HVAC systems might have a single unit that can provide any quantity of heating, cooling, or simultaneous heating and cool at the same time, which is a significant driver driving the market’s growth in the next years. A modular chiller is a piece of factory-built equipment that uses an evaporator to cool water or brine and includes an internal or distant condenser with appropriate controls. Water-cooled or air-cooled condensers are available. This architecture-based chiller can be used for various purposes, including space cooling and process cooling. A chiller cools the water or brine used to cold and dehumidifies air in buildings or industrial operations, and it’s a crucial component of the HVAC system.
In October 2020, the German government funded around $603.4 million for upgrading HVAC systems in public buildings.
In September 2019 – Trane (a business brand of Ingersoll Rand), acquired Arctic Chiller Group and announced the expansion of the product portfolio of high-efficiency water-cooled and air-cooled modular chillers and magnetic bearing chillers for process cooling applications and commercial HVAC applications.