$3.5 Billion Modular Chillers Markets, 2024 by Type (Air-Cooled, Water-Cooled) & Application (Commercial, Industrial, Residential)

The Modular Chillers Market is Estimated to be USD 2.6 Billion in 2019 and is Projected to Reach USD 3.5 Billion by 2024, at a CAGR of 6.0%
 
This growth is attributed to the advantages and benefits of modular chillers over its substitutes. Also, the demand for modular chillers is driven by growth in the number of construction projects. However, the high initial setup cost is hindering the growth of the modular chillers market. In addition, the high consumption of electricity is expected to be a major challenge for modular chillers market during the forecast period.