Modular Chillers Market to See High Growth in Upcoming Year by 2028
Posted on May 10 2022 7:40 AM
"Modular Chiller Market Size, Share & Industry Analysis, By Type (Air-cooled modular chiller, Water-cooled modular chiller), By Application (Industrial, Commercial, Residential) and Regional Forecasts, 2019-2026 "
The Global “Modular Chillers Industry Share “is expected to grow steadily in the coming years. The report illustrated latest insights into market drivers, restraints, risks and opportunities in the global market. The Modular Chillers Market report shows the credible direction of the market in the coming years along with its estimates. A precise study aims to understand the market price. By analyzing the competitive landscape, the authors of the report have made excellent efforts to help the readers understand the key business strategies that large companies employ to maintain market stability.
The global modular chiller market size stood at USD 3.82 billion in 2018 and is anticipated to reach USD 6.13 billion by 2026, exhibiting a CARG of 6.2% during the forecast period
The report focuses on the Modular Chillers Market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends. Furthermore, the report provides detailed cost analysis, supply chain. Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications. Moreover, Consumer behavior analysis and market dynamics (drivers, restraints, opportunities) provides crucial information for knowing the .
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Highlights of the Report:
While making the Modular Chillers Market Analysis report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Key Industry Developments:
- May 2019: Frigel, a provider of intelligent process cooling systems based in Italy, announced the launch of its line of central chillers called Modular Chiller 3FX. The products can be used with Ecodry 3DK, the company’s internationally patented central adiabatic dry-cooler systems. The new chillers would provide automatic and engineered free-cooling capability. Also, they are a key element of an integrated and digitally controlled cooling system best suitable for delivering reliable performance and saving energy.
- November 2017: Carrier Corporation, a provider of heating, air-conditioning, and refrigeration solutions headquartered in the U.S. introduced the latest version of its AquaSnap® 30MP chiller equipped with advanced features. It is mainly designed for cost-effective, faster installation in high-rise applications. This model is slimmer than the pre-existing model, and it meets all the ASHRAE 90.1 efficiency requirements.
List of Key Companies Operating in Modular Chillers Market Include:
- Frigel Firenze S.p.A. (Tuscany, Italy)
- LG Electronics (Seoul, Korea)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Haier Group (Shandong, China)
- Midea Group (Guangdong, China)
- Trane (Dublin, Ireland)
- Gree Electric Appliances, Inc. of Zhuhai (Guangdong, China)
- Carrier Corporation (Florida, U.S.)
- Nanjing tica climate solutions co., ltd (Nanjing, China)
- Daikin Industries, Ltd. (Osaka, Japan)
- Other key market players
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Urgent Need to Lower Carbon Emissions to Accelerate Growth
Industry giants present in the market are aiming to examine the sustainability and energy aspects of buildings according to the leadership in energy and environmental design (LEED) certification. The U.S. Green Building Council (USGBC) first introduced the LEED to reduce carbon emissions in the environment. In the U.K., it has to be strictly followed by commercial buildings.
Moreover, these organizations are emphasizing more on the aggregate size of the system, as well as the design of the module. The main reason behind this is that if one unit fails, then the operator can easily turn the additional parallel unit on. It is also surging the cooling capacity.
Commercial Segment to Grow Considerably Stoked by High Demand for HVAC Systems
Based on the application, the market is segregated into commercial, industrial, and residential. Out of these, the commercial segment is anticipated to grow by exhibiting a substantial CAGR during the forthcoming years. This growth is attributable to the high demand for heating, ventilation, and air conditioning (HVAC) systems in infrastructures, namely, shopping malls, educational institutions, and commercial offices. The commercial segment procured 39.0% modular chiller market share in 2018. The industrial segment would also showcase steady growth.
Asia Pacific to Exhibit Highest CAGR Backed by Increasing Industrialization
In terms of region, the market is fragmented into Latin America, Europe, North America, the Middle East and Africa, and the Asia Pacific. Amongst these, Asia Pacific is likely to exhibit the highest CAGR on account of the ongoing expansion of the industrial sector. In addition to that, factors, namely, rapid industrialization, an increasing number of economically emerging countries, and rising awareness programs regarding energy-efficient products, would contribute to the growth of the market in this region. Besides, industry giants are at present focusing on growing their businesses owing to the rising number of industrial projects.
North America is likely to grow significantly in the coming years because of the ever-increasing demand for these products from various industries. Also, manufacturers are expanding the business line across region by focusing on mergers and acquisitions. Europe is anticipated to experience fast growth stoked by the ongoing technological advancements and improvements in energy-efficient products. Apart from that, the presence of several key manufacturers in this region would spur growth. Lastly, Latin America and the Middle East, and Africa would showcase steady growth fueled by the rising adoption of chillers in countries, such as Argentina, Brazil, Saudi Arabia, the U.A.E.
Market Segment Analysis -
- By Type (Value)
- By Application (Value)
- By Geography (Value)
- North America
- Asia Pacific
- The Middle East and Africa
- Latin America
Impact of COVID-19 Pandemic on Modular Chillers Market
According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn. Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development.
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