According to a new report published by Allied Market Research, titled, “ — Modular Chiller Market by Product Type, Capacity, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global modular chiller market size was $2.7 billion in 2019, and is projected to reach $3.7 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.
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The report analyzes the modular chiller market based on product type, capacity, application, and region. The product type covered in this report is the air-cooled modular chiller and water-cooled modular chiller. The capacity taken into consideration in the report are the below 300 tons and more than 300 tons. On the basis of application, the market is categorized into residential, commercial, and industrial.
An increase demand for compact, energy efficient, and small heating, ventilation, and air conditioning systems to control room atmosphere is anticipated to stimulate the growth of the modular chiller industry. In addition, increase in construction spending in emerging countries such as India, China, Brazil, and others is anticipated to fuel the growth of the modular chiller market. For instance, India government planned to spend $1.4 trillion on infrastructure development from year 2020 to 2025.
In addition, modular chillers are best suitable for food & beverages, automotive, die casting, plastics, and others. An increase in demand for modular chillers globally owing to growing construction activities is expected to lead to the growth of the modular chiller market. A rise in tourism sector globally has led to increase in demand for commercial buildings such as hotels and public buildings. This in turn is estimated to fuel the growth of the modular chiller market. For instance, tourism industry in Japan is expected to grow by over 10% from 2020 to 2030.
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Covid-19 Impact Analysis
Coronavirus disease (COVID-19) is a dangerous disease caused by a newly discovered virus named Coronavirus. Many people are suffering from coronavirus diseases throughout the globe. During lockdown, owing to the COVID-19 pandemic, various major players in the global modular chiller market to stop their business production due to lockdown implemented in countries such as China, the U.S., India, and other countries. This break directly impacted the sales of modular chiller companies. Also, lack of manpower and raw materials have halted the supply of modular chillers.
The key players profiled in the global modular chiller market report included Johnson Controls International Inc, Raytheon Technologies (Carrier Corporation), Ingersoll-Rand Plc (Trane Technologies Plc), Daikin Industries Ltd (McQuay Air-Conditioning Ltd), Mitsubishi Electric Corporation, LG Electronics, Midea Group Co. Ltd, Gree Electric Appliances Inc, Frigel Firenze S.p.A., and Multistack LLC.
Key Findings Of The Study
The report provides an extensive analysis of the current and emerging modular chiller market trends and dynamics.
Depending on product type, the water-cooled modular chiller segment dominated the modular chiller market, in terms of revenue in 2019 and is projected to grow at a significant CAGR during the modular chiller market forecast period.
By capacity, the more than 300 tons segment generated the highest revenue in 2019.
Based on the application, the commercial segment generated the highest revenue in 2019.
Asia-Pacific is projected to register the highest growth rate in the coming years.
The key players within the market of the modular chillers are profiled in this report, and their strategies are analyzed thoroughly,
which helps understand the competitive outlook of the modular chiller industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
An in-depth modular chiller market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
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