Modular Chillers Market

Modular chillers market is forecast to exhibit a revenue of USD 4,777 in 2027, growing a CAGR of 4.4% over the forecast period (2020-2027). Strict environmental norms and the growing awareness regarding environmental degradation have augmented the demand for energy-effective buildings, driving the market growth.

To have an edge over the competition by knowing the market dynamics and current trends of “Modular Chillers Market,” request for Sample Report here

Key Drivers

The key factors bolstering the growth of the global modular chillers market include the exceptional benefits offered by the modular chiller over its substitute, accelerating commercial construction projects, and the increasing number of stringent government regulations about energy efficiency. The modular chiller allows the operator to shut down any modular chiller unit whenever there is a requirement of low cooling and can switch on the unit of modular chiller when cooling demand is high. All these functions define the modularity of chiller, which helps modular chiller operators to reduce downtime, thereby making it suitable for various applications in the commercial, residential, and industrial sectors. Growing adoption of HVAC systems across malls, hotels, and automotive industry to minimize heat accumulation and ensure passenger comfort will bolster the market growth. Furthermore, various leading producers offers modular chillers with variable speed compressors, high capacity, low-level sound, and flexible system management, which is expected to offer enormous opportunities for the market.

In addition, strategic government support which include tax rebates and financial support to encourage the adoption of energy-saving technologies offered by governments is forecast to offer enormous opportunities to the market. The establishment of privately-owned construction firms in the UAE, India, and China has augmented the expenditure in the construction industry over the forecast period. In accordance with the Global Construction 2030 report, the construction industry is projected to touch USD 15.5 trillion by 2030, with approximate contribution of China, India, and the U.S. to be more than 57% of the overall growth. The growth in the construction industry in the U.S. is more focused on the southern states due to the high population growth. On the other hand, the high cost associated with the installation of modular chillers is likely to restrain the growth of the market.

The global modular chillers market is likely to experience an adverse impact by the slowdown in the commercial and residential construction sector due to the COVID-19 in 2020. This will significantly impact the sales of the modular chiller at a global level. The primary 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. Furthermore, the market is expected to fall significantly in 2020 but will bounce back at a significant growth rate by 2021. Thereafter the market will register strong growth till 2027.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Type Segment Analysis

The water-cooled modular chiller segment captured the maximum share in 2019. The significant factors fuelling the growth of this segment include the accelerating adoption by the commercial end-users worldwide and the exceptional advantages offered by water cooled modular chiller such as longer lifespan and capability of providing increased capacity. The water-cooled chiller has a cooling tower that uses chilled water and heat transfer fluid for cooling, thus providing an effective cooling process for a longer period of time.

Application Segment Analysis

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 increasing adoption of HVAC systems in commercial projects. These modular chillers are being increasingly installed in commercial buildings such as offices, hotels, public houses, restaurants, shopping malls, and commercial buildings.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional Analysis

Asia-pacific is expected to dominate the global modular chillers market during the forecast period owing to the strong demand for modular chillers from emerging economies such as India and China. Additionally, the presence of a large number of industries, expanding urban cities, and large-scale HVAC system installation across the key countries in the region is further surging the growth of the market. Furthermore, the presence of big HVAC manufacturers in countries such as China will further help the market to grow at a significant rate during the forecast period. The expansion of Chemicals, papermaking, textiles, iron and steel, and machine tooling need heat is forecast to fuel the demand for modular chillers, throughout the forecast period.

Europe is projected to expand at a higher CAGR over the upcoming years, because of the growing demand for energy-efficient modular chillers and ongoing technological advancements. Also, the existence of leading manufacturers, such as Daikin Industries, Ltd., Carrier Corporation, and Trane will expand the market growth.

Top Market Players

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

 Key Developments: 

• • In 2019, Frigel Firenze S.p.A. launched it’s 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 global modular chillers market has been segmented on the basis of type, application, and regions. Based on type, the market is segmented into water-cooled and air-cooled. Based on the application, the market is segmented into commercial, industrial, and residential.

 For detailed scope of the “Modular Chillers Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is global modular chillers market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in modular chillers market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global modular chillers market?
  • Which type of modular chiller generated maximum revenues in 2019 and identify the most promising products during the forecast period?
  • What are the various application areas of global 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?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America
Companies Profiled	Multistack LLC., Frigel Firenze S.p.A., Midea, Johnson Controls., Carrier, Gree Electric Appliances Inc., Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A., ClimaCool Corporation, Ingersoll-Rand Inc., Armec. A total of 10 major players are covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Modular Chillers Market by Type

• • Water-Cooled
  • Air-Cooled

Global Modular Chillers Market by Application

• • Commercial
  • Residential
  • Industrial

Global Modular Chillers Market by Region

• • North America Modular Chillers Market (Option 1: As a part of the free 25% customization)

• • • North America Modular Chillers Market by Type
    • North America Modular Chillers Market by Application
    • US Modular Chillers Market All-Up
    • Canada Modular Chillers Market All-Up

• • Europe Modular Chiller Market (Option 2: As a part of the free 25% customization)

• • • Europe Modular Chillers Market by Type
    • Europe Modular Chillers Market by Application
    • UK Modular Chillers Market All-Up
    • Germany Modular Chillers Market All-Up
    • France Modular Chillers Market All-Up
    • Spain Modular Chillers Market All-Up
    • Rest of Europe Modular Chillers Market All-Up

• • Asia-Pacific Modular Chillers Market (Option 3: As a part of the free 25% customization)

• • • Asia-Pacific Modular Chillers Market by Type
    • Asia-Pacific Modular Chillers Market by Application
    • China Modular Chillers Market All-Up
    • India Modular Chillers Market All-Up
    • Japan Modular Chillers Market All-Up
    • Rest of APAC Modular Chillers Market All-Up

• • MEA Modular Chillers Market (Option 4: As a part of the free 25% customization)

• • • MEA Modular Chillers Market by Type
    • MEA Modular Chillers Market by Application
    • South Africa Modular Chillers Market All-Up
    • Saudi Arabia Modular Chillers Market All-Up
    • UAE Modular Chillers Market All-Up
    • Rest of MEA (remaining countries of the MEA region) Modular Chillers Market All-Up

• • Latin America Modular Chillers Market (Option 5: As a part of the free 25% customization)

• • • Latin America Modular Chillers Market by Type
    • Latin America Modular Chillers Market by Application
    • Brazil Modular Chillers Market All-Up
    • Mexico Modular Chillers Market All-Up
    • Rest of Latin America (remaining countries of the Latin American region) Modular Chillers Market All-Up

Global Modular Chiller Leading Market Players (Option 6: 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.
  • ClimaCool Corporation
  • Ingersoll-Rand Inc.