Latin America Modular Chillers Market

According to GMI Research’s latest report, the Latin America modular chillers market is expected to grow at a robust CAGR of 4.0% from 2020-2027. The Latin Americamodular chillers market generated revenues of USD 135.0 million in 2019 and is projected to reach USD 184.1 million in 2027.

Modular chillers are compact chillers which are designed to form one larger chiller by connecting other modules in a series or parallel method. Each module contains one or two independent refrigerant circuits, compressor, and regulators; if one module fails, the remaining modules are held responsible for the operations. Modular chillers provide flexibility, expandability, serviceability, redundancy, better capacity controls, and are highly energy-efficient.

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The key factors fuelling the growth of the market include the continuous expansion of the construction industry in Brazil and Mexico and theimplementation of mandatory energy-efficiency policies in the region.There has been a significant rise in commercial construction projects such as airports, roads, railways, and oil & gas pipeline projects. The favorable government initiatives and the recovering labor market areboosting the construction sector,especially in countries such as Brazil. In addition to this, the increased installation of modular chillers at large commercial spaces such as shopping malls, hotels, and large corporate buildings, has furtherfuelled the market growth. Furthermore, the demand for modular chillers by the industrial end-users is being driven by the automotive and chemistry sectors.

The Latin American Modular Chiller market has been significantly impacted by the COVID-19 pandemic. This is due to the lower demand from industrial, commercial, and residential end-users. There has been a steep decline in the supplies of numerous components of modular chillers from China, which is affecting the production of the 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. However, the market is expected to bounce back in 2021 while growing at a significant rate from 2022 onwards.

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Air-Cooled Modular Chiller segment is projected to grow at the fastest CAGR during the forecast period owing to its cost-effective feature as compared to the water-cooled chillers. These chillers are being increasingly adopted by industrial and commercial end-users as these highly efficient and environment friendly.

The commercial segment holds the maximum share in 2019 and is projectedto grow at the highest CAGR during the forecast period owing to theincreasing installation of HVAC systems in large commercial spaces such as shopping malls, airports, roads, large commercial buildings, and other spaces.

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Brazilholds the maximum share in themodular chillers market in 2019 owing to the growing demand for HVAC systems by the commercial and industrial end-users as well as increasing focus of the government towards lowering the carbon emission footprint in the country. The rising commercial construction projects such as Programa de InvestimentoemLogística (PIL) will further increase the demand for modular chillers in the country.

Various notable players operating in the market include Multistack LLC., Frigel Firenze S.p.A., Midea, Johnson Controls., Carrier, Gree Electric Appliances Inc., Grupo TECSIR, Trane Technologies, and LG Electronics.

Key Developments:

• • In 2019, Frigel Firenze S.p.A. launched a new 3FX water-cooled modular chillers having a range from 25 to 139 tons each. These 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.

The Latin America modular chillers market has been segmented on the basis of type, application, and regions. Based ontype, the market is segmented into water-cooled and air-cooled. Based on the application, the market is segmented into commercial, industrial, and residential.

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Key questions answered in this research report:

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

Market Segmentation

Latin America Modular Chillers Market by Type

• • Water-Cooled
  • Air-Cooled

Latin America Modular Chillers Market by Application

• • Commercial
  • Residential
  • Industrial

Latin America Modular Chillers Market by Countries

• • Brazil Modular Chillers Market All-Up (Option 1: Free 25% Customization)
  • Mexico Modular Chillers Market All-Up (Option 2: Free 25% Customization)
  • El Salvador Modular Chillers Market All-Up (Option 3: Free 25% Customization)
  • Venezuela Modular Chillers Market All-Up (Option 4: Free 25% Customization)
  • Guatemala Modular Chillers Market All-Up (Option 5: Free 25% Customization)
  • Rest of Latin America Modular Chillers Market All-Up (Option 6: Free 25% Customization)

Latin America Modular Chillers Leading Market Players (Option 7: 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.
  • LG Electronics
  • Grupo TECSIR
  • Trane Technologies