MEA Modular Chillers Market

According to GMI Research’s latest report, the MEA modular chillers market is expected to grow at a robust CAGR of 4.3% from 2020-2027. MEA modular chillers market generated revenues amounting to USD 405.1 million in 2019 and is projected to reach USD 565.3 million by 2027.

MEA Modular Chillers Market Overview

A modular chiller is a packaged chiller that is combined with other modules to make one large chiller. Each module contains compressor, regulators, and refrigerant, and if one module fails, the remaining modules maintain operational continuously. These modules are connected in parallel from 6 units to 12 units and are used to increase the cooling capacity of the chiller system. It is a solution for retrofits, cooling, and tight spaces and helps to maintain indoor temperature. Modular chillers provide flexibility, expandability, serviceability, redundancy, better capacity controls, and are highly energy efficient.

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Major MEA Modular Chillers Market Drivers

The key factor fuelling the growth of the market include the increasing adoption for HVAC systems in the emerging economies such as Saudi Arabia and U.A.E.There has been a significant rise in the number of commercial construction projects as well as smart cities projects especially in the key economies of the region such as Saudi Arabia and U.A.E. The rising adoption of modular chillers in various upcoming mega projects such as NEOM, Saudi Vision 2030, King Salman Park, Dubai World Expo 2020, Qatar FIFA World Cup 2022,and Konza Technology City is fuelling the growth of the market in the region. In addition to this, favorable government initiatives pertaining to FDI in the construction sector as well as increased spending by the government on infrastructure projects, are some other important factors that are propelling the growth of the market. Furthermore, the demand for energy-efficient modular chillers among the end-users is increasing at a substantial rate owing to the presence of strict regulations pertaining to carbon emissions. For instance, The U.A.E. Ministry for Commerce and Industry issued Federal Law No. 21 Energy Efficiency Standards Labelling (EESL), which focusses on the reduction of energy consumption. The minimum energy efficiency COP (Energy Efficiency Ratio) for air cooled package chiller is 8.50 to 9.50 and water-cooled chiller is 13.50 to 17.00.

The MEA modular chillers market will witness an adverse impact by the slowdown in the industrial, commercial, and residential construction sector due to the COVID-19 pandemic in 2020. This, inturn, will significantly impact the sales of the modular chiller in the MEA region. The major 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.

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Water-Cooled Modular Chiller segment captured the maximum share in 2019owing to its increased adoption by the industrial and commercial end-users in this region. The higher efficiency as compared to the air cooled systems coupled with the remarkable advantages such as long-life and abilityto provide increased capacity will further fuel the growth of the market during the forecast period.

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 rapid adoption of HVAC systems incommercial projects. There are multiple projects that are in the pipeline, such as airports, metro networks, ports, roads, bridges, and hotels in key countries of MEA such as U.A.E., Saudi Arabia, and South Africa, which will further contribute towards the increased demand for modular chillers.

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Saudi Arabia is anticipated to lead the MEA modular chillers market during the forecast period owing to the growing demand of modular chillers from both commercial and industrial end-users. The government is focussed on expanding the industrial sector in the country as it has initiated for the development and construction of Jubail and Yanbu industrial cities as well as other industrial cities along with the Saudi Industrial Development Fund (SIDF), and provision of other industrial incentives. This will significantly boost the growth of the modular chillers market.

Top Market Players

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

Key Developments:

• • In 2019, Frigel Firenze S.p.A. launched its 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.

Segments covered in the Report:

The MEA 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 MEA modular chillers market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in MEA 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 products during the forecast period?
  • What are the various application areas of MEA 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 and By Country
Regional Coverage	The Middle East & Africa
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., Ingersoll-Rand Inc., LG Electronics and 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

MEA Modular Chillers Market by Type

• • Water-Cooled
  • Air-Cooled

MEA Modular Chillers Market by Application

• • Commercial
  • Residential
  • Industrial

MEA Modular Chillers Market by Countries

• • UAE Modular Chillers Market All-Up (Option 1: Free 25% Customization)
  • Saudi Arabia Modular Chillers Market All-Up (Option 2: Free 25% Customization)
  • Oman Modular Chillers Market All-Up (Option 3: Free 25% Customization)
  • Kuwait Modular Chillers Market All-Up (Option 4: Free 25% Customization)
  • South Africa Modular Chillers Market All-Up (Option 5: Free 25% Customization)
  • Nigeria Modular Chillers Market All-Up (Option 6: Free 25% Customization)
  • Algeria Modular Chillers Market All-Up (Option 7: Free 25% Customization)
  • Kenya Modular Chillers Market All-Up (Option 8: Free 25% Customization)
  • Rest of MEA Modular Chillers Market All-Up (Option 9: Free 25% Customization) 

MEA Modular Chiller Leading Market Players (Option 10: 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.
  • LG Electronics
  • Ingersoll-Rand Inc.
  • Armec