Global Modular Chillers Market: by Type, by Application - Forecast to 2029
Overview
Modular Chillers Market size is expected to reach US$ 4.61 Bn. by year 2029 at a CAGR of 5.80% during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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Modular Chillers Market, Dynamics:
The growth of the global market for modular chillers can be attributed to the stringent government regulations on energy efficiency and emissions. Additionally, the competitive benefits of modular chillers over its substitutes has increased its demand in the HVAC and refrigeration systems. Modular chillers have a compressed design, which is ideal for buildings where space is limited. It has control systems, which can be activated from remote places.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Moreover, the biggest driver of modular chillers is 'modularity', which means, operators can shut down any unit when low cooling is required and switch on any number of units when the requirement is high. Hence, the modular chiller operators can reduce the downtime to zero hours, as it is highly unlikely that all modules malfunction. Also, modular chillers proposals superior expandability, when operators plan infrastructure expansion.
Commercial segment based on application is expected to be the fastest-growing segment of the modular chillers markets globally. The demand for modular chillers has been fast momentum in the HVAC industry as it is lighter, efficient, and lowers the required refrigerant volume as compared to other heat exchangers. Modular chillers are extensively used in AC systems and heat pumps for efficient heat transfer between refrigerant and air. In recent years, because of the growing demand for lightweight systems and increasing copper prices, the demand for modular chillers has increased in various HVAC applications.
Modular Chillers Market, Regional Analysis:
The Asia Pacific is projected to be the fastest-growing market for modular chillers in terms of value during the forecast period. China and India are the two major markets for modular chillers in the Asia Pacific. The Chinese plastic industry has the largest share in the APAC, resulting in increased growth of the market. Similarly, high demand for chillers in solar cooling applications, and rising end-use industries are expected to drive the demand for modular chillers in both, China and India.
Major players operating in the market for modular chillers like Gree, LG, Midea etc. Gree Electric Appliances (China) is a global air conditioning company. It has a presence across emerging economies, and so expected to provide growth opportunities to the company soon. It is a renowned brand in the market for HVAC, which was ranked 385 on the list of Forbes Global 2000 companies, in 2019.
A recent development in the Global Modular Chillers Market: In March 2018, Mitsubishi Electric Hydronics & IT Cooling Systems acquired chillers provider Topclima of Climaveneta in Spain. This acquisition of Topclima helps the company to usage the assets efficiently for business development.
In January 2018, Ingersoll Rand acquired ICS Group Holdings Ltd (UK), a prominent HVAC solution provider in Europe. This acquisition aids the company to cater to a broad range of customers and strengthen its growth in the European market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Modular Chillers Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence.
The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Modular Chillers Market.
Modular Chillers Market, Key Highlights:
1. Global Modular Chillers Market analysis and forecast, in terms of value.
2. Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Modular Chillers Market
3. Global Modular Chillers Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
4. Global Modular Chillers Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
5. Global Modular Chillers Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
6. Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
7. Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Modular Chillers Market are also profiled.
Modular Chillers Market Scope: Inquire before buying
| Global Modular Chillers Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2018 to 2022 | Market Size in 2022: | US $ 3.10 Bn. |
| Forecast Period 2023 to 2029 CAGR: | 5.80% | Market Size in 2029: | US $ 4.61 Bn. |
| Segments Covered: | by Type | Water-cooled modular chillers Air-cooled modular chillers |
|
| by Application | Commercial Corporate Offices Data Centers Public Buildings Residential Multifamily and Hospitality Industrial Cold storages Others |
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Modular Chillers Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Modular Chillers Market Key players:
1. Gree
2. Mcquay International
3. Midea
4. Johnson Controls-Hitachi Air Conditioning
5. Carrier
6. Ingersoll Rand
7. Frigel
8. Multistack LLC
9. Haier
10.LG
11.Withair (Nanjing) Industries Co., Ltd.
12.Mitsubishi Electric Corporation
13.Climacool Corp
14.Aermec S.p.A
15.Suzhou Sujing Bush Refrigeration Equipment Co.,Ltd
16.Tica
17.Kingair.
18.Daikin
19.Dimplex Thermal Solutions
20.Arctic Chiller Group
Frequently Asked Questions:
1. Which region has the largest share in Global Market?
Ans: Asia Pacific region holds the highest share in 2022.
2. What is the growth rate of Global Modular Chillers Market?
Ans: The Global Market is growing at a CAGR of 3% during forecasting period 2023-2029.
3. What is scope of the Global Modular Chillers market report?
Ans: Global Modular Chillers Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global market?
Ans: The important key players in the Global Market are – Gree, Mcquay International, Midea, Johnson Controls-Hitachi Air Conditioning, Carrier, Ingersoll Rand, Frigel, Multistack LLC, Haier, LG, Withair (Nanjing) Industries Co., Ltd, Mitsubishi Electric Corporation, Climacool Corp, Aermec S.p.A, Suzhou Sujing Bush Refrigeration Equipment Co.,Ltd, Tica, Kingair, Daikin, Dimplex Thermal Solutions, Arctic Chiller Group,
5. What is the study period of this market?
Ans: The Global Market is studied from 2022 to 2029.