Modular Chiller Market Research, 2027
The modular chiller market size is expected to reach $3,698.0 million by 2027, and $2,667.1 million in 2019, registering a CAGR of 6.2% from 2020 to 2027.
Modular chillers are best suitable for residential, commercial, and industrial applications to control the room temperature and keep it cool. They are used for heating as well as cooling application. It is the main component of HVAC systems. These systems have components such as compressors, evaporators, and chilling towers. In addition, they are robust, redundancy, better capacity control, lightweight, and energy-efficient.
Modular chillers are of two types such as air-cooled and water-cooled. These chillers are mainly used in commercial and industrial areas. A rise in construction activities and government spending on infrastructural construction activities globally is anticipated to boost the growth of the modular chiller market. For instance, Australian government planned to spend $ 110 billion by 2030 on transport infrastructure across Australia country.
Market Dynamics
In addition, rise in government spending on installing HVAC systems is expected to boost the growth of the market. For instance, in October 2020, Germany government funded around $603.4 million for upgrading HVAC systems in public buildings. In addition, the modular chiller is dependent on various standards of building codes. ISO for instance is an environmental standard, which must be considered while installing modular chiller in the buildings.
Further, rise in disposable income of people in emerging economies is projected to cater to the growth of the modular chiller market. For instance, the disposable income of the U.S. population grew by approximately 7% from 2017 to 2019. Moreover, major players are adopting product launch and acquisition as their key developmental strategies to improve the product portfolio.
For instance, in January 2018, Ingersoll Rand plc acquired ICS Cool Energy Ltd, a subsidiary of ICS Group Holdings Limited. ICS Cool Energy Ltd is mainly deals in air conditioners, portable cooling towers, air cooled modular chiller, and water-cooled modular chiller. The acquisition was aimed to expand the business of rental equipment of energy-efficient chiller for commercial and residential areas across Europe.
Increase in industrialization and urbanization in countries such as China, India, Vietnam, and Indonesia boost the growth of construction activities, which fuels the modular chiller market growth. For instance, in 2018, the Government of India initiated NSCM (National Smart Cities Mission), which is expected to develop 100 smart cities by 2025.
In addition, the aviation industry in China registered a significant growth, during past few years. According to Civil Aviation Administration of China (CAAC), China built 27 new airports between 2014 to 2017, which in turn drive the demand for modular chillers to keep atmosphere cool, which stimulates the development of the market. Furthermore, rise in demand for modular chiller in end-user industries such as food & beverages, medical, mining, and others is anticipated to fuel the market growth.
By Product Type
Air-cooled segment is projected to grow at a significant CAGR
However, the cost of installation, setup, and maintenance is very high, this in turn, is anticipated to hamper the development of the market of modular chiller. In addition, fluctuation in raw material prices is also anticipated to hinder the growth of the market. On the other hand, an increase in government initiative in terms of improving energy efficiency in various industries such as power, mining, and automotive is anticipated to provide lucrative opportunities for the growth of the market during the forecast period.
The global modular chiller market is segmented on the basis of product type, capacity, application, and region. Based on product type, the market is divided into air cooled modular chiller, and water-cooled modular chiller. Water-cooled modular chiller segment generated the highest revenue in 2019. Based on the capacity, the market is divided into below 300 tons and more than 300 tons. More than 300 tons capacity segment generated the highest revenue in 2019. Based on application, the market is bifurcated into residential, commercial, and industrial. The commercial segment generated the highest revenue in 2019.
By Application
Commercial segment holds dominant position in 2019
Region wise, the modular chiller market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2019, Asia-Pacific was the highest contributor to the modular chiller market share.
Competition Analysis
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 of Zhuhai, Frigel Firenze S.p.A., and Multistack LLC.
By Region
Asia-Pacific holds a dominant position in 2019 and is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
The report provides an extensive analysis of the current and emerging modular chiller market trends and dynamics.
In-depth analysis of the market is conducted by estimations for the key segments between 2019 and 2027.
Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The global modular chiller market forecast analysis from 2020 to 2027 is included in the report.
The key players operating in the market of modular chiller are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the modular chiller industry.
Modular Chiller Market Report Highlights
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Analyst Review
Modular chillers are chiller which are compact in size. It is a part of HVAC system. It is designed to form one larger chiller by combining more than one modular chiller in a series or parallel method. Each modular chiller contains one or two independent components, such as compressors, regulators, and circuits. Modular chiller having features such as serviceability, redundancy, flexibility, high energy-efficient, and better capacity controls. Increase in spending on residential and commercial construction sector owing to meet indoor air quality drives the growth of the modular chiller market. For instance, in Japan, according to the Ministry of Land, the government increased its allocation toward tourism sector grew by 15% from 2017 to 2018. In addition, owing to increase in greenhouse gas emission globally and rise in global warming, there has been a rise in awareness about installing heating, air conditioning, and ventilation (HVAC) systems, which in turn drives the growth of the modular chiller market. For instance, Germany government aimed to reduce the greenhouse gas emission by at least 55% by 2030 as compared to 2019 emission level. Moreover, growing demand for energy efficient, compact, and lightweight HVAC systems in commercial and industrial sectors is anticipated to drive the growth of the modular chiller market.
However, high initial capital investment required and fluctuation in raw material prices are anticipated to hamper the growth of the modular chiller market. Conversely, rise in environment concerns, coupled with stringent government regulation toward energy-efficiency requirement regulations is anticipated to provide lucrative opportunities for growth of the modular chiller market.
No, the report does not provide Value Chain Analysis for the global modular chiller market.
The base year considered in the global modular chiller market is 2019.
To get latest version of global modular chiller market report can be obtained on demand from the website.
The forecast period considered for the global modular chiller market is 2020 to 2027, wherein, 2019 is the base year, 2020 is the estimated year, and 2027 is the forecast year.
The global modular chiller market size was $2,667.1 million in 2019 and is projected to reach $3,698.0 million in 2027, growing at a CAGR of 6.2% from 2020 to 2027.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
On the basis of product type, the air-cooled modular chiller segment is expected to be the most influencing segment growing in the global modular chiller market report.
Based on region, in 2019, the Asia-Pacific region generated the highest revenue, accounting for over two-fifths of the market share, and is projected to grow at a significant CAGR from 2020 to 2027.
The report contains an exclusive company profile section, where leading companies in the market are profiled. These profiles typically cover company overview, geographical presence, and market dominance (in terms of revenue and volume sales).
The market value of global modular chiller market is $2.4 billion in 2020. The decline is mainly due to the COVID-19 pandemic and the contraction of construction industry. The market value of global modular chiller market is $2.4 billion in 2020. The decline is mainly due to the COVID-19 pandemic and the contraction of construction industry. COVID-19 Banner Statement: The COVID-19 pandemic has negatively affected the global modular chiller market mainly due to the halt in manufacturing activities, prolonged lockdown, international trade, and ceased construction processes.
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