Modular chiller market analysis, 2020–2027 | Rise in construction activities and government spending on infrastructural construction drives the growth

According to a new report published by Allied Market Research, titled, “Modular Chiller Market by Product Type, Capacity, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global modular chiller market size was $2.7 billion in 2019, and is projected to reach $3.7 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.

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The report analyzes the modular chiller market based on product type, capacity, application, and region. The product type covered in this report is the air-cooled modular chiller and water-cooled modular chiller. The capacity taken into consideration in the report are the below 300 tons and more than 300 tons. On the basis of application, the market is categorized into residential, commercial, and industrial.

An increase demand for compact, energy efficient, and small heating, ventilation, and air conditioning systems to control room atmosphere is anticipated to stimulate the growth of the modular chiller industry. In addition, increase in construction spending in emerging countries such as India, China, Brazil, and others is anticipated to fuel the growth of the modular chiller market. For instance, India government planned to spend $1.4 trillion on infrastructure development from year 2020 to 2025.

In addition, modular chillers are best suitable for food & beverages, automotive, die casting, plastics, and others. An increase in demand for modular chillers globally owing to growing construction activities is expected to lead to the growth of the modular chiller market. A rise in tourism sector globally has led to increase in demand for commercial buildings such as hotels and public buildings. This in turn is estimated to fuel the growth of the modular chiller market. For instance, tourism industry in Japan is expected to grow by over 10% from 2020 to 2030.

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Key Players

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, Frigel Firenze S.p.A., and Multistack LLC.

Key Market Segments

By Product Type

Air Cooled Modular Chiller
Water Cooled Modular Chiller

By Capacity

Below 300 Tons
More than 300 Tons

By Application

Residential
Commercial
Industrial

By Region

North America
Europe
Asia-Pacific
LAMEA

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

This release was published on openPR.