Global Modular Chiller Industry: Global and Regional Analysis with Forecast till 2028, Business Opportunities, Post COVID Scenario

The global Modular Chiller market size was valued at $2510.1 Million in 2020 and is expected to reach $4208.8 Million by 2028 growing at the CAGR of 6.56% from 2021 to 2028.

A growing demand for HVAC solutions, served by light-weight and compact modular chillers that can be easily installed and require less maintenance and providing high humidity control with optimum cooling capability is expected to propel the Modular Chiller Market. There has been a rise in disposable income across the globe, as well as an increase in energy costs, which is also fuelling growth of the market. The focus on cutting down carbon footprint as a result of the awareness programs related to global warming has resulted in increased spending by governments on installing HVAC systems at homes and offices.

Additionally, market participants are focusing on smart building solutions resulting in an increased adoption of product launches and acquisitions for improving portfolio available across industries such as food & beverages, mining etc market.

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Key Players

Some of the major Modular Chiller players holding high market share include Johnson Controls International, Raytheon Technologies, and Ingersoll-Rand. These players use partnership and expansion as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:
● Johnson Controls International
● Raytheon Technologies
● Ingersoll-Rand
● Daikin Industries Ltd
● Mitsubishi Electric Corporation
● LG Electronics
● Midea Group Co. Ltd
● Gree Electric Appliances Inc
● Frigel Firenze
● Multistack

The recently published research report on Global Modular Chiller Market by Evolve Business Intelligence examines the industry in the context of major market aspects including market size & forecast, market shares in terms of revenues and volume, key players, and SWOT analysis. The market is analyzed based on 4 separate indications in the market dynamic chapter: Drivers, Restraints, Key Trends, and Challenges. The total sum of these sections will help you understand what strategies will be best to adopt in order to prosper through this industry over a few short years. The quantitative analysis includes our actual findings out of this research study where we provided additional insight into what our readers can do to embrace new opportunities or plan against threats that might hinder the market.

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the Modular Chiller market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

The New Normal

As businesses recover from the COVID-19 pandemic, they have a new set of priorities to cope with. Throughout this crisis, they were forced to deal with shifting situations and often fell short of their ultimate goals. Now that a cure has been found and the pandemic is dying down, they will need to recuperate from this epidemic by setting forth new objectives to succeed in the future.

In terms of COVID 19 impact, the Modular Chiller market report also includes the following data points:
● COVID19 Impact on Modular Chiller market size
● End-User/Industry/Application Trend, and Preferences
● Government Policies/Regulatory Framework
● Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
● Opportunity in Modular Chiller market

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Segmental Analysis

Market Segment By Product Type with focus on market share, consumption trend, and growth rate of Modular Chiller Market:
o Air Cooled Modular Chiller
o Water Cooled Modular Chiller
o Others

Market Segment By Capacity with the focus on market share, consumption trend, and growth rate of Modular Chiller Market:
o Below 300 Tons
o More than 300 Tons

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Key Region/ Countries Covered
● North America (US, Canada, Mexico)
● Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
● Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
● Rest of the World (the Middle East & Africa and South America)

North America is currently the largest revenue generating region, and it is expected that it will continue to lead by a considerable margin. This can be attributed to the rise in demand for eco-friendly appliances which are beginning to change the way people use electricity today. With growing populations, changes in economic conditions, rapid industrialization, and continuous innovation (such as the development of new architecture), this market has much potential for growth.

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