Modular Chillers Market Emerging Trends, Overview, Share, Global Research, Development, Business Prospects, Companies Analysis, and Forecast 2021-2026 with Prominent Regions and Countries Data

According to the report, The global modular chiller market is set to gain momentum from the increasing application in residential and commercial sectors. These chillers possess numerous features, such as optimization capacity, enhanced serviceability, and reliable performance. Nowadays, the development of unique technologies is refining the size of modules and thereby providing hassle-free usage. Fortune Business Insights™ provided this information in a recently published report, titled, "Modular Chiller Market Size, Share & Industry Analysis, By Type (Air-cooled modular chiller, Water-cooled modular chiller), By Application (Industrial, Commercial, and Residential) and Regional Forecasts, 2019-2026."

The global modular chiller market size was USD 3.82 billion in 2018 and is anticipated to reach USD 6.13 billion by 2026, exhibiting a CARG of 6.2% during the forecast period.

This Report Answers the Following Questions:

What are the modular chiller market trends and dynamics?
Which key companies would generate the highest shares?
What are the segments in the market?
Which region is expected to dominate the market in terms of revenue?
What are the types of strategies adopted by companies

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Fortune Business Insights™ profiles some of the most prominent companies operating in the modular chiller market. They are as follows:

Frigel Firenze S.p.A. (Tuscany, Italy)
LG Electronics (Seoul, Korea)
Mitsubishi Electric Corporation (Tokyo, Japan)
Haier Group (Shandong, China)
Midea Group (Guangdong, China)
Trane (Dublin, Ireland)
Gree Electric Appliances, Inc. of Zhuhai (Guangdong, China)
Carrier Corporation (Florida, U.S.)
Nanjing tica climate solutions co., ltd (Nanjing, China)
Daikin Industries, Ltd. (Osaka, Japan)
Other key market players
Trends & Drivers-

Urgent Need to Lower Carbon Emissions to Accelerate Growth

Industry giants present in the market are aiming to examine the sustainability and energy aspects of buildings according to the leadership in energy and environmental design (LEED) certification. The U.S. Green Building Council (USGBC) first introduced the LEED to reduce carbon emissions in the environment. In the U.K., it has to be strictly followed by commercial buildings.

Moreover, these organizations are emphasizing more on the aggregate size of the system, as well as the design of the module. The main reason behind this is that if one unit fails, then the operator can easily turn the additional parallel unit on. It is also surging the cooling capacity.

Segment-

Commercial Segment to Grow Considerably Stoked by High Demand for HVAC Systems

Based on the application, the market is segregated into commercial, industrial, and residential. Out of these, the commercial segment is anticipated to grow by exhibiting a substantial CAGR during the forthcoming years. This growth is attributable to the high demand for heating, ventilation, and air conditioning (HVAC) systems in infrastructures, namely, shopping malls, educational institutions, and commercial offices. The commercial segment procured 39.0% modular chiller market share in 2018. The industrial segment would also showcase steady growth.

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Regional Analysis-

Asia Pacific to Exhibit Highest CAGR Backed by Increasing Industrialization

In terms of region, the market is fragmented into Latin America, Europe, North America, the Middle East and Africa, and the Asia Pacific. Amongst these, Asia Pacific is likely to exhibit the highest CAGR on account of the ongoing expansion of the industrial sector. In addition to that, factors, namely, rapid industrialization, increasing number of economically emerging countries, and rising awareness programs regarding energy-efficient products, would contribute to the growth of the market in this region. Besides, industry giants are at present focusing on growing their businesses owing to the rising number of industrial projects.

North America is likely to grow significantly in the coming years because of the ever-increasing demand for these products from various industries. Also, manufacturers are expanding the business line across region by focusing on mergers and acquisitions. Europe is anticipated to experience a fast growth stoked by the ongoing technological advancements and improvements in energy-efficient products. Apart from that, the presence of several key manufacturers in this region would spur growth. Lastly, Latin America and the Middle East and Africa would showcase steady growth fueled by the rising adoption of chillers in countries, such as Argentina, Brazil, Saudi Arabia, the U.A.E.

Competitive Landscape-

Key Companies Aim to Gain Competitive Edge through Product Launches

The market is highly fragmented and competitive. The upsurging demand for cooling across various sectors is, in turn, increasing the key players' interest in extensive research and development activities to introduce novel products. Below are a couple of the latest key industry developments:

May 2019: Frigel, a provider of intelligent process cooling systems based in Italy, announced the launch of its line of central chillers called Modular Chiller 3FX. The products can be used with Ecodry 3DK, the company's internationally patented central adiabatic dry-cooler systems. The new chillers would provide automatic and engineered free-cooling capability. Also, they are a key element of an integrated and digitally controlled cooling system best suitable for delivering reliable performance and saving energy.
November 2017: Carrier Corporation, a provider of heating, air-conditioning, and refrigeration solutions headquartered in the U.S. introduced the latest version of its AquaSnap® 30MP chiller equipped with advanced features. It is mainly designed for cost-effective, faster installation in high-rise applications. This model is slimmer than the pre-existing model, and it meets all the ASHRAE 90.1 efficiency requirements.

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Market Segmentation:

1. By Type Analysis

Based on type, the market is divided into the water-cooled modular chiller and air-cooled modular chiller. The water-cooled modular chiller segment is expected to grow exponentially over the anticipated period, owing to their high energy efficiency and superior performance as compared to the air-cooled modular chiller. Moreover, the water-cooled modular chiller is mostly used in buildings where the cooling load is large enough for increasing efficiency. For instance, in March 2018, Aermec (U.K.) launched a stackable water-cooled modular chiller that enables cooling capacities to increase over time to suit changing requirements.

2. By Application Analysis

Based on the application, the market is divided into industrial, commercial, and residential. The commercial application segment is expected to grow with substantial CAGR during the forecast period. It would also showcase a high modular chiller market share. The growth is attributable to the rise in demand for HVAC systems in infrastructures, including commercial offices, institutions, shopping mall, and others. Industrial and residential segments are expected to experience steady and moderate growth, respectively. For instance, Arctic Chiller Group, Ltd. manufactured modular chillers with variable speed compressors, variable speed condenser fans for industrial processes and commercial HVAC applications. Moreover, Daikin's UAL-D R410A series air-cooled modular chiller offers high capacity, low sound level, and flexible system management.

3. REGIONAL ANALYSIS

Revenue generated from the sales of modular chillers across the Asia Pacific, Europe, North America, the Middle East, and Africa, and Latin America is considerably increasing the market value.

Asia Pacific is anticipated to exhibit the highest CAGR in the near future, owing to the expansion of the industrial sector. Factors such as increased awareness about energy-efficient end-use products, rise in economically developing countries, and rapid industrialization are fueling the market growth. In addition to this, key manufacturers are focusing on enhancing their businesses in this region, owing to the multiple ongoing industrial projects. Countries, including China and India, have the highest modular chiller market revenue, owing to the rise in demand for high output products with less downtime.

Table of Content:

Introduction
Definition, By Segment
Research Approach
Sources
Executive Summary
Market Dynamics
Drivers, Restraints and Opportunities
Emerging Trends
Key Insights
Macro and Micro Economic Indicators
Consolidated SWOT Analysis of Key Players
Key Technological Development
Global Modular Chiller Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
Market Size Estimates and Forecasts
By Type (Value)
Air-cooled
Water-cooled
By Application (Value)
Industrial
Commercial
Residential
By Geography (Value)
North America
Europe
Asia Pacific
The Middle East and Africa
Latin America
Continued..!!

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This release was published on openPR.