Modular Chiller Market: USD 3.7 Billion and CAGR of 6.2% by 2027

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.

𝙂𝙚𝙩 𝙧𝙚𝙥𝙤𝙧𝙩, 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙛𝙤𝙧 𝙨𝙖𝙢𝙥𝙡𝙚: https://www.alliedmarketresearch.com/request-sample/9787

𝗧𝗵𝗲 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.

Many competitors in the market adopted product launch and acquisition as their key developmental strategies to expand their product portfolio. For instance, in September 2019, Trane Technologies a subsidiary of Ingersoll Rand Plc, acquired Arctic Chiller Group, based in Canada which deals in various types of chillers. The acquisition was aimed to improve the product portfolio of modular chillers in Canada.

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging modular chiller market trends and dynamics.

Depending on product type, the water-cooled modular chiller segment dominated the modular chiller market, in terms of revenue in 2019 and is projected to grow at a significant CAGR during the modular chiller market forecast period.

By capacity, the more than 300 tons segment generated the highest revenue in 2019.

Based on application, the commercial segment generated the highest revenue in 2019.

Asia-Pacific is projected to register the highest growth rate in the coming years.

The key players within 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.

The report provides an extensive analysis of the current trends and emerging opportunities of the market.

In-depth modular chiller market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.

However, one of the major restraints for modular chiller market is high initial capital investment and setup cost. Modular chillers require around 150% to 200% of the cost to install similar tonnage of water-cooled standard chiller. In addition, fluctuation in raw material prices is anticipated to hampers the modular chiller market growth. Conversely, strict government regulations toward energy-efficiency are predicted to offer lucrative opportunities for the market development of modular chiller.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁

Modular chillers are composed of several components, such as condensers, evaporators, compressors, and expansion valves. They are designed to provide efficient cooling for large-scale structures, such as industrial and commercial buildings. They are also used to cool data centers, medical facilities, and other specialized structures.

The global modular chiller market is driven by the growing demand for energy-efficient cooling solutions. The increasing adoption of modular chillers in commercial and industrial applications is also driving the market growth. Modular chillers provide efficient cooling with low operational costs and improved lifespan. Additionally, they are lightweight and easily installed, which contributes to their growing popularity.

𝙈𝙖𝙠𝙚 𝙖 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙄𝙣𝙦𝙪𝙞𝙧𝙮: - https://www.alliedmarketresearch.com/purchase-enquiry/9787

The global modular chiller market is further driven by the increasing adoption of renewable sources of energy. The use of renewable sources of energy, such as solar and wind energy, helps reduce the cost of electricity consumption. This, in turn, drives the demand for modular chillers, as they are energy-efficient and cost-effective.

Furthermore, the development of advanced technologies, such as variable frequency drives (VFDs), is expected to fuel the growth of the global modular chiller market. VFDs help reduce the energy consumption of chillers and provide more efficient cooling. This has made them popular among commercial and industrial applications.

The rising demand for energy-efficient cooling solutions is expected to drive the global modular chiller market over the forecast period. The increasing adoption of renewable sources of energy and the development of advanced technologies, such as VFDs, are also expected to boost the growth of the market.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀

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.

𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗢𝘂𝘁𝗹𝗼𝗼𝗸

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, the high cost of modular chillers and the lack of awareness of the benefits associated with them are expected to limit the growth of the market. Nevertheless, the increasing demand for energy-efficient cooling solutions and the development of advanced technologies, such as VFDs, are expected to drive the growth of the global modular chiller market

𝙏𝙤 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙩𝙝𝙞𝙨 𝙋𝙧𝙚𝙢𝙞𝙪𝙢 𝙍𝙚𝙥𝙤𝙧𝙩: - https://www.alliedmarketresearch.com/checkout-final/bf709a001c1512e3294946c74e481748

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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 domain.

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