Modular Chiller Market Set to Surge to $3.7 Billion by 2027 with a 6.2% CAGR from 2020 to 2027

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.

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The escalating demand for energy-efficient buildings, driven by increasing environmental awareness and stringent government regulations, is poised to propel the growth of the market in the foreseeable future. Heightened awareness regarding energy-efficient systems and the adverse effects of fossil fuel combustion, coupled with advancements in energy-saving technologies, is expected to drive market demand. Government incentives such as tax rebates and financial support for adopting energy-saving technologies are further anticipated to bolster market growth.

The rise of privately-owned construction firms in regions like the UAE, India, and China is expected to drive construction spending, with the global construction industry projected to reach USD 15.5 trillion by 2030. Initiatives promoting energy efficiency in Europe, such as the European Commission's "The European Portal for Energy Efficiency of Buildings," facilitate the exchange of knowledge and best practices, fostering energy solutions for buildings.

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In the wake of the COVID-19 pandemic, public construction experienced minimal short-term impact, with companies striving to fulfill contracts to avoid penalties. However, disruptions in the supply chain led to shortages of construction equipment and materials, resulting in delays or cancellations of projects and reduced budgets for future endeavors.

Modular chillers find increasing applications across commercial, residential, and industrial sectors. The growing construction investment driven by industrial and economic development, coupled with population growth, is expected to drive demand for modular chillers. Advantages such as compact design, flexibility, high efficiency, and compliance with eco-friendly standards contribute to their growing adoption.

Efforts to promote energy efficiency, led by organizations like the World Green Building Council and the International Energy Agency, alongside favorable government policies and rising consumer awareness, are anticipated to sustain market growth. However, challenges such as the need for high-quality water for modular chiller operation and cleaning in industrial processes may hinder market expansion.

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Product-wise, the air-cooled segment is expected to witness the fastest growth, driven by its low cost, easy installation, and maintenance, and high efficiency even in freezing temperatures. Key players in the modular chillers market, including Trane Technologies plc, GREE ELECTRIC APPLIANCES, INC., Carrier, FRIGEL FIRENZE S.p.A., and others, employ strategies like mergers, acquisitions, and new product launches to strengthen their market positions.

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