November 29, 2022

According to the latest report, titled “Modular Chillers Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast’ the India facility management market is expected to exhibit a Huge CAGR during the Forecast Period. The global modular chiller market size stood at 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 COVID-19 analysis of the report includes COVID-19 IMPACT on the production and, demand, supply chain. This report provides a detailed historical analysis of the global Modular Chillers Market by region/country and subsectors. The report covers the revenue, sales volume, price, historical growth, and future perspectives in the Modular Chillers Market.

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A few top players in the industry are

  • 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

The report gives a precise view of the future perspective and present market demands. The report also includes facts and statistics, tables & figures referred to in this report for strategic planning which leads to the success of the organizations. In this market report, the market share that various manufacturers hold in the global Modular Chillers Market and the market concentration is described in the report.

Regional Analysis:

On the basis of Geography, the Global Modular Chillers Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to hold a considerable share in the global Modular Chillers Market. Due to increasing investment for research and development process and adoption of solutions in the region whereas Asia-Pacific is expected to grow at a faster pace during the forecasted period.

The growing number of Modular Chillers Market players across regions is expected to drive market growth further. Moreover, increasing investments by prominent vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with new innovations in numerous industries.

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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.

An overview of the Modular Chillers Market’s regional outlook:

The market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). North America is further subdivided into countries such as the United States and Canada. The Europe region is further divided into the United Kingdom, France, Germany, Italy, Spain, Russia, and the Rest of Europe. China, Japan, South Korea, India, Australia, South East Asia, and the rest of Asia Pacific are subdivided into Asia Pacific. The Latin America region is separated into Brazil, Mexico, and the rest of Latin America, whereas the MEA region is divided into GCC, Turkey, South Africa, and the rest of MEA.

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, an 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 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.

FAQs:

  1. What is the driving factor for the growth of the Modular Chillers Market?
  2. How will the COVID-19 pandemic impact the demand and consumption of the Modular Chillers Market?
  3. What is the major application area of the Modular Chillers Market?
  4. Who are the Modular Chillers Market manufacturers across the globe?
  5. Which geographical location is dominant in the Modular Chillers Market?
  6. Which are the top industry players in the Modular Chillers Market?

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