Global Modular Chillers Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
“Global Modular Chillers Market” is the title of an upcoming report offered by MarketResearch.Biz. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in to various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. It also covers threats or challenges for existing as well as new entrants in the market. The global modular chillers market has been segmented on the basis of services, application, as well as regions and countries.
A modular chiller is a cooling system with multiple chillers that couple together to make or form a complete or expandable chilling system, where each chiller has dual compressors with a dual circuit evaporator and condenser. This set-up aids in the improving the energy efficiency of the entire modular chiller system.
Growing awareness among individuals concerning climate change and the emission of greenhouse gases is resulting in the increased demand for products that implement energy-efficient technologies. This is a primary factor that is slated to boost the revenue growth of the global modular chiller market in the coming years.
The surging demand from the F&B industry for modular chillers, owing to its increasing adoption in a host of areas, such as distilleries, breweries, dairy and food processing units, as well as vineyards and wineries, is expected to have a profound impact on market growth of this global industry in the near future.
Respective governing bodies across the world are now focusing on the restoration & renovation of existing public infrastructures, by converting that which is energy-consuming, with highly energy-efficient structures that are built from sustainable materials and components. The enforcement of stringent regulations in commercial, industrial, and residential urban areas to curb greenhouse gas emissions is another factor that is expected to indirectly lead to an increase in the sales of these devices and further contribute to future market growth.
The increasing demand for energy-efficient infrastructure across the world is at an all-time high. Modular chillers are considered to be more energy–efficient than standard cooling equipment, as they use less than 1/5 of the refrigerant, have a lower installation cost, and can be easily expanded as per the needs of its users, when compared to conventional chillers. This is another factor that is expected to positively contribute to the revenue growth of the global modular chillers market in the foreseeable future.
Segmentation of the global modular chillers market is as follows:
On the basis of product, the water-cooled modular chiller segment accounted for the highest number of revenue shares of the global modular chillers market in 2019, as they are more energy-efficient than air-cooled chillers. However, air-cooled modular chillers are easy to install, have low maintenance costs, and perform better at low temperatures. This segment is slated to register a considerable rate of revenue growth, especially in Europe, owing to its ability to perform optimally at Siberian temperatures, as this eliminates any obstacles that may arise due to the activity of the cooling towers, during wintry months.
In terms of end-use, the commercial sector accounted for the maximum number of revenue shares of the global modular chillers market in 2019. Infrastructure such as courts, banks, corporate offices, etc. require effective cooling year-round, and have inconsistent variations. There is also an increase in the demand for these devices from a wide array of end-user industries, and this is slated to compliment future market growth of this industry.
Regional Segmentation and Analysis:
The markets in the Asia Pacific accounted for the highest number of revenue shares of the global modular chillers market in 2019, and is expected to continue to so, owing to continual investments towards residential and commercial developments in the years to come.
Markets in Europe, such as in France and Spain, are also expected to register considerable revenue growth in the foreseeable future, due to efforts to revamp the respective country’s infrastructure, while heeding to energy-efficient norms, as well as the construction of new residential structures to accommodate the increase in their populations.
Segmentation of the Global Modular Chillers Market:
Segmentation by Product:
Segmentation by End-Use:
- Corporate Offices
- Data Centers
- Public Buildings
- Mercantile & Service
- Food & Beverage
- Metal Manufacturing & Machining
- Medical & Pharmaceutical
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Trane Technologies Plc
- Gree Electric Appliances Inc.
- Carrier Global Corporation
- Frigel Firenze S.p.A.
- Midea Group
- Multistack International Limited
- McQuay Air-Conditioning Ltd. (Daikin)
- Johnson Controls-Hitachi Air Conditioning Inc.
- Haier Group
- Mitsubishi Electric Corporation
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