The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Modular Chillers Market is likely to witness an impressive CAGR of 6.5% during the forecast period. The major driving factor of the market is the growth in global commercial construction industry along with the competitive advantages of modular chillers.
Based on the type, the market is segmented as air-cooled and water-cooled. The water-cooled segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period, owing to its superior performance in comparison to the air-cooled systems. Water-cooled systems are ideal for cooling at large commercial places, such as corporate offices, schools, shopping malls, and hospitals. While the air-cooled segment is expected to register a higher growth, attributed to its low operating cost and compact design.
By Application Type
Based on the application type, the modular chillers market is segmented as commercial, industrial, residential, and others. The commercial application segment has accounted for the largest market share and is projected to register the highest growth rate owing to its high demand in the HVAC systems. Population growth is expected to create demand for commercial construction projects, which in turn, will create the demand for modular chillers.
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. China clocked the largest share of the Asia-Pacific’s market, driven by the presence of gargantuan HVAC and construction industries. As per the World Bank, India is likely to be one of the world’s fastest-growing economies with an estimated annual GDP expansion rate, exceeding 7.0% during the forecast period. The general economic scenario in the Asia-Pacific region is conducive for the growth of the modular chillers market.
Some of the major modular chiller manufacturers are-
McQuay Air-Conditioning Ltd.
Johnson Controls- Hitachi Air Conditioning
Gree Electric Appliances, Inc.
Frigel Firenze S.p.A.
Mitsubishi Electric Corporation.
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