According to a new report Global Modular Chiller Market, published by KBV research, The Global Modular Chiller Market size is expected to reach $3.9 billion by 2026, rising at a market growth of 7.8% CAGR during the forecast period.
The air-cooled modular chillers segment would display a promising growth rate during the forecast period. Moreover, the global rising water scarcity is expected to fuel the demand for air-cooled chillers as they do not need water.
There is a high reliance on ambient dry-bulb temperature on condensing temperature of air-cooled chillers. Air-cooled modular chillers are mostly for their superior performance at freezing temperatures, simple installation & design, and low-cost maintenance in comparison to other water-cooled products.
The Industrial market is expected to witness a CAGR of 7.5% during (2020 - 2026). Modular chillers systems are predominantly used in the residential sector to fulfil the cooling requirements of buildings as they offer low-cost of installation, operation, repair, and maintenance. Moreover, the adoption of modular chiller is expected to rise as the products can easily be installed without the considerable requirement of renovations in the buildings & hi-rise buildings.
The European modular chillers market would exhibit a prominent growth rate during the forecast years. This is credited to a considerable rise in residential construction initiatives boosted by long-term funding in the sector. The growth of the modular chiller market is expected to bolster due to increased tourism and retail trade in the country, which is likely to increase commercial construction activities that include hotels & restaurants, supermarkets, offices, resorts, and shopping malls.
The industrial sector in Central & South America is expected to observe a considerable growth rate due to increasing GDP in the region. Additionally, the rising demand for manufacturing units along with low-cost labor in the developing countries of the region is anticipated to impact industrial construction positively, hence fueling the adoption of modular chillers in the industrial sector during the forecast period.
Full Report: https://www.kbvresearch.com/modular-chiller-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Johnson Controls International PLC, Trane Technologies PLC, Midea Group Co., Ltd., Daikin Industries, Ltd., Mitsubishi Electric Corporation, Haier Group Corporation, Carrier Global Corporation, Multistack International Limited, Gree Electric Appliances, Inc., and Frigel Group.
Global Modular Chiller Market Segmentation
By Product Type
• Water Cooled Modular Chiller
• Air Cooled Modular Chiller
• More than 300 Tons
• Below 300 Tons
• Rest of North America
• Rest of Europe
• South Korea
• Rest of Asia Pacific
• Saudi Arabia
• South Africa
• Rest of LAMEA
• Johnson Controls International PLC
• Trane Technologies PLC
• Midea Group Co., Ltd.
• Daikin Industries, Ltd.
• Mitsubishi Electric Corporation
• Haier Group Corporation
• Carrier Global Corporation
• Multistack International Limited
• Gree Electric Appliances, Inc.
• Frigel Group