Modular Chillers Market | Covid-19 Impact Analysis

Modular Chillers Market Insights

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.

Market Share Analysis

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Modular Chillers Market Share: By Type

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.

Modular Chillers Market Share: 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.

Modular Chillers Market Share: By Region

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.

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Some of the major modular chiller manufacturers are-

• Carrier Corporation
• McQuay Air-Conditioning Ltd.
• Multistack, LLC.
• Johnson Controls
• Hitachi Air Conditioning
• Midea Group
• Ingersoll Rand
• Gree Electric Appliances, Inc.
• Haier Group
• Frigel Firenze S.p.A.
• Mitsubishi Electric Corporation.

Market Scope & Segmentation

Modular chillers are used to cool the brine and water to dehumidify the air in the industrial processes and buildings. They use the evaporators and an installed remote condenser to cool.

Modular chillers are of two main types, air-cooled and water-cooled, that are used in various commercial, industrial and residential applications.

This 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.

The modular chillers market is segmented into the following categories. 

Modular Chillers Market Size, Share, & Forecast, by Type:

• Air-cooled (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Water-cooled (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Modular Chillers Market Size, Share, & Forecast, by Application Type:

• Commercial
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Application Type Analysis: Corporate Offices, Data Centers, and Public Buildings)
• Industrial
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Application Type Analysis: Cold Storages)
• Residential
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Application Type Analysis: Multifamily and Hospitality)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Modular Chillers Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].