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Modular Chillers Market Report
Modular Chillers Market Size, Share, Trend, Forecast, & Industry Analysis – 2020-2025
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.
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Modular Chillers Market - Snapshot |
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Growth |
6.5% for the next five years |
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Major Type |
Water-Cooled |
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Dominant Application Type |
Commercial |
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Region with the highest demand |
Asia-Pacific |
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Key Players |
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. |
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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.
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.
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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.
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Modular Chillers Market Research Report - Features |
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Market Segmentation |
3 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
17 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
10 |
The modular chillers market is segmented into the following categories.
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Some of the major modular chiller manufacturers are-
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.
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:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
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 sales@stratviewresearch.com.
The modular chillers market is expected to witness an impressive growth of 6.5% CAGR in the foreseeable future.
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., and Mitsubishi Electric Corporation are among the key players in the Modular Chillers Market.
Asia-pacific is expected to be the largest modular chillers market during the next five years.
The commercial application segment is expected to register the highest growth in the modular chillers market in the coming years.
The water-cooled segment is expected to remain dominant in the modular chillers market over the next five years.
The major driving factor of the modular chillers market is the growth in global commercial construction industry along with the competitive advantages of modular chillers.
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