With 6.2% CAGR, Modular Chiller Market Size Worth USD 6.13

Pune, India, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The global modular chiller market is set to gain momentum from the increasing application in residential and commercial sectors. These chillers possess numerous features, such as optimization capacity, enhanced serviceability, and reliable performance. Nowadays, the development of unique technologies is refining the size of modules and thereby providing hassle-free usage. Fortune Business Insights™ provided this information in a recently published report, titled, “Modular Chiller Market Size, Share, and Regional Forecasts, 2019-2026.” The report further states that the modular chiller market size was USD 3.82 billion and is anticipated to be at USD 6.13 billion in 2026, thereby exhibiting a CARG of 6.2% during the forecast period between 2019 to 2026.

Companies Covered Modular Chiller Market Report:

Frigel Firenze S.p.A. (Tuscany, Italy)
LG Electronics (Seoul, Korea)
Mitsubishi Electric Corporation (Tokyo, Japan)
Haier Group (Shandong, China)
Midea Group (Guangdong, China)
Trane (Dublin, Ireland)
Gree Electric Appliances, Inc. of Zhuhai (Guangdong, China)
Carrier Corporation (Florida, U.S.)
Nanjing tica climate solutions co., ltd (Nanjing, China)
Daikin Industries, Ltd. (Osaka, Japan)
Other key market players

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Trends & Drivers-

Urgent Need to Lower Carbon Emissions to Accelerate Growth

Industry giants present in the market are aiming to examine the sustainability and energy aspects of buildings according to the leadership in energy and environmental design (LEED) certification. The U.S. Green Building Council (USGBC) first introduced the LEED to reduce carbon emissions in the environment. In the U.K., it has to be strictly followed by commercial buildings.

Moreover, these organizations are emphasizing more on the aggregate size of the system, as well as the design of the module. The main reason behind this is that if one unit fails, then the operator can easily turn the additional parallel unit on. It is also surging the cooling capacity.

Segment-

Commercial Segment to Grow Considerably Stoked by High Demand for HVAC Systems

Based on the application, the market is segregated into commercial, industrial, and residential. Out of these, the commercial segment is anticipated to grow by exhibiting a substantial CAGR during the forthcoming years. This growth is attributable to the high demand for heating, ventilation, and air conditioning (HVAC) systems in infrastructures, namely, shopping malls, educational institutions, and commercial offices. The commercial segment procured 39.0% modular chiller market share in 2018. The industrial segment would also showcase steady growth.

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COVID-19 Impact

COVID-19 to Hinder Growth owing to Indefinite State in Construction and Real Estate Sector

COVID-19 had an adverse impact on the financial activities and triggered issues for the manufacturing sector during the first quarter after the pandemic. The supply-side situation is expected to perceive a prominent decline, owing to the shutdown of production divisions and various permissions on cross-border trade of non-fundamental products.

However, the prolonged staying at home guideline motivated a huge number of customers to undertake home gardening that has aided to amplify the sales of smart gardening equipment.

Report Scope and Segmentation:

Report Attribute	Details
Market size value in 2019	USD 3.82 Billion
Revenue forecast in 2026	USD 6.13 Billion
Growth Rate	CAGR of almost 6.2% 2019-2026
Base Year	2018
Historic Years	2015 - 2017
Forecast Years	2019 - 2026
Segments Covered	By Type, By Application, By Region
Forecast Units	Value (USD Billion), and Volume (Units)
Quantitative Units	Revenue in USD million/billion and CAGR from 2019 to 2026
Regions Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World
Countries Covered	Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered	Frigel Firenze S.p.A. (Tuscany, Italy), LG Electronics (Seoul, Korea), Mitsubishi Electric Corporation (Tokyo, Japan), Haier Group (Shandong, China), Midea Group (Guangdong, China), Trane (Dublin, Ireland), Gree Electric Appliances, Inc. of Zhuhai (Guangdong, China, Carrier Corporation (Florida, U.S.), Nanjing tica climate solutions co., ltd (Nanjing, China), Daikin Industries, Ltd. (Osaka, Japan), Other key market players
Modular Chiller Market Coverage	Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope	Avail customized purchase options to meet your exact research needs.

Regional Analysis-

Asia Pacific to Exhibit Highest CAGR Backed by Increasing Industrialization

In terms of region, the market is fragmented into Latin America, Europe, North America, the Middle East and Africa, and the Asia Pacific. Amongst these, Asia Pacific is likely to exhibit the highest CAGR on account of the ongoing expansion of the industrial sector. In addition to that, factors, namely, rapid industrialization, increasing number of economically emerging countries, and rising awareness programs regarding energy-efficient products, would contribute to the growth of the market in this region. Besides, industry giants are at present focusing on growing their businesses owing to the rising number of industrial projects.

North America is likely to grow significantly in the coming years because of the ever-increasing demand for these products from various industries. Also, manufacturers are expanding the business line across region by focusing on mergers and acquisitions. Europe is anticipated to experience a fast growth stoked by the ongoing technological advancements and improvements in energy-efficient products. Apart from that, the presence of several key manufacturers in this region would spur growth. Lastly, Latin America and the Middle East and Africa would showcase steady growth fueled by the rising adoption of chillers in countries, such as Argentina, Brazil, Saudi Arabia, the U.A.E.

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Competitive Landscape-

Key Companies Aim to Gain Competitive Edge through Product Launches

The market is highly fragmented and competitive. The upsurging demand for cooling across various sectors is, in turn, increasing the key players’ interest in extensive research and development activities to introduce novel products. Below are a couple of the latest key industry developments:

May 2019: Frigel, a provider of intelligent process cooling systems based in Italy, announced the launch of its line of central chillers called Modular Chiller 3FX. The products can be used with Ecodry 3DK, the company’s internationally patented central adiabatic dry-cooler systems. The new chillers would provide automatic and engineered free-cooling capability. Also, they are a key element of an integrated and digitally controlled cooling system best suitable for delivering reliable performance and saving energy.
November 2017: Carrier Corporation, a provider of heating, air-conditioning, and refrigeration solutions headquartered in the U.S. introduced the latest version of its AquaSnap® 30MP chiller equipped with advanced features. It is mainly designed for cost-effective, faster installation in high-rise applications. This model is slimmer than the pre-existing model, and it meets all the ASHRAE 90.1 efficiency requirements.

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Table of Content:

Introduction
- Definition, By Segment
- Research Approach
- Sources
Executive Summary
Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Key Technological Development
Global Modular Chiller Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
  - By Type (Value)
    - Air-cooled
    - Water-cooled
  - By Application (Value)
    - Industrial
    - Commercial
    - Residential
  - By Geography (Value)
    - North America
    - Europe
    - Asia Pacific
    - The Middle East and Africa
    - Latin America