According to the report, 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 & Industry Analysis, By Type (Air-cooled modular chiller, Water-cooled modular chiller), By Application (Industrial, Commercial, and Residential) 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.
This Report Answers the Following Questions:
- What are the modular chiller market trends and dynamics?
- Which key companies would generate the highest shares?
- What are the segments in the market?
- Which region is expected to dominate the market in terms of revenue?
- What are the types of strategies adopted by companies
Fortune Business Insights™ profiles some of the most prominent companies operating in the modular chiller market. They are as follows:
- 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
- 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.
