The global Modular Chillers Market size is expected to reach USD 3.93 billion by 2027, exhibiting a CAGR of 6.0% during the forecast period, according to a new report by Grand View Research, Inc. Rising awareness regarding environment-friendly construction products coupled with modular chillers’ compliance with ASHRAE Standard 15 mechanical ventilation standards is expected to drive the growth.
Increasing construction spending in the emerging economies of Asia Pacific on account of strong industrial and economic development coupled with population expansion is anticipated to have a positive impact on the product demand. Favorable government policies for lowering carbon footprints and providing energy-efficient solutions are expected to complement growth.
The market is anticipated to be negatively impacted by the COVID-19 pandemic on account of the slowdown in the residential and commercial construction activities. Furthermore, a sharp decline in the supply of modular chiller components from China on account of the trade restrictions and lockdowns in severely COVID-19-affected economies is expected to limit production.
Supply chain disruptions coupled with low modular chillers demand are expected to limit market growth in 2020. In addition, the misconception regarding the possibility of contracting COVID-19 through centralized cooling systems and air conditioners is likely to impact the adoption of modular chillers in manufacturing facilities, corporate offices, and residential buildings negatively.
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Modular Chillers Market Report Highlights
- The demand for air-cooled chillers is expected to witness a CAGR of 6.5% from 2020 to 2027, in terms of revenue, on account of their low cost attributed to the absence of condenser water pumps and cooling towers
- The product demand in the plastics industry is estimated to reach USD 212.1 million by 2027, on account of the product ability to cool hot plastic, which is stamped, extruded, blown, or injected as well as the equipment used for manufacturing the plastic products
- India accounted for 6.5% of the Asia Pacific market in 2019 and is anticipated to witness growth owing to the increasing investment by mega conglomerates such as Hiranandani Group and Adani Group in the construction of data centers in the country
- The product demand in the U.S. is expected to witness a CAGR of 5.9% from 2020 to 2027, in terms of revenue, owing to the increasing renovation of residential buildings in the country coupled with rising demand for energy-efficient construction
- Several strategies such as new product launches, licensing agreements, and mergers and acquisitions are adopted by the industry participants to obtain an edge over its competitors and strengthen their positions in the market
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Modular Chillers Market Segmentation
Grand View Research has segmented the global modular chillers market on the basis of product, end-use, and region:
Modular Chillers Product Outlook (Revenue, USD Million, 2016 – 2027)
Modular Chillers End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Corporate Offices
- Data Centres
- Public Buildings
- Mercantile & Service
- Food & Beverage
- Metal Manufacturing & Machining
- Medical & Pharmaceutical
Modular Chillers Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- Central & South America
- The Middle East & Africa
- Saudi Arabia
List of Key Players of Modular Chillers Market
- Trane Technologies plc
- Gree Electric Appliances, Inc.
- Midea Group
- Multistack International Limited
- McQuay Air-Conditioning Ltd. (Daikin)
- Johnson Controls-Hitachi Air Conditioning
- Haier Group
- Mitsubishi Electric Corporation
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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