The Modular Chiller Market is expected to witness robust growth in the near future due to the increasing demand for energy efficient cooling systems. Modular chillers are highly efficient and reliable cooling systems that are used in many industrial and commercial applications. They have the capability to provide cooling solutions across a wide range of applications, making them an ideal choice for businesses.
According to a new report published by Allied Market Research, titled, “Modular Chiller Market by Product Type, Capacity, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global modular chiller market size was $2.7 billion in 2019, and is projected to reach $3.7 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.
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The modular chiller market is driven by the increasing need for energy efficiency, rising global demand for cooling systems, and technological advancements. The growing demand for energy efficient cooling systems is attributed to the rising cost of electricity and the need to reduce carbon emissions. The increasing adoption of industrial cooling systems in various industries, such as pharmaceuticals, food and beverage, automotive, and semiconductor, is also driving the market. Furthermore, technological advancements and the growing demand for modular chillers from emerging economies are expected to propel the demand for modular chillers in the coming years.
The major factors restraining the growth of the global modular chiller market include the high cost of installation and maintenance. Moreover, the implementation of stringent regulations and standards related to energy efficiency is expected to further hamper the market growth.
Based on type, the market is segmented into air-cooled chillers, water-cooled chillers, and screw chillers. The air-cooled chillers segment is expected to dominate the market due to its energy efficiency and low maintenance. The segment is expected to witness substantial growth over the forecast period due to its increasing adoption in commercial and industrial applications.
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By application, the market is categorized into industrial, commercial, and residential. The industrial segment is projected to lead the market due to the increasing adoption of modular chillers in various industries, such as pharmaceuticals, food and beverage, automotive, and semiconductor.
In terms of region, the global modular chiller market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to dominate the market due to the increasing demand for energy efficient cooling systems in the region. The market in Asia Pacific is expected to witness significant growth over the forecast period due to the rising number of construction projects in the region.
The major players operating in the global modular chiller market include Daikin Industries Ltd., Carrier Corporation, Johnson Controls, Inc., Trane Technologies, Lennox International, Inc., Mitsubishi Electric Corporation, Emerson Electric Co.
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