Modular Chillers Industry Overview
The global modular chillers market size was valued at USD 2.39 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028.
The growing demand for energy-efficient buildings on account of the rising awareness regarding environmental degradation coupled with stringent government regulations is anticipated to fuel the market growth over the forecast period. Rising awareness about energy-efficient systems and the harmful impacts of burning fossil fuels along with supporting energy-efficient technological innovations is expected to fuel the product demand over the coming years. In addition, tax rebates and financial support for the implementation of energy-saving technologies offered by governments across the globe are anticipated to further stimulate market growth over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Modular Chillers market
The development of privately-owned construction firms in the UAE, India, and China is anticipated to augment the spending in the construction industry over the forecast period. According to the Global Construction 2030 report, the construction industry is estimated to reach USD 15.5 trillion by 2030, with China, India, and the U.S. contributing to over 57% of the overall growth. The growth in the construction industry in the U.S. is more focused on the southern states due to the high population growth.
Several initiatives promoting and encouraging energy-efficiency have been adopted and implemented in Europe. For instance, the European Commission’s initiative “The European Portal for Energy Efficiency of Buildings” allows exploration and sharing of knowledge and optimal practices offering energy solutions for buildings.
The water used in a modular chiller needs to be treated or filtered to maintain its quality to prevent fouling. Particulate fouling is caused by suspended solids, including sand, silt, mud, and other particulate matter present in the heat transfer medium. This, in turn, entails regular flushing of the system for the removal of organics and dirt in the system.
Public construction witnessed the minimal short-term impact of the Covid-19 pandemic. Companies have been executing their contracts to avoid liquidation damage. However, disruption of supply chains has resulted in shortages of construction equipment and materials, causing delays or cancellations of ongoing projects and lower budgets for future projects.
Browse through Grand View Research’s Advanced Interior Materials Industry Research Reports.
- Kraft Liner Market – The global kraft liner market size was estimated at USD 38.98 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 6.9% from 2022 to 2030.
- Ceiling Tiles Market – The global ceiling tiles market size was estimated at USD 6.30 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 9.3% over the forecast period.
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, 2017 – 2028)
- Modular Chillers End-use Outlook (Revenue, USD Million, 2017 – 2028)
- Modular Chillers Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Modular Chillers market include
- Trane Technologies plc
- Gree Electric Appliances, Inc.
- Midea Group
- Multistack International Ltd.
- McQuay Air-Conditioning Ltd. (Daikin)
- Johnson Controls-Hitachi Air Conditioning
- Haier Group
- Mitsubishi Electric Corp.
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