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 report analyzes the modular chiller market based on product type, capacity, application, and region. The product type covered in this report is the air-cooled modular chiller and water-cooled modular chiller. The capacity taken into consideration in the report are the below 300 tons and more than 300 tons. On the basis of application, the market is categorized into residential, commercial, and industrial.
An increase demand for compact, energy efficient, and small heating, ventilation, and air conditioning systems to control room atmosphere is anticipated to stimulate the growth of the modular chiller industry. In addition, increase in construction spending in emerging countries such as India, China, Brazil, and others is anticipated to fuel the growth of the modular chiller market.
For instance, India government planned to spend $1.4 trillion on infrastructure development from year 2020 to 2025. In addition, modular chillers are best suitable for food & beverages, automotive, die casting, plastics, and others. An increase in demand for modular chillers globally owing to growing construction activities is expected to lead to the growth of the modular chiller market. A rise in tourism sector globally has led to increase in demand for commercial buildings such as hotels and public buildings. This in turn is estimated to fuel the growth of the modular chiller market. For instance, tourism industry in Japan is expected to grow by over 10% from 2020 to 2030.
However, one of the major restraints for modular chiller market is high initial capital investment and setup cost. Modular chillers require around 150% to 200% of the cost to install similar tonnage of water-cooled standard chiller. In addition, fluctuation in raw material prices is anticipated to hampers the modular chiller market growth. Conversely, strict government regulations toward energy-efficiency are predicted to offer lucrative opportunities for the market development of modular chiller.
Coronavirus disease (COVID-19) is a dangerous disease caused by a newly discovered virus named Coronavirus. Many people are suffering from coronavirus diseases throughout the globe. During lockdown, owing to the COVID-19 pandemic, various major players in the global modular chiller market to stop their business production due to lockdown implemented in countries such as China, the U.S., India, and other countries. This break directly impacted the sales of modular chiller companies.
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Also, lack of manpower and raw materials have halted the supply of modular chillers. Moreover, stoppage in infrastructure development buildings construction is anticipated to impact the sales of modular chiller market. For instance, net sales of LG Electronics dropped by 24.1% from quarter 2 (April 2019 to July 2019) to quarter 2 (April 2020 to July 2020). However, the introduction of vaccines for coronavirus disease and the re-initiation of production facilities is anticipated to provide lucrative opportunities for the modular chiller players.
The key players profiled in the global modular chiller market report included Johnson Controls International Inc, Raytheon Technologies (Carrier Corporation), Ingersoll-Rand Plc (Trane Technologies Plc), Daikin Industries Ltd (McQuay Air-Conditioning Ltd), Mitsubishi Electric Corporation, LG Electronics, Midea Group Co. Ltd, Gree Electric Appliances Inc, Frigel Firenze S.p.A., and Multistack LLC.
Many competitors in the market adopted product launch and acquisition as their key developmental strategies to expand their product portfolio. For instance, in September 2019, Trane Technologies a subsidiary of Ingersoll Rand Plc, acquired Arctic Chiller Group, based in Canada which deals in various types of chillers. The acquisition was aimed to improve the product portfolio of modular chillers in Canada.
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