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Insights Into the Global $3.5Bn Modular Chillers Market, 2019 to 2024 - Low Operating Cost & Environmental Footprint Driving Demand for Air-Cooled Modular Chillers

/EIN News/ -- Dublin, Nov. 08, 2019 (GLOBE NEWSWIRE) -- The "Modular Chillers Market by Type (Air-Cooled, Water-Cooled), Application (Commercial, Industrial, Residential), and Region (North America, Europe, APAC, the Middle East & Africa, and South America) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Modular Chillers Market is Estimated to be USD 2.6 Billion in 2019 and is Projected to Reach USD 3.5 Billion by 2024, at a CAGR of 6%.

The key companies profiled in this report include Carrier Corporation (US), McQuay Air-Conditioning Ltd., (Hong Kong), Johnson Controls- Hitachi Air Conditioning (Japan), Midea Group (China), Ingersoll Rand (Ireland), Gree Electric Appliances, Inc. (China), Frigel Firenze S.p.A. (Italy), Mitsubishi Electric Corporation (Japan), Multistack, LLC. (US), and Haier Group (China).

The modular chillers market is projected to register a CAGR of 6% between 2019 and 2024

This growth is attributed to the advantages and benefits of modular chillers over its substitutes. Also, the demand for modular chillers is driven by growth in the number of construction projects. However, the high initial setup cost is hindering the growth of the modular chillers market. In addition, the high consumption of electricity is expected to be a major challenge for modular chillers market during the forecast period.

The commercial application segment accounted for the largest market share

The commercial application for space cooling at various commercial places, such as shopping malls, government, and private offices, schools, hospitals, and airports, dominates the modular chillers market and is projected to register a high CAGR during the forecast period. This growth is because of the growing number of commercial construction projects and urbanization in emerging countries. Commercial buildings require HVAC systems for maintaining a comfortable and dry atmosphere inside. Thus, the demand for modular chillers in a commercial application is projected to grow during the forecast period.

APAC is the largest and fastest-growing modular chillers market

In 2018, APAC was estimated to account for the largest share of the modular chillers market, owing to the rapid increase in commercial infrastructure projects, growing population, and expanding urban cities. China accounted for the largest share of the APAC market, owing to the presence of HVAC industries and rapid growth in the construction industry by transforming suburban cities into urban cities. Moreover, in the past few years, APAC countries registered an annual growth of more than 17% year-on-year. This scenario in the region is favorable for the growth of the modular chillers market during the forecast period.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Modular Chillers Market
4.2 Modular Chillers Market, By Type
4.3 Modular Chillers Market, By Application
4.4 APAC Modular Chillers Market, By Application and Country
4.5 Modular Chillers Market, By Key Countries

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growth in the Number of Commercial Construction Projects
5.2.1.2 Advantages of Modular Chillers Over Traditional Chillers
5.2.2 Restraint
5.2.2.1 High Setup Cost of Modular Chillers
5.2.3 Opportunity
5.2.3.1 Growing Industrial Applications
5.2.3.2 Replacement of Currently Installed Chillers
5.2.4 Challenge
5.2.4.1 High Electricity Consumption
5.3 Porter's Five Forces Analysis

6 Macroeconomic Overview
6.1 Introduction
6.1.1 Real GDP Growth Rate and Per Capita GDP of Major Economies
6.2 Trends of HVAC Industry
6.2.1 Ac Units Demand in North America
6.2.2 Ac Units Demand in Europe
6.2.3 Ac Units Demand in APAC

7 Modular Chillers Market, By Type
7.1 Introduction
7.1.1 Water-Cooled Modular Chillers
7.1.1.1 Water-Cooled Modular Chillers Have High Demand Owing to the High Efficiency
7.1.2 Air-Cooled Modular Chillers
7.1.2.1 Low Operating Cost and Environmental Footprint is Driving the Demand for Air-Cooled Modular Chillers

8 Modular Chillers Market, By Application
8.1 Introduction
8.2 Commercial
8.2.1 Corporate Offices
8.2.1.1 Transformation of Suburban Cities to Urban Cities is Majorly Driving the Number of Corporate Offices
8.2.2 Data Centers
8.2.2.1 Data Centers are One of the Largest Consumers of Modular Chillers System
8.2.3 Public Buildings
8.2.3.1 Growth in the Population is Driving the Number of Public Buildings
8.3 Residential
8.3.1 Multifamily Building and Hospitality
8.3.1.1 Growing Demand for Luxury Apartment is Expected to Drive the Modular Chillers Market in the Multifamily and Hospitality Segment
8.4 Industrial
8.4.1 Cold Storages
8.4.1.1 Use of Ac in Food Storage Facilities is Likely to Create A Huge Demand for Modular Chillers
8.5 Others

9 Modular Chillers Market, By Region
9.1 Introduction
9.2 APAC
9.2.1 China
9.2.1.1 China is the Largest Producer and Consumer of Ac Units
9.2.2 Japan
9.2.2.1 Modular Chillers Demand is Majorly Driven By the Moderate Growth in the Commercial Infrastructure Sector
9.2.3 India
9.2.3.1 Growth in Commercial Construction is Likely to Influence the Demand for Modular Chillers Positively
9.2.4 South Korea
9.2.4.1 The Modular Chillers Market is Affected Positively By the Increasing Demand for Ac Systems
9.2.5 Rest of APAC
9.3 North America
9.3.1 US
9.3.1.1 Transformation of Suburban Cities Into Urban Cities is Providing A Boost to the Modular Chillers Market
9.3.2 Canada
9.3.2.1 Canada's Modular Chillers Market is Majorly Driven By Its Booming Construction Industry
9.3.3 Mexico
9.3.3.1 Growth in Commercial Construction Driven By Urbanization is Influencing the Market Positively
9.4 Europe
9.4.1 Italy
9.4.1.1 Ongoing Infrastructural Developments in Basilicata and Puglia Regions are Increasing the Demand for Modular Chillers
9.4.2 Germany
9.4.2.1 Government's Goal to Complete Climate-Neutral Infrastructure Across the Country By 2050 is A Major Opportunity for the Market
9.4.3 France
9.4.3.1 The Impressive Growth of the HVAC Industry in Recent Years is Promising for the Market
9.4.4 UK
9.4.4.1 The Recovering Construction Industry and Steady HVAC Systems Demand are Likely to Propel the Market
9.4.5 Russia
9.4.5.1 The Growing Demand for Ac Units in the HVAC Industry is Fueling the Market Growth
9.4.6 Spain
9.4.6.1 The Market is Driven By the Positive Scenario in the Residential Construction Sector, Which Includes New Building Permits Across the Country
9.4.7 Rest of Europe
9.5 Middle East & Africa
9.5.1 Saudi Arabia
9.5.1.1 Upcoming Infrastructural Development Projects in Various Sectors, Including Transportation, Will Generate Potential Growth Opportunities for the Market
9.5.2 UAE
9.5.2.1 Infrastructural Development in All the Major Cities of the Country is Propelling the Demand for Modular Chillers
9.5.3 South Africa
9.5.3.1 Increasing Population and Subsequent Growth in Residential and Commercial Construction are Driving the Market
9.5.4 Rest of Middle East & Africa
9.6 South America
9.6.1 Brazil
9.6.1.1 Growing Residential and Non-Residential Construction is Driving the HVAC Industry Increasing the Demand for Modular Chillers
9.6.2 Rest of South America

10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping, 2018
10.2.1 Terminology/Nomenclature
10.2.1.1 Visionary Leaders
10.2.1.2 Innovators
10.2.1.3 Dynamic Differentiators
10.2.1.4 Emerging Companies
10.2.2 Strength of Product Portfolio
10.2.3 Business Strategy Excellence
10.3 Market Ranking of Key Players, 2018
10.4 Competitive Scenario
10.4.1 New Product Launch
10.4.2 Expansion
10.4.3 Acquisition & Joint Venture

11 Company Profiles
11.1 Ingersoll Rand
11.2 Gree Electric Appliances
11.3 Carrier Corporation
11.4 Frigel Firenze
11.5 Midea Group
11.6 Multistack
11.7 Mcquay Air-Conditioning
11.8 Johnson Controls-Hitachi Air Conditioning
11.9 Qingdao Haier
11.10 Mitsubishi Electric Hydronics & IT Cooling Systems
11.11 Other Players
11.11.1 Aermec
11.11.2 Climacool
11.11.3 Kingair Machinery
11.11.4 LG Electronics
11.11.5 Suzhou Sujing Bush Refrigeration Equipment
11.11.6 Tica Climate Solutions
11.11.7 Withair Industries

For more information about this report visit https://www.researchandmarkets.com/r/7tolvx

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

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