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 17.0% year-on-year. This scenario in the region is favorable for the growth of the modular chillers market during the forecast period.
Extensive primary interviews were conducted in the process of determining and verifying sizes of several segments and subsegments of the modular chillers market gathered through secondary research.
The breakdown of primary interviews has been given below.
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).
Research Coverage
This report covers the modular chillers market and forecasts its market size until 2024. The market has been segmented based on type, application, and region. The report also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their positions in the market. The report also provides insights into the driving and restraining factors in the modular chillers market, along with opportunities and challenges across these industries. It also includes profiles for top manufacturers in the market.