April 06, 2022 08:40 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 06, 2022 (GLOBE NEWSWIRE) -- The global Modular Chiller Market is set to gain momentum from the increasing application in residential and commercial sectors. These chillers possess numerous features, such as optimization capacity, enhanced serviceability, and reliable performance. Nowadays, the development of unique technologies is refining the size of modules and thereby providing hassle-free usage. Fortune Business Insights™ provided this information in a recently published report, titled, “Modular Chiller Market Size, Share & Industry Analysis, By Type (Air-cooled modular chiller, Water-cooled modular chiller), By Application (Industrial, Commercial, and Residential) and Regional Forecasts, 2019-2026.” The report further states that the modular chiller market size was USD 3.82 billion and is anticipated to be at USD 6.13 billion in 2026, thereby exhibiting a CARG of 6.2% during the forecast period between 2019 to 2026.
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Urgent Need to Lower Carbon Emissions to Accelerate Growth
Industry giants present in the market are aiming to examine the sustainability and energy aspects of buildings according to the leadership in energy and environmental design (LEED) certification. The U.S. Green Building Council (USGBC) first introduced the LEED to reduce carbon emissions in the environment. In the U.K., it has to be strictly followed by commercial buildings.
Moreover, these organizations are emphasizing more on the aggregate size of the system, as well as the design of the module. The main reason behind this is that if one unit fails, then the operator can easily turn the additional parallel unit on. It is also surging the cooling capacity.
Commercial Segment to Grow Considerably Stoked by High Demand for HVAC Systems
Based on the application, the market is segregated into commercial, industrial, and residential. Out of these, the commercial segment is anticipated to grow by exhibiting a substantial CAGR during the forthcoming years. This growth is attributable to the high demand for heating, ventilation, and air conditioning (HVAC) systems in infrastructures, namely, shopping malls, educational institutions, and commercial offices. The commercial segment procured 39.0% modular chiller market share in 2018. The industrial segment would also showcase steady growth.
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COVID-19 to Hinder Growth owing to Indefinite State in Construction and Real Estate Sector
COVID-19 had an adverse impact on financial activities and triggered issues for the manufacturing sector during the first quarter after the pandemic. The supply-side situation is expected to perceive a prominent decline, owing to the shutdown of production divisions and various permissions on cross-border trade of non-fundamental products.
However, the prolonged staying at home guideline motivated a huge number of customers to undertake home gardening which has aided to amplify the sales of smart gardening equipment.
Asia Pacific to Exhibit Highest CAGR Backed by Increasing Industrialization
In terms of region, the market is fragmented into Latin America, Europe, North America, the Middle East and Africa, and the Asia Pacific. Amongst these, Asia Pacific is likely to exhibit the highest CAGR on account of the ongoing expansion of the industrial sector. In addition to that, factors, namely, rapid industrialization, increasing number of economically emerging countries, and rising awareness programs regarding energy-efficient products, would contribute to the growth of the market in this region. Besides, industry giants are at present focusing on growing their businesses owing to the rising number of industrial projects.
North America is likely to grow significantly in the coming years because of the ever-increasing demand for these products from various industries. Also, manufacturers are expanding the business line across region by focusing on mergers and acquisitions. Europe is anticipated to experience a fast growth stoked by the ongoing technological advancements and improvements in energy-efficient products. Apart from that, the presence of several key manufacturers in this region would spur growth. Lastly, Latin America and the Middle East and Africa would showcase steady growth fueled by the rising adoption of chillers in countries, such as Argentina, Brazil, Saudi Arabia, the U.A.E.
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Key Companies Aim to Gain Competitive Edge through Product Launches
The market is highly fragmented and competitive. The upsurging demand for cooling across various sectors is, in turn, increasing the key players’ interest in extensive research and development activities to introduce novel products. Below are a couple of the latest key industry developments:
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