A rise in construction activities and government spending on infrastructural construction activities globally is anticipated to boost the market growth.
PORTLAND, OR, UNITED STATES, October 10, 2021 /EINPresswire.com/ — 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.
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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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.
Key Market Players
Johnson Controls International Inc
Raytheon Technologies (Carrier Corporation)
Ingersoll-Rand Plc (Trane Technologies Plc)
Daikin Industries Ltd (McQuay Air-Conditioning Ltd)
Mitsubishi Electric Corporation
Midea Group Co. Ltd
Gree Electric Appliances Inc of Zhuhai
Frigel Firenze S.p.A.
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Key Market Segmentation
By Product Type
Air Cooled Modular Chiller
Water Cooled Modular Chiller
Below 300 Tons
More than 300 Tons
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