Yahoo Finance Global Modular Chiller Market Is Expected to Reach $3.69 Million by 2027: Says AMR
Rise in awareness regarding greenhouse gas emission, development in commercial construction sector, and surge in demand for HVAC solutions drive the growth of the global modular chiller market. Based on capacity, the more than 300 tons segment held the largest share in 2019. Based on region, on the other hand, the market across Asia-Pacific would remain lucrative by 2027.
Portland,OR, March 02, 2021 (GLOBE NEWSWIRE) --
According to the report published by Allied Market Research, the global modular chiller market was pegged at $2.66 billion in 2019, and is anticipated to reach $3.69 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in awareness regarding greenhouse gas emission, development in commercial construction sector, and surge in demand for HVAC solutions drive the growth of the global modular chiller market. On the other hand, high initial investment, setup cost, and fluctuations in raw material prices restrain the growth to some extent. Nevertheless, stringent government regulations are expected to create lucrative opportunities for the key players in the coming years.
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Covid-19 scenario-
The extended lockdown in the initial stage of the pandemic led to distorted manufacturing activities and halted construction courses, thereby impacting the global modular chiller market.
However, the existing regulations are being slackened off by several government bodies and the market is expected to retrieve very soon.
The global modular chiller market is analyzed across product type, capacity, application, and region. Based on capacity, the more than 300 tons segment accounted for around two-thirds of the total market share in 2019, and is anticipated to lead the trail by the end of 2027. Simultaneously, the below 300 tons segment would grow at the fastest CAGR of 6.8% from 2020 to 2027.
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Based on application, the commercial segment contributed to more than half of the total market revenue in 2019, and is expected to rule the roost by 2027. The same segment would also exhibit the fastest CAGR of 6.5% throughout the forecast period.
Based on geography, Asia-Pacific held the major share in 2019, generating nearly half of the global market. The same region would also showcase the fastest CAGR of 6.8% from 2020 to 2027. The other provinces covered in the report include North America, Europe, and LAMEA.
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Leading Players :
The key market players analyzed in the global modular chiller report include Raytheon Technologies (Carrier Corporation), Multistack LLC., Ingersoll-Rand Plc (Trane Technologies Plc), Daikin Industries Ltd (McQuay Air-Conditioning Ltd), Mitsubishi Electric Corporation, Johnson Controls International Inc, LG Electronics, Midea Group Co. Ltd, Gree Electric Appliances Inc of Zhuhai, and Frigel Firenze S.p.A. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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