The Europe Modular Chiller Market is estimated to witness a rise in revenue from US$ 529.2 Mn in 2021 to US$ 724.0 Mn by 2027. The market is registering a CAGR of 5.4% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 4.5% over the forecast period 2022-2027. Whereas, South East Asia Modular Chiller Market is estimated to witness a rise in revenue from US$ 40.50 Mn in 2021 to US$ 59.40 Mn by 2027. The market is registering a CAGR of 6.6% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 5.7% over the forecast period 2022-2027.
Modular chillers have emerged recently as a more cost-effective and customized chillers in HVAC systems. It’s a small packaged chiller that your HVAC provider can combine with other chiller modules to make a single larger machine within your HVAC system. The main types of modular chillers are modular water-cooled chillers and modular air-cooled chillers. However, both types have the same central parts, including a compressor, a condenser, an expansion device and an evaporator.
The major factor responsible for the growth of the Europe and SEA modular chiller market includes increasing government spending on upgrading public infrastructure and concurrent heating and cooling ability. A rise in construction activities and government spending on infrastructural construction activities is anticipated to boost the growth of the modular chiller market. Moreover, in modular chillers, no idle time in HVAC applications is required as it offers modularity, it’s capacity can be increased by adding a parallel module. Furthermore, rising investment in innovation technologies for developing advanced industrial dynamics in terms of cooling technology is projected to open new growth opportunities in the modular chiller market. However, factors such as stringent regulations, high initial cost in industrial applications and increasing awareness regarding environment safety are expected to hinder the growth of the market over the forecast period.
Report Summary
The study of the Europe and SEA Modular Chiller Market considers various market determinants, industry value chain analysis and competitor analysis of the market. The report discusses the analysis of the modular chiller industry for the period 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the Europe and SEA Modular Chiller Market across 16 Chapters and 260 pages. The report includes data presentation across 56 tables and 74 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein bargaining power of buyers and competitive rivalry is high.
The subsequent section provides details of the market analysis based on different segments such as product type, demand, application and region. The report includes detailed study of value chain of the industry. It includes raw material provider, manufacturer, distributors and end users. The report also covers extensively about the key competitors in the market for modular chiller.
Covid-19 Impact Assessment on Europe and SEA Modular Chiller Market
Due to the outbreak of the COVID-19 pandemic, the Europe & SEA modular chiller witnessed a sudden downfall in the market. During lockdown, owing to the COVID-19 pandemic, various major players in the modular chiller market stopped their business production due to lockdown implemented in countries such as UK, Germany, Italy and other countries. This break directly impacted the sales of modular chiller companies. Also, lack of manpower and raw materials have halted the supply of modular chillers. Moreover, stoppage in infrastructure development buildings construction is anticipated to impact the sales of modular chiller market.
Key Takeaways from the Europe and SEA Modular Chiller Market Report
Strategic Outlook of Major Companies
Moreover, Midea group focusses on improving products, implementing the core strategy of “Comprehensive Digitalization and Comprehensive Intellectualization”.
Competitive Landscape
The key players in the Europe and SEA Modular Chiller Market are 1st Cooling Inc., AEC Inc., Carrier Corporation, ClimaCool Corp., Croll Reynolds, Delta T Systems, Frigel, Gree Electric Appliances Inc., HIVER Aircon Pvt. Ltd, Mcquay Air-Conditioning Limited, Midea Group, Multistack, LLC, Trane Technologies plc., Haier Group Corp., Ware Mechanical, Inc., Ingersoll-Rand and LG Electronics Inc. among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip of emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Segmentation Overview
Europe and SEA Modular Chiller Market is segmented based on product type, demand, application and region. The industry trends in the modular chiller market are sub-divided into different categories in order to get a holistic view of the Europe and SEA marketplace.
Following are the different segments of the Europe and SEA Modular Chiller Market:
By Product Type segment of the Europe and SEA Modular Chiller Market is sub-segmented into:
By Demand segment of the Europe and SEA Modular Chiller Market is sub-segmented into:
By Application segment of the Europe and SEA Modular Chiller Market is sub-segmented into:
By Region segment of the Europe and SEA Modular Chiller Market is sub-segmented into:
Modular chillers are small packaged chillers with which a HVAC provider can combine with other chiller modules in order to build a single larger machine within HVAC system.
The main types of modular chillers are modular water-cooled chillers and modular air-cooled chillers.
Compressor, condenser, expansion device and evaporator are the four basic components of chillers.
The two modules communicate with each other through a microprocessor controller.
The Europe modular chiller market held a market value of US$ 529.2 Million in 2021 and is projected to reach US$ 724.0 Million by the year 2027.
The expected growth rate of the South East Asia (SEA) modular chiller market is 6.6%, with an estimated value of US$ 59.40 Million by 2027.
On the basis of application, the modular chiller market is segmented into commercial, industrial and residential.
The growing awareness for eco-friendly product provides a lucrative growth trend in the Europe and SEA modular chiller market.
Italy holds the major share in terms of revenue in the Europe modular chiller market in 2021.
Factors such as increasing government spending on upgrading public infrastructure and concurrent heating and cooling ability will boost the Europe and SEA modular chiller market during the forecast period.
High initial cost and stringent regulations is a restraining factor which inhibits the growth of the market during the forecast period.
The air-cooled segment is anticipated to grow at the highest CAGR during the forecast period.
Product type, demand and application are the segments to invest in over the assessment period in the Europe & South East Asia (SEA) modular chiller market.
The key players operating in the market include 1st Cooling Inc., AEC Inc., Carrier Corporation, ClimaCool Corp., Croll Reynolds, Delta T Systems, Frigel, HIVER Aircon Pvt. Ltd, Mcquay Air-Conditioning Limited, Midea Group, Multistack, LLC, Haier Group Corp., Ware Mechanical, Inc.and LG Electronics Inc. among others.
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