The Asia Pacific Modular Chiller Market would witness market growth of 8% CAGR during the forecast period (2020-2026). The compact-sized chiller is known as a modular chiller. These chillers are a component of HVAC system. It is developed to create a single large chiller by integrating more than one modular chiller in a parallel or series method. Every modular chiller comprises one or two independent elements, like compressors, circuits, and regulators.
Modular chiller has numerous features like redundancy, superior capacity controls, serviceability, high energy-efficient, and flexibility. In order to fulfill better indoor air quality, there is a high investment in residential & commercial construction activities, thereby creating various lucrative opportunities for the growth of the modular chiller market.
The growth of the modular chiller market is expected to stimulate due to high investments in construction activities by developing countries like India, China, and others. For example, the Indian Government is planning to invest $1.4 trillion in the development of infrastructure from the year 2020 to 2025. Additionally, modular chillers are highly useful across different industries such as food & beverages, plastics, automotive, die casting, and others.
The growth of the modular chiller market is expected to bolster due to a surge in demand for modular chillers around the globe because of the increasing number of construction activities. The demand for commercial facilities such as hotels & public buildings has increased due to the growing tourism industry across the world. This, as a result, is expected to boost the development of the modular chiller market over the forecast years.
Based on Product Type, the market is segmented into Water Cooled Modular Chiller and Air Cooled Modular Chiller. Based on Application, the market is segmented into Commercial, Industrial and Residential. Based on Capacity, the market is segmented into More than 300 Tons and Below 300 Tons. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The China market dominated the Asia Pacific Below 300 Tons Modular Chiller Market by Country 2019, growing at a CAGR of 7.4 % during the forecast period. The Japan market is experiencing a CAGR of 8.8% during (2020 - 2026). Additionally, The India market is poised to grow at a CAGR of 10.1% during (2020 - 2026).
The Water Cooled Modular Chiller market dominated the Malaysia Modular Chiller Market by Product Type 2019, thereby, achieving a market value of $56.2 million by 2026. The Air Cooled Modular Chiller market is showcasing a CAGR of 13.5% during (2020 - 2026).
Free Valuable Insights: Modular Chiller Market in Asia Pacific is expected to register a CAGR of 8% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Trane Technologies PLC, Midea Group Co., Ltd., Daikin Industries, Ltd., Mitsubishi Electric Corporation, Haier Group Corporation, Carrier Global Corporation, Multistack International Limited, Gree Electric Appliances, Inc., and Frigel Group.
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