The Latin America, Middle East and Africa Modular Chiller Market would witness market growth of 8.1% CAGR during the forecast period (2020-2026).
The modular chiller market is expected to observe the lucrative opportunities due to increases energy and power requirements resulted from a surge in economic development and population. Moreover, the product demand is anticipated to boost due to the increasing utilization of the product in the shipbuilding sector. Several factors such as increasing applications of HVAC systems in developing countries & increasing product usage in the manufacturing of energy-saving devices are expected to bring considerable growth opportunities for the modular chiller market.
On the other hand, the growth of the modular chiller market is expected to hamper due to various factors such as the high cost of setup, installation, and maintenance. Moreover, the market growth is also hindered due to the volatile raw material costs. Conversely, the market is expected to witness various profitable growth opportunities due to a surge in supportive government initiatives with respect to enhancing energy efficiency in several industries like automotive, power & mining.
Due to the surge in greenhouse effect around the globe and the rise in global warming effect, the modular chiller market has recorded a considerable growth rate. This, as a result, fuels the growth of the modular chiller market, hence bolstering the growth of the modular chiller market. Additionally, the modular chiller market is expected to witness numerous growth avenues due to the growth of the commercial sector & increasing demand for HVAC systems in different end-users like mining, food & beverages, and others.
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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The Brazil market dominated the LAMEA Below 300 Tons Modular Chiller Market by Country 2019, thereby, achieving a market value of $25.5 million by 2026. The Argentina market would witness a CAGR of 9.9% during the forecast period. Additionally, The UAE market is showcasing a CAGR of 9.2% during (2020 - 2026).
The Commercial market dominated the South Africa Modular Chiller Market by Application 2019, growing at a CAGR of 8.9 % during the forecast period. The Industrial market is estimated to grow at a CAGR of 8.7% during (2020 - 2026). Additionally, The Residential market is experiencing the highest CAGR of 9.8% during the forecast period.
Free Valuable Insights: Modular Chiller Market in LAMEA is expected to register a CAGR of 8.1% 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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