The North America Modular Chiller Market would witness market growth of 7.6% CAGR during the forecast period (2020-2026).
Modular chillers provide an array of advantages to the commercial or industrial HVAC system & the facility overall. For instance, they are small in size than traditional chillers; hence they are suitable for retrofitting old heating & air conditioning device. In comparison with a traditional chiller, the modules can be easily attached to an existing HVAC system. In addition, multiple modules provide additional redundancy to the system. This could mean that there is a low downtime if one module fails to function as every module has its own dedicated power, so it can continue to generate cooling capacity for the system.
Modular chillers provide some other advantages such as energy efficiency & decreased environmental impact. Modular chillers can be used in heat pumps, so they are capable of providing heating capacity & cooling capacity. With the help of this feature, it becomes easier to provide cool or heat to your system as required while conducting commercial or industrial processes.
Emerging technologies such as machine learning and the Internet of Things (IoT) have managed to penetrate the lives of people. Various key players get attracted to the latest trend of home automation. Due to this trend, domestic chillers are also experiencing this change. Integrating the technologies to the products enables the players to offer advantages like remote access, predictive maintenance, and power usage monitoring to the users.
Also, with the sensors installed in every module of the chiller, players can obtain data that can aid them in further enhance the performance. Due to these emerging technologies & their advantages, people in several countries are integrating modular chillers at their residence. This further boosts the growth of the modular chillers market during the forecast period.
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 U.S., Mexico, Canada, and Rest of North America.
The US market dominated the North America Modular Chiller Industrial Market by Country 2019, thereby, achieving a market value of $209.8 million by 2026. The Canada market is experiencing a CAGR of 9.8% during (2020 - 2026). Additionally, The Mexico market would witness a CAGR of 8.8% during the forecast period.
The More than 300 Tons market dominated the Canada Modular Chiller Market by Capacity 2019, growing at a CAGR of 9.2 % during the forecast period. The Below 300 Tons market would exhibit highest CAGR of 11.7% during (2020 - 2026).
Free Valuable Insights: Modular Chiller Market in North America is expected to register a CAGR of 7.6% 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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