The global Modular Chillers market is forecast to reach USD 3.97 Billion by 2027, according to a new report by Reports and Data. The market is witnessing an expanded interest from the power generation industry because of its ability to cool and recover heat from the cooling module to increase the cooling system's overall efficiency. They are ideal for space cooling and process cooling in commercial, residential, and industrial applications as they are dependable, cost-effective, and are available in water-cooled or air-cooled types ranging in size from 20 to 60 nominal tons each. Also, they are compact in format, energy-efficient, and flexible in function and can be connected to 12 units in parallel to increase the overall cooling capacity of the chiller systems.
Global Modular Chillers markets are reshaped by the impact of this pandemic when certain manufacturers either close down or decrease their production because of a lack of downstream demand. While some are having their production suspended as a precautionary measure by the governments of their respective nations to combat the spread of the virus. For certain countries, consumers are centered on being more regional by looking at the magnitude of the epidemic and the consequent actions of the national authorities themselves. In these situations, business dynamics in Asia Pacific regions were very dynamic, weakening regularly, making stabilizing themselves difficult.
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The report offers a comprehensive analysis of the competitive landscape along with profiles of the companies, their product portfolios, and lucrative business strategies undertaken by them to gain a robust footing in the global industry. It also discusses in detail the recent mergers and acquisitions, partnerships, collaborations, and product launches among others.
Further key findings from the report suggest:
Based on type, water-cooled modular chiller generated a revenue of USD 1.60 billion in 2019 and is expected to rise with a CAGR of 5.5% in the forecast period, owing to its wide variety of applications in significant commercial locations, including corporate offices, schools, shopping malls, and hospitals, for cooling due to their superior performance.
The commercial sectors generated a revenue of USD 1.26 billion in 2019 and is expected to grow with a CAGR of 6.5% in the forecasted period, owing to the growing usage in commercial buildings of modular chillers, due to the increasing demand in commercial facilities HVAC systems like hospitals, shopping centers, corporate offices, business institutions, and hotels.
The power generation industry is the major contributor to the market in the year 2019, owing to the increasing demand for energy-efficient solutions for residential applications.
The Asia Pacific dominated the market in 2019. The consistent focus on the innovative and cost-effective measures of the regions, adopted in the area is driving the market. The Asia Pacific area controlled approximately 45.0% of the market, followed by North America, which contains around 27.0% market in the year 2019.
Key participants include McQuay Air-Conditioning Ltd., Carrier Corporation, Ingersoll Rand, Johnson Controls-Hitachi Air Conditioning, Mitsubishi Electric Corporation, Midea Group, Frigel Firenze S.p.A, Multistack LLC., Haier Group, and Gree Electric Appliances Inc., among others.

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The market is further segmented on the basis of product types offered in the market and the application spectrum. On the basis of types, the segmentation covers:
Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Air-Cooled Modular Chillers
Water-Cooled Modular Chillers
End-User Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Power Generation
Mining
Automotive
Food & Beverage
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Residential
Commercial
Industrial

The report is further segmented into key geographical regions along with their countries to impart a better understanding of the market. The report focuses on the economic growth, technological advancements, investment and funding, R&D activities, production and consumption ratio, current and emerging trends, and presence of key players in each region.
The regional analysis covers the following key regions of the world:
North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Questions Answered in the Report:
What will be the estimated growth rate of the Modular Chillermarket in 2027?
Who are the prominent distributors, vendors, and manufacturers of the market?
What are the driving and restraining factors of the growth of Modular Chillermarket throughout the forecast period?
What are the current and future market trends of the Modular Chillermarket?
What are the sales and price analysis of the product by types, applications, and regional sales?
Which region is expected to dominate the market growth over the forecast period?
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