The Europe & South East Asia (SEA) modular chiller market held a market value of USD 548.8 Million in 2021 and is forecasted to reach USD 783.4 Million by the year 2030. The market is expected to grow at a CAGR of 5.6% over the forecast period. The market volume in 2021 was around 30,423 units.
Modular Chiller Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Modular Chiller Market , and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region
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A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Modular Chiller.
Modular chillers are small packaged chillers with which a HVAC provider can combine with other chillers in order to build a single large machine into a HVAC system. The market is anticipated to be driven by the rising government spending on upgrading the public infrastructure coupled with concurrent heating & cooling ability. Furthermore, increasing awareness regarding energy-efficient equipment owing to growing awareness regarding environmental degradation is also expected to fuel the market growth. However, the high initial cost along with stringent regulations is estimated to hinder the market growth. The high initial cost includes installation cost as well as electricity consumption.
Growth Influencers: Concurrent heating and cooling ability Heating, ventilation, and air conditioning (HVAC) applications require no idle time in modular chillers. This is because the capacity of these systems can be raised by adding a parallel module. This enables increased cooling capacity with no substantial downtime. The operator of a modular chiller can also switch to the additional parallel unit in case one unit stops working and cooling is required. Hence, concurrent cooling and heating ability is expected to boost the market growth.
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Segments Overview The Europe & South East Asia (SEA) modular chiller market is classified into type, demand, and application. By Type, Water-Cooled o <50kW o 51-100kW o 101-200kW o 201-300kW o >301kW Air-Cooled o <50kW o 51-100kW o 101-200kW o 201-300kW o >301kW The water-cooled segment is expected to hold the dominant market share of around 53.8% owing to its superior performance as compared to the air-cooled modular chillers. Within the water-cooled segment, <50kW segment is estimated to surpass a market volume of about 12000 units by 2022. The air-cooled segment is anticipated to reach a market size of USD 352.10 million in 2027 owing to their increasing demand in the market due to their low cost as compared to the water-cooled modular chillers. Within the air-cooled segment, the 51-100kW segment witnessed a volume CAGR of around 5.4% and the >301kW segment is expected to hit a volume of 691 units by 2027. By Demand, New Market Replacement Market The replacement market segment held the dominant value market share of about 65% owing to the high adoption of replacement modular chillers. The new market segment is also estimated to witness significant growth during the forecast period. By Application, Commercial o Corporate Offices o Data Centers o Public Buildings o Mercantile & Service o Healthcare o Others Industrial o Chemical o Food & Beverage o Metal Manufacturing & Machining o Medical & Pharmaceutical o Plastics o Others Residential o Multistorey o Bungalows & Villas The commercial segment is expected to hold the largest market share of about 50% owing to increasing usage of modular chillers in hospitals and other healthcare facilities. Within this segment, the corporate offices segment is estimated witness a growth rate of 6.7% and the healthcare segment is expected to reach a market volume of 2,540 units in 2025. On the other hand, the industrial segment is expected to grow at a CAGR of 6% owing to the growing demand of modular chillers in medical & pharmaceutical industry and food & beverage industry. The medical and pharmaceutical industry is anticipated to reach a market value of USD 31.4 million by 2027.
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On a regional basis, the Europe region is segmented into the UK, Germany, France, Italy, Spain, Netherlands, and Rest of Europe. The South-East Asia region is classified into Indonesia, Thailand, Singapore, Malaysia, Philippines, Vietnam, Myanmar, and rest of SEA.
Within Europe, Italy held the largest value share of about 16% owing to the rising adoption of energy efficient products. Netherlands is estimated to surpass a market volume of about 824 units in 2027 owing to the rapid industrialization and growing development of new buildings in the country.
The South East Asian region is anticipated to surpass a market volume of about 2,900 thousand units in 2025 owing to the increasing energy consumption due to growing number of construction activities in the region. Furthermore, increasing awareness amongst the consumers and favourable government policies are also expected to fuel the market growth.
Competitive Landscape Key players operating in the Europe & South East Asia (SEA) modular chiller market include 1st Cooling Inc., AEC, Inc., Carrier Corporation, ClimaCool Corporation, Croll Reynolds Company, Delta T Systems, Frigel Firenze S.p.A., Gree Electric Appliances, Inc., Haier Inc., Hiver, Ingersoll-Rand Inc., Johnson Controls-Hitachi Air Conditioning, LG Electronics, McQuay Air-Conditioning Ltd. (Daikin), Midea Group, Mitsubishi Electric Corp., Multistack, LLC., Trane Technologies plc, WARE, and other prominent players.
The approximate market share of the seven major players is close to 59%. These market players are involved in partnerships, mergers & acquisitions, new product launches, to strengthen their market presence. For instance, in January 2021, LG launched a super convertible 5-in-1 air conditioners range which delivers hygiene and health related smart benefits.
The Europe & South East Asia (SEA) modular chiller market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the Europe & South East Asia (SEA) modular chiller market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players. Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
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The Europe & South East Asia (SEA) modular chiller market report answers questions such as:
What is the market size and forecast of the Europe & South East Asia (SEA) modular chiller Market? What are the inhibiting factors and impact of COVID-19 on the Europe & South East Asia (SEA) modular chiller Market during the assessment period? Which are the products/segments/applications/areas to invest in over the assessment period in the Europe & South East Asia (SEA) modular chiller Market? What is the competitive strategic window for opportunities in the Europe & South East Asia (SEA) modular chiller Market? What are the technology trends and regulatory frameworks in the Europe & South East Asia (SEA) modular chiller Market? What is the market share of the leading players in the Europe & South East Asia (SEA) modular chiller Market? What modes and strategic moves are considered favorable for entering the Europe & South East Asia (SEA) modular chiller Market?
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