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Modular Chiller Market to Exceed US$ 3.7 Bn Amid Rising Demand for Cost-Effective Cooling Systems in Industrial Facilities, Fact.MR Report
NEW YORK , March 18, 2022 /PRNewswire/ -- The global modular chiller market is estimated to surpass in 2022, growing at a CAGR of during the forecast period (2022-2032). The global sales of modular chiller are expected to reach by the end of 2032.
Increasing penetration of automation in industrial operations due to low cost of cooling technologies will aid the growth in the market. In addition to this, advancements in modular chillers are anticipated to increase the productivity and efficiency in various industries, thereby propelling the demand.
Also, end users are focusing on the development of energy-efficient buildings to reduce the energy requirement for heating and cooling in several countries. A slew of such efforts to reduce carbon emissions is likely to drive the sales of modular chiller.
With rapid urbanization and improved standard of living in China , Indonesia , and India , the demand for modern infrastructure is burgeoning. This is expected to increase the adoption of easy to install and light weight modular chillers.
Further, technological advancements for developing advanced industrial dynamics in terms of cooling technology is projected to open new growth avenues for key players. Hence, demand for advanced modular chiller in the various sectors, especially food & beverages, for the storage and prevention of contamination of food products is estimated to drive the market.
On account of this, key players are extensively investing in the research and development (R&D) activities to develop price-to-performance ratio of modular chillers. This is anticipated to bolster the growth in the market in the coming years.
According to Fact.MR, key players including Johnson Controls, LG Electronics, Carrier Corporation, Trane Technologies plc, and Gree Electric Appliances, Inc. are anticipated to account for majority of the share in the market.
Key manufacturers operating in the global modular chiller market are advancing their manufacturing facilities to strengthen their foothold in the industry. In addition to this, they are also updating their product portfolio by integrating technologies such as AI and IoT to gain competitive edge.
For instance,
Fact.MR, in its report, offers a market analysis on the global modular chiller market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals the growth of technology in the modular chiller market with detailed segmentation as follows:
: Growing demand for ready-to-eat food products due to changing lifestyle and dietary habits of consumers is projected to increase the demand for process chillers. In addition to this, integration of manufacturing technologies such as the industrial internet of things (IIOT) in the chillers is projected increase the sales in the coming years.
: Increasing demand to reduce heat from the commercial, residential, and industrial building is likely to create lucrative opportunities for the market. In addition to this, demand for user-friendly and low-maintenance chillers, especially screw chillers, is expected to surge the sales of chillers in the coming years.
: The global truck refrigeration unit market is expected to expand due to the increasing transportation and trading of perishable foods and drugs & chemicals. Additionally, increasing incorporation of sensors, software, monitoring equipment, and scanners in cold chain logistics is projected to create remunerative growth avenues for the market.
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