Modular Chillers Market: Overview
Projects like Duabiland, Al Maktoum International Airport, Dubai and South-North Water Transfer Project China are pacing up their construction to achieve complete functionality. These projects require HVACs that are enormous enough to provide sufficient air in these humungous complexes. However, the challenge is that the size of these HVACs make it difficult for transporters to deliver them to their destination. The challenge can be overcome with new modular HVACs. What stands out for these systems is they come in distinguished modules that can be assembled at their destinations. The convenience of separately transporting the equipment is the reason that is aiding the growth of global modular chillers market today.
A report by Transparency Market Research offers detailed analysis of global modular chillers market for the forecast period of 2019 to 2027. The report states upcoming events, divers, challenges, and opportunities that can benefit the players to have a successful future in the market.
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Modular Chillers Market: Notable Developments and Competitive Landscape
The competition in the global modular chillers market is extremely tough these days. Players are incorporating advanced technologies such as AI and IoT to make their products stand out of the league and support organization’s growth in the market.
To cater to the dire need of innovation, market players are either collaborating with various technology solution providers or are acquiring them. These providers develop solutions and interfaces that can interconnect the modules and other data transmitting devices over internet to obtain maximum productivity.
For example in June 2019 Mitsubishi Electric Corporation acquired Akribis Systems Pte Ltd. The acquisition allows the company to strengthen its industrial automation solutions. By integrating Mitsubishi’s servo systems with Arkibis’ automation solutions, the company is strengthening its grip over the market of modular chillers.
Modular Chillers Market: Key Drivers
Water-Cooled Chillers in Power Plants Drive Maximum Revenue
Surging demand of electricity has stimulated construction of enormous power plants in China, India, and the U.S. These power plants require cooling stations to maintain optimal temperature in the facility. Since the heat generated in these facilities is extremely high, hence these plants are incorporating water-cooled chillers to maximize the cooling. This hiked up demand of water-cooled chillers in power generation industry is the major factor that accelerates the growth of global modular chillers market.
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Home Automation Amplifies the Demand of Modular Chillers
Technologies like IoT and machine learning have penetrated day to day life of the people. Home automation is the latest trend that attracts various players. As a result of this trend, domestic chillers are also experiencing the tides of change. Incorporating the technologies to the products allows the players to provide benefits such as remote access, power usage monitoring, and predictive maintenance to the users. Moreover, with sensors implemented in every modules of the chiller, players can acquire data that can help them further improve performance. As a result of these technologies and their benefits, people at various countries are incorporating modular chillers at their residence. This as a result, further propels the growth of global modular chillers market.
Modular Chillers Market: Regional Outlook
As mentioned above, countries like China, India, UAE, and Russia are organizing construction of enormous facilities that can serve millions of people at time. It is because of this reason the demand of modular chillers is so high in these countries. Based on currently ongoing and upcoming projects in future, the demand of modular chillers is expected to climb with steady pace. This growing demand is reason that allows Asia Pacific to stand tall amongst other regions of the global modular chillers market during the forecast of 2019 to 2027.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.