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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players 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.