Modular Chillers Market Growth & Trends
The global modular chillers market size is expected to reach USD 4.02 billion by 2028 registering a CAGR of 6.7%, according to a new report by Grand View Research, Inc. The growing demand for energy-efficient buildings on account of the rising awareness regarding environmental degradation coupled with stringent government regulations is anticipated to fuel the product demand over the forecast period.
Increasing construction spending in emerging countries, such as China, India, and Brazil, on account of strong economic and industrial development coupled with population expansion, is anticipated to drive the product demand over the forecast period. In addition, rising awareness about energy-efficient systems and the harmful impacts of burning fossil fuels is expected to further boost the market growth over the coming years.
Several initiatives promoting and encouraging energy-efficiency have been adopted and implemented in Europe. For instance, the European Commission’s initiative “The European Portal for Energy Efficiency of Buildings” allows exploration and sharing of knowledge and optimal practices offering energy solutions for buildings.
According to the International Trade Administration (ITA), the construction industry in Canada was valued at USD 126.3 billion in 2018 and accounted for over 7% of the country’s GDP. The presence of stringent government regulations in Toronto and Vancouver for cooling the overheated markets in the residential sector is expected to drive the product demand over the coming years.
Modular Chillers Market Report Highlights
- In terms of revenue, the demand for water-cooled chillers is expected to witness growth at a CAGR of 6.1% from 2021 to 2028
- This growth is attributed to pressure operating features and lower condensing temperature offered by water-cooled systems compared to air-cooled systems
- The commercial sector is estimated to be valued at USD 2.02 billion by 2028 on account of the rising product demand from the healthcare industry
- China accounted for a revenue share of 60.1% of the Asia Pacific market in 2020 and is anticipated to witness steady growth owing to the rising population, urbanization, and government initiatives to enhance the country’s infrastructure
- The growing demand for housing projects owing to the rising population in urban areas is expected to drive the construction industry in Brazil, thereby, augmenting the product demand in the country