Asia-pacific Modular Chillers Market Insights:
The GMI Research report provides an overall outlook of the industry through a detailed market segmentation. The report offers thorough information related to the overview and scope of the market, including the market drivers, restraints and emerging trends in the industry. This report is especially designed to include both qualitative and quantitative aspects of the industry in each region and country participating in the study.
Competitive Rivalry of the Asia-Pacific Modular Chillers Market:
The leading players in the Asia-Pacific modular chillers market include Armec, Multistack LLC., LG Electronics, Frigel Firenze S.p.A., Haier, Johnson Controls., Carrier, Gree Electric Appliances Inc., Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A., Midea, and Ingersoll-Rand Inc., among others.
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Drivers of the Asia-Pacific Modular Chillers Market:
The primary factors contributing to the growth of the market include the strong demand for modular chillers among the industrial end-users for process performance, followed by the rising number of commercial and residential construction activities due to the growing population growth and urbanization in the region. India, China, Japan, and South Korea are the developing countries in the region that are experiencing strong demand for HVAC systems as there has been an increase in the number of new environment-friendly buildings. The growth in the construction activities in these countries is due to macro-economic indicators such as high GDP growth rates and the increased disposable income of the population. Additionally, the demand for energy-efficient modular chillers among the end-users is surging at a substantial rate, driven by the presence of strict regulations related to carbon emissions. For example, in September 2018, India’s Ministry of Power developed an energy efficiency policy for chillers, which aims to decrease carbon emissions and energy consumption.
The Asia-Pacific modular chillers market will witness an adverse influence by the slowdown in the commercial, industrial, and residential construction sector driven by the COVID-19 pandemic in 2020. This factor will negatively impact the sales of the modular chiller in the Asia-Pacific region. The major driver behind the vast impact is the sharp fall in the supplies of various components of modular chillers from China, which is affecting the production of modular chillers worldwide. The leading distributors are worried that the customers may not buy these products in the upcoming years owing to the fear of contracting the virus by using modular chillers in their homes, factories, and offices. However, the market is projected to bounce back in 2021 while increasing at a significant rate from 2022 onwards.
The main objective of the study is to define market sizes of the different market segments & countries during the forecast period and analyze the values in the next six years. The detailed segments and sub-segments of the market are explained below:
Breakup by Type:
Breakup by Application:
Breakup by Countries:
- South Korea
- Rest of the Asia-Pacific
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