The absorption chiller market was valued at US$ 1.36 billion in 2016 and is projected to reach US$ 2.18 billion by 2025, exhibiting a CAGR of 5.30% during the forecast period, according to Absorption Chiller market report, by Technology (Single Stage and Double Stage), by Absorber Type (Lithium Bromide and Ammonia), by Application (Non-industrial and Industrial), by Power Source (Direct Fired, Indirect Fired, and Water Driven), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.
Absorption chillers are refrigerators, which deploy a heat source to produce adequate amount of energy required to drive the cooling process. These absorption chillers are mainly used in food storage and air conditioning. These use waste form of heat from the turbine or water heater to produce energy. These chillers use a refrigerant such as ammonia and lithium bromide with low boiling points. Evaporation, absorption, and regeneration are the three phases of the chilling cycle. Moreover, absorption chillers are mostly used in domestic, commercial as well as industrial sectors. The cooling process is conducted by using various energy sources such as gas, water or electricity. Therefore, owing to low operational costs, absorption chillers are broadly used in educational institutions, hotels, hospitals, food trucks and others.
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Increasing electricity prices along with shortages of electric supply may positively influence the industry growth in the near future. For instance, according to Coherent Market Insights’ analysis, as of April, 2017, Pakistan faced an energy shortage of 4,000 megawatts, owing to substantial disconnect between installed power capacity and actual generation. Moreover, advantages such as low noise operation, vibration-free, and low maintenance & operating cost of these systems is projected to aid in growth of the market over the forecast period (2017–2025).
High installation cost of absorption chiller systems is expected to hamper growth of the market during forecast period. Moreover, lack of awareness along with low efficiency offered by these machines, is another factor expected to decrease demand for absorption chillers.
Stringent regulatory norms on chlorofluorocarbon (CFC) refrigerants is a major factors expected to support growth of the market. For instance, according Environmental Protection Agency (EPA), in 1990, the Congress modified the Clean Air Act with the title VI with provisions of protecting the ozone layer. These regulations are developed to manage the Ozone Depleting Substances (ODS), which includes CFC as Class I ODS and HCFCs (hydro chlorofluorocarbons) as Class II ODS.
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Browse 150 market data tables* and 90 figures* on “Absorption Chiller Market” – Global forecast to 2025.
Key Trends and Analysis of the Global Absorption Chiller Market:
- Asia Pacific accounted for the largest share in the global absorption chiller market in 2016 and is expected to retain its dominance over the forecast period. Asia Pacific market accounted 28.75% share in the global absorption chiller market in 2016 and is expected to increase at a CAGR of 5.10% during the forecast period. This growth is attributed to rising demand for absorption chiller from markets such as China and India. Furthermore, electricity shortfalls along with improper electrical distribution in emerging economies are likely to fuel adoption of these systems in the region over the forecast period. For instance, according to Coherent Market Insights’ analysis, India has faced an energy shortage of 24,077 million units and a peak shortage of 4,208 MW in 2015–2016.
- Major players operating in the global absorption chiller market are Broad Air Conditioning Co. Ltd., Carrier Corporation, EAW Energieanlagenbau GmbH, Hyundai Climate Control Co., Ltd., Robur Corporation, Trane Inc., Yazaki Corporation, Johnson Controls, Inc., Thermal Engineering Co., Ltd., Shuangliang Eco-Energy Systems Co., Ltd. and Thermax Inc.
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