Global Market for Absorption Chillers is Projected to Reach US$983 Million by 2020

Rising Focus on Energy Conservation and Environmental Protection Drives the Absorption Chillers Market, According to New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, market size and demand forecasts on the global Absorption Chillers market. Global market for Absorption Chillers is projected to reach US$983 million by 2020, driven by stringent environmental protection norms and rising demand for energy efficient cooling systems.

Over the years, demand for cooling systems increased significantly, not only for comfort but also for process cooling requirements in industrial applications. Traditionally, cooling systems were based on electrically driven compressor cooling technology. Use of such cooling equipment typically exerts considerable drain on electricity supplied, creating wide gap in electricity supply and demand and ultimately resulting in high electricity costs. Additionally, these electrically-driven compressor cooling technologies use refrigerants such as CFCs and HCFCs for cooling, which are typically associated with greenhouse gas emissions that are harmful to ozone layer. Growing focus on energy conservation and environmental protection against the backdrop of escalating concerns over uninhibited rise in energy consumption, shortfalls in electricity supply, rising electricity costs, global warming and depletion of ozone layer, are driving focus on smart and environmentally sustainable chiller technologies such as Absorption Chillers.

Energy conservation and the high level of cooling offered by absorption chillers with minimal impact on environment represent the primary factor driving new and replacement demand in the coming years. Extensive applications across a host of end-use segments and increase in adoption rates of pollutant-free technologies represent other important growth drivers in the long run. Technological advancements targeted at enhancing system technology, basic materials and components as well as lowering costs and ramping up performance is also expected to bode well for widespread adoption and rapid upgrades. Water-cooled Chillers, Triple-effect Chillers, Modular Micro-channel Chillers, and Compact Chillers represent select advancements that are poised to benefit market prospects in the near term.

As stated by the new market research report on Absorption Chillers, Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of about 4.5% over the analysis period. Although a major market already, Asia-Pacific still offers huge untapped market potential for absorption chillers, particularly in Tier-II and Tier III cities. With investments in energy efficient technologies poised to grow at over 18% per annum, China is expected to spearhead demand for energy efficient absorption chillers worldwide.

Key players covered in the report include Broad Air Conditioning Co. Ltd., Carrier Corporation, Century Corporation, EAW Energieanlagenbau GmbH, Hitachi Appliances Inc., Johnson Controls, LG Air Conditioning (Shandong) Co. Ltd., Shuangliang Eco-Energy Systems Co. Ltd. (China), Robur Corporation, Thermax Inc., Trane Inc., and Yazaki Energy Systems Inc., among others.

The research report titled “Absorption Chillers: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in value (US$) for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America, and Rest of World.