The Global Market for Absorption Chillers is Projected to Exceed $1.1 Billion by 2022

The Urgent Need to Replace Energy Guzzling Compressor-Based Cooling Systems Drives Demand for Absorption Chillers, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Absorption Chillers market. The global market for Absorption Chillers is projected to exceed $1.1 billion by 2022, driven by the rising demand for energy efficient cooling systems in response to the urgent need to replace energy guzzling compressor-based systems.

The basic principle behind the working of an absorption chiller or an absorption heat pump is the transfer of energy to a higher temperature source from a lower temperature source. These machines make use of heat in several forms including thermal oil, steam or hot water for operation, and are different from traditional compression chillers and heat pumps in which mechanical compressors perform the function of producing the required pressure difference for evaporating and condensing the refrigerant in the refrigeration-cycle at various temperatures. Superior attributes of absorption chillers over traditional compressor-based cooling systems that is driving their steady adoption over the years include non-usage of refrigerants such as CFCs and HCFCs for cooling that are typically associated with ozone layer damaging greenhouse gas emissions; higher fuel savings; less environmental impact; lower operating costs; less electricity consumption; lack of issues related to mechanical vibrations; stable coefficient of performance (COP); minimum operational load, easy maintenance and longer life time, among others.

Future growth in the market will be driven by 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. Being part of advanced waste-to-energy systems and renewable solutions, absorption chillers are poised to open up greener, sustainable opportunities. 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. Additionally, ongoing efforts by manufacturers to embrace sophisticated technologies such as 3D printing, artificial intelligence-based approaches, and advanced robotics to reduce their reliance on workers are likely to prompt capital equipment makers to focus on Internet of Things (IoT). The trend is expected to create a pressing need for ready solutions and systems capable of supporting machine-to-machine communications, opening a new window of opportunities for smart chillers.

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 3.9% over the analysis period. The massive manufacturing base and infrastructure in countries such as China and India which represent the major users of electricity guzzling high-end process and comfort cooling systems, are hard pressed to rationalize their energy use thus offering robust replacement demand opportunity for the energy efficient absorption chillers in the region.

Key players covered in the report include Broad Air Conditioning Co., Ltd., Carrier Corporation, Century Corporation, CNIM Group, Colibri-bv, EAW Energieanlagenbau GmbH,  Ebara Refrigeration Equipment & Systems Co., Ltd., Hitachi Appliances Inc., Johnson Controls, LG Electronics, McQuay International, Simons Green Energy, Shuangliang Eco-Energy Systems Co., Ltd., Robur Group. 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, India, South Korea, and Rest of Asia-Pacific), Latin America, and Rest of World.

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