Evolution of Absorption Chillers as the Preferred Cooling Solution in CHP/Cogeneration, Trigeneration, and Quattrogeneration Systems Drives Healthy Market Growth

Growing interest in eco-friendly and useful cooling solutions that re-use low temperature waste energy, and the emergence of sophisticated absorption chillers as perfect candidates for cost-efficient cogeneration systems are poised to drive the global market for Absorption Chillers to exceed US$965 million by 2024.

Increasingly energy-efficient products, together with the need for replacing vintage systems, are steadily spurring growth within the global absorption chillers market. 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.

Healthy growth is projected for the market in the coming years 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. By satisfying the energy efficiency and refrigerant related concerns of ASHRAE 90.1, absorption chillers offer an economical and environmental-friendly solution for buildings. Pressure posed by environmental concerns, energy costs, energy security, and need to reduce waste energy provide an ideal opportunity for future growth of the global absorption chillers market. 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 4.8% 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. Rising popularity of absorption chiller-based combined heat and power (CHP)/Cogeneration, Trigeneration, and Quattrogeneration Systems in the developed countries of the US, Japan, and Germany is expected to provide further impetus to market growth.

Key players in the market 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, Shuangliang Eco-Energy Systems Co., Ltd., Robur SpA, Thermax Limited, Trane Inc., and Yazaki Energy Systems Inc., among others.

The research report titled “Absorption Chillers – Market Analysis, Trends, and Forecasts” 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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