Press release
Demand for Absorption Chillers Market Driven by Shifting Consumer Perceptions and Growing Awareness
Market - Absorption Chillers Market
Market Value - US$ 1.2 Bn in 2018
Market CAGR Value - 4.0 % in 2018
Market Forecast Year - 2018 to 2029
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According to the latest market report published by Persistence Market Research, titled "Global Market Study on Absorption Chillers: Increasing Demand for Renewable Energy Based Air-conditioning Systems to Drive Growth during Forecast Period. Global demand for absorption chillers market is estimated to reach 12,203 units in 2016, up from 11,875 units in 2015. Demand is expected to be impeded by lacking technical know-how regarding absorption chillers maintenance and high installation cost, thereby leading to longer payback period.
Chemical segment is expected to continue to remain the largest application segment, accounting for 2,442 units in terms of volume in 2016, a Y-o-Y increase of 2.5% over 2015. Use of absorption chillers in the food & beverages application segment is expected to continue its upward momentum in 2016, growing at 4.8% in terms of volume - the fastest among all the application segments.
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Key Players:
The report has profiled some of the Important players prevalent in the global like - Broad Air Conditioning Co. Ltd., Carrier Corporation, EAW Energieanlagenbau GmbH, Hyundai Climate Control Co., Ltd., Johnson Controls, Kawasaki Thermal Eng. Co. Ltd., Robur Group, Shuangliang Eco-Energy Systems Co. Ltd., Thermax Inc., Trane Inc., and Yazaki Corporation and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Absorption Chillers.
Non-industrial segment is expected to register highest CAGR in terms of unit volume, accounting for 1,342 units in 2016 and reaching value of US$ 134.2 Mn. Use of absorption chillers in the food & beverages industry is also expected to continue steadily, as combined heat & power (CHP) systems are gaining traction. Demand will be offset by sluggish adoption in end-use industries due to lacking consultation and training services regarding maintenance and operation of absorption chillers. Consumption demand for absorption chillers from the industrial segment will witness a growth rate of 4.9% in 2016 over 2015.
Asia Pacific is expected to remain the largest market for absorption chillers, reaching value of US$ 387.4 Mn in 2016, up from US$ 369.7 Mn in 2015. This is primarily due to expansion of end-use industries such as chemicals, pharmaceuticals, food & beverages, and power in APAC. MEA will continue to offer growth opportunities to manufacturers, with global demand expected to witness a 2.7% volume growth in 2016 over 2015. Demand is expected to be constrained in mature markets of North America and Western Europe in 2016 as well.
Long-term Outlook: PMR projects the global absorption chillers market to witness moderate growth during forecast period 2016-2024. APAC will continue to remain the largest market for absorption chillers, registering a CAGR of 6.4% during the forecast period.
Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Key Stakeholders
Absorption Chillers Market Manufacturers
Absorption Chillers Market Distributors/Traders/Wholesalers
Absorption Chillers Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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View Report Table of Contents, Figures, and Tables@ https://www.persistencemarketresearch.com/market-research/absorption-chillers-market/toc
Major Highlights of the Absorption Chillers Market Report:
• The Absorption Chillers Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
• The report dives deeper into the market and explains the dynamic factors bolstering market growth.
• The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
• The report analyzes the Absorption Chillers Market presence across major regions of the world.
• It determines the production & consumption capacities and demand & supply dynamics of each regional market.
• The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
• It provides company overview and SWOT analysis of each of the market players.
Key Questions Answered in This Report.
• What will the Market growth rate in Future?
• What are the key factors driving the global Market?
• Who are the key manufacturers in Market space?
• What are the opportunities and threats faced by the vendors in the global industry?
• What are sales, revenue, and price analysis by regions of industry?
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