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Absorption Chiller Market: Analyzing the Key Elements that Will Reshape Market Dynamics | Carrier Corporation, Robur Corporation, Thermax Inc

11-28-2023 02:00 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

Absorption Chiller Market: Analyzing the Key Elements that Will

Market Overview:

Absorption chillers use heat as the primary energy input rather than mechanical energy to produce chilled water for cooling applications such as air conditioning. They are mainly used for large commercial, industrial buildings and district cooling systems.

According to Coherent Market Insights study, The global Absorption Chiller Market is estimated to account for US$ 2,364.7 million by 2027

Market Dynamics:

The absorption chiller market is expected to grow owing to increasing demand for energy-efficient cooling systems and favorable government policies and regulations regarding the use of refrigerants with low global warming potential (GWP). The rising need to reduce carbon emissions from conventional cooling methods is positively impacting the adoption of absorption chilling technology. Furthermore, growing industrialization and construction activities in developing nations have increased the demand for process cooling and space conditioning, thereby propelling the market growth.

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Growing Demand from Commercial Buildings is Driving the Absorption Chiller Market Forward

The commercial sector has witnessed robust growth in recent years as more businesses are being established globally. This has significantly increased the demand for chilled water and air conditioning in buildings such as offices, hospitals, shopping malls, hotels etc. Absorption chillers are being widely adopted by commercial establishments looking to reduce their energy costs and carbon footprint. Their ability to utilise waste heat or thermal energy makes them a more environmentally friendly and cost-effective option compared to electric chillers. The uptake of absorption chillers is expected to rise further with the growing construction of green commercial buildings emphasising on energy efficiency.

Increasing Adoption in Large Industrial Facilities is Boosting Market Growth

Many industrial facilities ranging from petrochemical and oil & gas plants to pharmaceutical units require process cooling and space conditioning on a large scale. Absorption chillers are an attractive proposition for them due to factors such as lower operating costs, ability to run on waste heat and steam, reduced dependency on grid electricity. This is prompting several large industries to replace old electric chillers with new absorption systems. The trend is particularly prominent in industries located in hot and humid regions that need to reject high levels of heat loads. Steady investments in core industrial sectors will amplify the replacement demand and drive more absorption chiller installations going forward.

High Initial Costs can Hamper Wider Uptake of Absorption Chillers

While absorption chillers offer long term savings on energy bills, their initial capital expenditure tends to be significantly higher than electric chillers. This high upfront cost is a major deterrent for small to medium scale facilities with tight budgets. Absorption systems also require a nearby source of thermal energy to operate which adds to complexity and installation expenses. The maintenance requirements and specialized skillset needed also contribute to overall higher ownership costs. These economic challenges can restrict the sales potential of absorption chillers, especially in price-sensitive developing markets. However, rebates and incentives offered by various governments have helped lower the entry barriers to some extent.

Growing Waste Heat Recovery Applications Open New Avenues

With rising awareness about sustainability, industries are focusing more on recovering and reusing waste heat from flue gases and exhaust streams. Absorption chillers have emerged as an important technology for productively utilizing low-grade waste heat that would otherwise be released into the environment. They can leverage heat sources as low as 80°C to run cooling systems. This makes them highly suitable for applications such as data center cooling using heat from servers. Going forward, the opportunities in waste heat recovery from sectors like oil & gas, transportation, manufacturing etc. will open new growth fronts for absorption chiller providers. Various innovative configurations are also being developed to maximize heat recovery potential.

Rising Adoption of Renewable Energy will Fuel Market Trends

The growing emphasis on utilizing cleaner and renewable energy sources for power generation as well as process needs is a key macro trend supporting the absorption chiller industry. Technologies like solar thermal, biomass, geothermal can generate heat at relatively lower temperatures compatible with absorption chillers. This makes them a viable pairing to provide sustainable cooling. Many countries are encouraging combined cooling, heating and power (CCHP) systems leveraging renewable heat in a bid to transition to low carbon economies. This expanding renewable energy ecosystem will drive long term consumption of absorption chillers for applications in both commercial and industrial verticals.

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The major players operating in the market include:

➱ 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.
➱ Thermax Inc

These companies are focusing on new product development, partnerships, collaborations, and mergers and acquisitions to increase their market share and maintain their position in the market.

Segmentation:

By Refrigerant Type
◘ Ammonia
◘ Lithium Bromide
◘ By Energy Source
◘ Hot Water Treated
◘ Steam Heated
◘ Others

By Application
◘ Food and Beverages
◘ Oil and Gas
◘ Chemical
◘ Others

By End-user Industry
◘ Residential
◘ Commercial
◘ Industrial

Market segment by Region/Country including:

- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Spain etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
- South America (Brazil, Argentina and Colombia etc.)
- Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)

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Frequently Asked Questions (FAQs):

➱ What are the key factors hampering growth of the Absorption Chillers market?
➱ What are the major factors driving the global Absorption Chillers market growth?
➱ Which is the leading component segment in the Absorption Chillers market?
➱ Which are the major players operating in the Absorption Chillers market?
➱ Which region will lead the Absorption Chillers market?
➱ What will be the CAGR of Absorption Chillers market?
➱ What are the drivers of the Absorption Chillers market?

Contact Us:

Mr. Shah
US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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