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Absorption Chillers Market Report Analysis 2031 | Growth And Key Players Hits at a CAGR of 4.2%
Absorption Chillers Market
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Report Coverage:
Forecast Period: 2022-2031
Base Year: 2021
Market Size in 2021: $1.48 billion
Market Size in 2031: $2.26 billion
CAGR: 4.2%
Segments covered: Refrigerant type, Energy source, Application, End-user Industry, and Region.
Drivers: Surge in industrial, residential, and commercial buildings for air-conditioning, refrigeration, and process cooling in industrial facilities.
Extensive use of absorption chillers in the industries such as food and beverages, pharmaceuticals, power plants, petrochemical industries, and metal fabrication
Opportunities:
Rise in urbanization, which is fueling the growth of commercial and residential buildings
Restraints:
High cost of absorption chiller as compared to the compression-based chiller.
Furthermore, the market is analyzed with respect to different end users of the absorption chillers, including residential, commercial, and industrial. Among these, the industrial segment registered higher revenue in 2021, owing to increasing industrialization, especially in the developing regions.
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The market is mainly driven by the increasing demand from the industrial & it sectors, the increasing number of institutional and commercial buildings, and the superiority of absorption chillers. However, initial setup and maintenance cost negatively impacts the growth of the market.
In 2021, Asia-Pacific accounted for a major absorption chillers market share, in terms of revenue. Moreover, the market in LAMEA is anticipated to grow with the highest CAGR, owing to its high growth potential in the manufacturing industry.
However, various businesses in the absorption chillers market had to stop their business in countries such as India, China, Vietnam, Germany, and the U.S., during the pandemic lockdown. This break directly impacted the sales of absorption chillers manufacturers. In addition, the lack of manpower and raw materials constricted the supply of raw materials for manufacturing various absorption chillers; and negatively influenced the absorption chillers market growth.
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Top Players:
Competitive analysis and profiles of the major players in the absorption chillers market, such as Carrier Global Corporation, Century Corporation, EAW Energieanlagenbau GmbH, Yazaki Corporation (Yazaki Energy Systems, Inc.), World Energy Co., Ltd., Kirloskar Group, Styne Group, Hitachi Ltd., Thermax Limited, LG Electronics Inc., Johnson Controls International plc, Shuangliang Eco-Energy Systems Company Ltd., BROAD U.S.A. INC., Bry-Air (Asia) Pvt. Ltd., Shinsung Engineering, EBARA THERMAL, SYSTEMS (THAILAND) CO., LTD., Heinen and Hopman, Trane, Kawasaki Thermal Engineering Co., Ltd., and AGO AG Energie + Anlagen, are analyzed and incorporated in the report.
Key Findings of The Study:
The report provides an extensive analysis of the current and emerging absorption chillers market trends and dynamics.
Depending on refrigerent type, the lithium bromide segment dominated the absorption chillers market in terms of revenue in 2021, and the same is expected to growth with a significant CAGR throughout the forecast period.
By source of energy,he hot water heated segment accounted for a higher revenue in 2021. Moreover, by growing with a higher CAGR, the others segment is expected to dominate the absorption chillers market forecast.
By application,The chemical segment accounted for the largest revenue share in 2021, and the food and beverages segment is expected to witness growth with a higher CAGR during the forecast period.
By end-user industry, The Industrial segment was the highest revenue contributor to the market in 2021 and the commercial segment is expected to register a higher CAGR during the forecast period.
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