Press release
Absorption Chillers Market Growth Trends Analysis 2020-2031 | Manifesting a CAGR of 4.2%
Absorption Chillers Market
According to the report published by Allied Market Research, the global absorption chillers market garnered $1.48 billion in 2021 and is estimated to generate $2.267 billion by 2031, manifesting a CAGR of 4.2% from 2022 to 2031.
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Market Dynamics:
The upheaval in supply chains, spurred by import and export restrictions, precipitated challenges for manufacturers, ranging from labor shortages to the scarcity of raw materials. Despite these hurdles, the market has staged a remarkable recovery, experiencing accelerated growth.
A meticulous segmentation of the global absorption chillers market forms the crux of this research, categorizing it based on refrigerant type, energy source, application, end-user industry, and geographical regions. Through meticulous breakdowns supported by tables and figures, the report empowers market players and investors to align strategies with segments poised for maximal revenue generation and rapid expansion.
In terms of refrigerant type, the lithium bromide segment emerged as the dominant force in 2018, commanding over 90% of the global absorption chillers market and is anticipated to maintain its hegemony until 2031, exhibiting a robust CAGR of 4.3%. The report also delves into the ammonia segment, providing a comprehensive assessment.
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In the realm of energy sources, the hot water-treated segment seized the lion's share in 2018, contributing to over half of the market revenue. However, the other segment is forecasted to witness the swiftest growth with a CAGR of 5.4% throughout the forecast period. Additionally, insights into segments such as steam-heated systems are elucidated.
Application-wise, the chemical sector reigned supreme in 2018, constituting a significant portion of the market revenue, while the food and beverages segment is poised to exhibit the highest CAGR of 5.4% by 2031. The report also explores sectors like Oil and Gas, alongside others, providing a holistic view.
Within the end-user industry category, the industrial segment dominated in 2018, commanding a substantial share of the market revenue. Conversely, the commercial segment is projected to witness the most substantial growth with a CAGR of 5.0% by 2031. The residential segment is also discussed within the study's purview.
Geographically, Asia-Pacific emerged as the primary market in 2018, accounting for a significant chunk of the market revenue. However, the LAMEA region is anticipated to exhibit the highest CAGR of 5.2% by 2031, underscoring its burgeoning potential. The report further analyzes regions like North America and Europe to provide a comprehensive outlook.
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Top Players:
Leading players of the global absorption chillers market analyzed in the research include World Energy Co., Ltd., Century Corporation, Kirloskar Group, Styne Group, Hitachi Ltd., LG Electronics Inc., Yazaki Corporation (Yazaki Energy Systems, Inc.), Thermax Limited, 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., EAW Energieanlagenbau GmbH, Heinen and Hopman, Trane, Kawasaki Thermal Engineering Co., Ltd., AGO AG Energie + Anlagen, Carrier Global Corporation
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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