Global Absorption Chiller Market share worth over USD 980mn by 2023 : Global Market Insights Inc.
Europe is expected to exhibit high growth due to the presence of large number of industries in the region. Latin America and Middle East & Africa are also forecast to witness moderate growth owing to growing adoption across various nations over the forecast period.
Global absorption chiller market size is projected to exceed USD 980 million by 2023 and it is likely to grow at a CAGR of over 3.5% from 2016 to 2023. These are the refrigerants that use heat energy for cooling rather than employing mechanical energy. Rising government concern regarding energy conservation accompanied by escalating process cooling needs in various industrial applications is likely to drive industry demand.
Increasing demand for energy efficient cooling solutions is predicted to propel the industry growth over the forecast period. In addition, lack of electricity infrastructure in developing nations is estimated to boost absorption chillers market size.
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Escalating electricity prices along with electricity supply shortages may positively impact the industry over the upcoming years. Furthermore, proliferating usage of these chillers in solar cooling projects is expected to fuel demand. Attributes such as vibration-free and inaudible operation offered by these systems is predicted to surge the demand from 2015 to 2022. Low maintenance and operating cost offered by these machines is also likely to spur the absorption chiller market size over the forecast period.
High system installation cost is expected to hamper industry growth. Lack of consumer awareness accompanied by low efficiency offered by these machines is likely to hinder demand. In addition, rising competition from centrifugal chillers is expected to negatively impact the industry over the forecast period. Strict regulatory norms on chlorofluorocarbon (CFC) refrigerants are predicted to furnish massive growth avenues for the absorption chiller market size over the forecast period. Furthermore, flourishing applications of these systems in petrochemical industry is anticipated to exhibit high growth opportunities to the industry participants. Evaporator, generator, absorber and condenser are the various components integrated in these machines. It also includes lithium bromide water (LiBr/H2O) and ammonia water in order to carry out refrigeration process in the system.
Hot water fired, steam fired, natural gas fired and exhaust gas are the various types of chillers. Various technologies involved include single effect, double effect and triple effect absorption. Single effect technology is predicted to experience intensifying growth owing to its low coefficient of powers (COP). This technology is primarily used in various industries such as boilers and power plants and is available in range of capacity between 7.5 tons and 1,500 tons. Double effect absorption chiller market is widely employed in high pressure steam application namely district heating. These are more efficient than their single effect counterparts; however they also involve high manufacturing cost. Based on application, the industry can be segregated into numerous industry sectors such as chemicals, refrigeration, geothermal appliances, oil & petroleum as well as freezing & food canning.
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Asia Pacific absorption chillers market share is predicted to observe significant growth over the several upcoming years. This can be attributed to rising demand from developing markets, mainly China and India. In addition, electricity shortfalls along with improper electrical distribution in developing nations are likely to fuel the adoption of these appliances in the region over the forecast period.
Key industry participants accumulating major absorption chiller market share include Century Corporation, Shuangliang Eco-Energy Systems, Johnson Controls, Thermax, Broad Air Conditioning, Yazaki Energy Systems and Carrier Corporation. Other prominent industry players are Hitachi Appliances, EAW Energieanlagenbau, LG Air Conditioning, Robur Group, Shuangliang Eco-Energy Systems, and Trane.
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