Press release
Global : APAC Absorption Chillers Market to Reflect a Significant CAGR Growth of 6.4% throughout 2016–2024
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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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.
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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 are the key players in the market. Top players are continuously focusing on improving COP and developing renewable energy-based absorption chillers. Collaborations and joint ventures with technology providers (renewable energy) are key business strategies being adopted to increase market share.
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.
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