Global Absorption Chillers Market Size, By Segmentations, Key Players, Trends, Growth, Region & Forecast 2023-2032

 

Global Absorption Chillers Market

The global absorption chillers market size was valued at around USD 1,595.5 million in 2021, and expected to grow at a CAGR of 4.4% during the forecast period.  

The global absorption chillers market refers to the market for devices that use heat energy to produce cooling effect, which can be used in various applications such as air conditioning, refrigeration, and industrial cooling. Absorption chillers work on the principle of absorbing and releasing a refrigerant, typically water, through a cycle of heating and cooling using a heat source, such as natural gas, steam, or waste heat. They are often used in commercial buildings, data centres, hospitals, and other large-scale facilities. The market for absorption chillers is driven by the increasing demand for energy-efficient cooling solutions, government regulations promoting the use of eco-friendly refrigerants, and the growing demand for air conditioning in developing countries.

 

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Covid-19 Impact:

The COVID-19 pandemic has had a significant impact on the global absorption chillers market. The market experienced a decline in demand in 2020 due to the widespread disruption of economic activity, restrictions on travel and movement, and the closure of many businesses and facilities. The pandemic also caused a decrease in investments in new construction and infrastructure projects, which are key drivers of the absorption chillers market.

However, despite the initial downturn, the market is expected to recover and grow in the coming years. The increasing focus on energy efficiency and sustainability is driving demand for absorption chillers as they offer a more environmentally friendly alternative to traditional air conditioning and refrigeration systems. Additionally, the growing demand for data centers and other facilities requiring large-scale cooling solutions is expected to drive growth in the market.

Furthermore, the COVID-19 pandemic has highlighted the importance of indoor air quality and ventilation, which is expected to drive demand for absorption chillers in the healthcare and commercial building sectors. Many businesses and facilities are also investing in upgrading their HVAC systems to prevent the spread of airborne illnesses, which is expected to further drive demand for absorption chillers in the coming years. Overall, while the COVID-19 pandemic initially had a negative impact on the absorption chillers market, it is expected to recover and continue to grow in the coming years.

 

Market Dynamics:

Drivers:

Energy Efficiency: Absorption chillers are more energy-efficient than traditional air conditioning and refrigeration systems, which are often powered by electricity. This makes them a popular choice for commercial buildings, data centers, hospitals, and other large-scale facilities, as they can help reduce energy consumption and lower utility costs.

Sustainability: The increasing focus on sustainability and reducing greenhouse gas emissions is driving demand for absorption chillers as they use natural gas, steam, or waste heat as a heat source instead of electricity. This makes them a more environmentally friendly alternative to traditional cooling systems.

Government Regulations: Many countries have introduced regulations promoting the use of eco-friendly refrigerants, which is driving demand for absorption chillers that use water as a refrigerant. This is because water is a non-toxic and non-flammable refrigerant that does not contribute to ozone depletion or global warming.

Growing Demand for Air Conditioning: The growing demand for air conditioning in developing countries, particularly in Asia-Pacific and the Middle East, is driving demand for absorption chillers as they can provide large-scale cooling solutions efficiently and effectively.

Increasing Infrastructure Investments: The increasing investments in new construction and infrastructure projects, particularly in developing countries, is driving demand for absorption chillers as they are often used in large-scale commercial and industrial facilities.

Market Segmentation:

Type of Absorption Chillers: The absorption chillers can be classified into two types - single effect and double effect.

Source of Energy: Absorption chillers can be classified based on the energy source they use. These include steam-fired, hot water-fired, and natural gas-fired absorption chillers.

Capacity: Absorption chillers are available in various capacities ranging from less than 100 kW to more than 2000 kW.

End-User Industry: The absorption chillers market can be segmented based on the end-user industry, including commercial, industrial, and residential. Commercial applications include hotels, hospitals, offices, and shopping malls. Industrial applications include food processing, chemical processing, and pharmaceuticals. Residential applications include residential buildings and apartments.

Geography: The absorption chillers market can also be segmented based on geography, including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Each region has its own market trends, demand, and growth opportunities.

Key Player:

Some of the major players in the market include:

Carrier Corporation

Johnson Controls International plc

Mitsubishi Heavy Industries, Ltd.

Thermax Limited

LG Electronics Inc.

Trane Technologies plc

Robur Corporation

Yazaki Corporation

Broad Air Conditioning Co. Ltd.

Shuangliang Eco-Energy Systems Co., Ltd.

These companies are constantly investing in research and development activities to develop new and advanced absorption chillers that are more energy-efficient, reliable, and cost-effective. They are also expanding their global presence by acquiring and partnering with local players in different regions.

In addition, there are several other smaller players in the market that offer niche products and services. These companies typically focus on specific regions or end-user industries, such as food processing or data centres.

Overall, the competitive landscape of the absorption chillers market is intense, and companies need to focus on innovation, quality, and customer service to remain competitive and maintain their market share.

 

Regional Analysis:

North America: The North American market is a mature market for absorption chillers with a high adoption rate. The demand for absorption chillers in this region is driven by the increasing focus on energy efficiency and sustainability, as well as government regulations promoting the use of eco-friendly refrigerants. The US is the largest market in this region, followed by Canada and Mexico.

Europe: The European market for absorption chillers is driven by government regulations promoting the use of eco-friendly refrigerants and the increasing focus on energy efficiency. Germany is the largest market in this region, followed by the UK, France, and Italy.

Asia-Pacific: The Asia-Pacific market is the largest and fastest-growing market for absorption chillers, driven by the growing demand for air conditioning and the increasing investments in new construction and infrastructure projects. China is the largest market in this region, followed by India, Japan, and South Korea.

Middle East and Africa: The Middle East and Africa market for absorption chillers is driven by the growing demand for air conditioning and the increasing investments in new infrastructure projects. The UAE is the largest market in this region, followed by Saudi Arabia and South Africa.

Latin America: The Latin America market for absorption chillers is driven by the increasing focus on energy efficiency and sustainability, as well as government regulations promoting the use of eco-friendly refrigerants. Brazil is the largest market in this region, followed by Mexico and Argentina.

Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.

 

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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors

• Provision of market value (USD Billion) data for each segment and sub-segment

• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis

• Provides insight into the market through Value Chain

• Market dynamics scenario, along with growth opportunities of the market in the years to come

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Key Points :-

• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.

• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.

• Porter’s Five Force Model and SWOT analysis are used to study the global Dextrose Injection market and would help stakeholders make strategic decisions.

• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.

• In-depth analysis of the types of Dextrose Injection would help in identifying future applications in this market.

 

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