Absorption Chiller Market, By Type (Screw Chiller, Scroll Chiller, Centrifugal Chiller, Absorption C

Published Date: | Report Code : EQ1946195

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Market Dynamics:

The Absorption Chiller Market is expected to promise high growth owing to the rising demand for process cooling in industrial applications in recent years. Increasing demand from end-use industries including food & beverages, biogas, coal bed methane, combined heat and power, geothermal, solar, brewery and others are expected to drive the growth of the absorption chiller market. This market has witnessed a number of key developments by major companies including Carrier Corporation, LG Electronics, Inc., Thermax Limited, Shuangliang Eco-Energy Systems Co. Ltd., and others with a focus on organic as well as inorganic growth strategies.  Developing regions including Asia Pacific and Middle East have been among the high potential markets with high growth in some of the key economies.

The absorption chiller is a cooling device used for cooling equipment. It uses cost-effective fuel sources, such as waste heat, hot water, steam, and natural gas instead of using an electrical source. It helps in cost savings in big hotels, large corporate offices, big sports stadium, and major industries requiring chilled water or cooling environment. Absorption chiller has a long service life, which is, approximately, up to 20 years. Absorption chillers help in minimizing electrical power consumption and gives a maximum cooling performance. Main benefits of absorption chillers are durability, efficiency, and low environmental impact, along with this, it provides low noise levels, improved efficiency, and lower operational & maintenance costs. However, absorption chillers also have some disadvantages, such as high cost and risk of deterioration and damage in case of air leakage.

Segment Insights:

The global absorption chiller market has been segmented on the basis of type, refrigerant, source of energy, and end user. Absorption chillers are widely used in many applications across industry verticals, such as food & beverages, biogas, coal bed methane, combined heat & power (CHP), geothermal, solar, brewery, printing, petroleum & chemical, and others.

Absorption chillers are expected to witness high demand from the food & beverages and petroleum & chemical end user segment due to the high amounts of heat generated during various processes. The absorption chiller market is expected to grow in the Asia Pacific due to stable economic development and huge investments across industries such as chemical & petrochemical, plastic, and food & beverages. 

Key Factors Impacting Market Growth:

  • Absorption chillers emit a low level of harmful gases and other pollutants
  • Rising demand for process cooling in industrial applications
  • Escalating electricity prices, along with electricity supply shortages
  • Risk of oxidation and damage in case of air leakage
  • High system installation cost 

Regional Analysis:

Major regions for the absorption chiller market are estimated to North America, Western Europe, and the Asia Pacific. North America and Western Europe have been traditional markets for absorption chiller owing to the strong presence of the industrial sector. The industrial sector has been one of the key contributors to the economies in these regions. Major end-use industries including food & beverages, biogas, coal bed methane, combined heat and power, geothermal, solar, brewery and others. These industries have an established base resulting in stable market demand. Moreover, most of these industries have been witnessing a transition in terms of product development and production methods. These factors are expected to drive the demand for the industrial fasteners market in North America and Western Europe region. Major markets by country in these regions include the US, Germany, France, UK, Canada, Spain, and others. 

The Asia Pacific and the Middle East region has witnessed tremendous growth of the industrial sector in recent years. Major companies operating in this market have made strategic developments to improve market presence in these regions. In addition to this, some of the fastest growing economies including China and India have been major markets for various end-use industries including building & construction, automotive, healthcare, manufacturing, and so on. Among these end-use industries including food & beverages, biogas, coal bed methane, combined heat and power, geothermal, solar, brewery and others are estimated to register high demand for the absorption chiller market during the forecast period. On the other hand, the Middle East region has witnessed diversification in terms of industrial outlook in recent decades. UAE, Saudi Arabia, Qatar, and others have been instrumental in promoting the development of various industries including building & construction, pharmaceuticals, automotive, and so on. This is expected to drive the growth of the absorption chiller market directly or indirectly in the region. Eastern Europe consisting of Russia and Turkey promises a stable demand for the absorption chiller market during the forecast period. The rest of the World including South America and Africa are estimated to be a developing market with strong potential in the strategic future.

Companies Covered: Carrier Corporation, LG Electronics, Inc., Thermax Limited, Shuangliang Eco-Energy Systems Co. Ltd., Kawasaki Thermal Engineering Co., Ltd., Hyundai Climate Control Co. Ltd., Yazaki Corporation, and World Energy...

Market Segmentation:

By Type:

  • Screw Chiller
  • Scroll Chiller
  • Centrifugal Chiller
  • Absorption Chiller
  • Reciprocating Chiller

By Refrigerant:

  • Ammonia
  • Lithium Bromide

By Source of Energy:

  • Direct Fired
  • Steam Heated
  • Hot Water Heated
  • Gaseous Fuels

By End User:

  • Food & Beverages
  • Biogas
  • Coal Bed Methane
  • Combined Heat and Power (CHP)
  • Geothermal
  • Solar
  • Brewery
  • Printing
  • Petroleum & Chemical
  • Others

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Type
    • By Refrigerant
    • By Source of Energy
    • By End User
  • Western Europe
    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
    • By Type
    • By Refrigerant
    • By Source of Energy
    • By End User
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Type
    • By Refrigerant
    • By Source of Energy
    • By End User
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Type
    • By Refrigerant
    • By Source of Energy
    • By End User
  • Middle East
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
    • By Type
    • By Refrigerant
    • By Source of Energy
    • By End User
  • Rest of the World
    • By Region (South America, Africa)
    • By Type
    • By Refrigerant
    • By Source of Energy
    • By End User

Reasons to Buy This Report:

  • Market size estimation of the global absorption chiller market on a regional and global basis
  • The unique research design for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

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