Global Absorption Chiller Market – Size, Outlook, Trends and Forecast (2024 – 2032)

An absorption refrigerator is a refrigerator that uses a heat source to provide the energy needed to drive the cooling process. Absorption refrigerators are often used for food storage in recreational vehicles. The principle can also be used to air-condition buildings using the waste heat from a gas turbine or water heater. Using waste heat from a gas turbine makes the turbine very efficient because it first produces electricity, then hot water, and finally, air-conditioning (called cogeneration/trigeneration). Absorption chillers have proven to be ideal replacements for compressor chillers in places where power is unreliable, unavailable or costly, where waste heat is available, or where restrictions on noise deem compressor chillers useless.

Global Absorption Chiller Market Segments Size & Growth:

Global Absorption Chiller Market size is projected to reach approximately $2.05 billion by the end of 2024 with a CAGR of close to 6.31% from $1.33 billion in 2017 during the forecast timeline 2018-2024. Key parameters promoting the market growth include raising awareness about energy-efficient products, lower operational & maintenance costs, increased consumption of frozen foods, and growth in commercial & industrial sectors. However, High set-up cost and low-efficiency rates, and competition from the centrifugal chiller industry are thereby hampering the market growth. Rapid Growth of Absorption Chillers in Commercial Sector & Data Centres provides a great opportunity for increasing the market share.

Global Absorption Chiller Market Segments Share:

Global Absorption Chiller Market is categorised into technology which comprises a single stage, and double stage. By absorber type, the market is segmented into lithium bromide and ammonia. By the power source, the market is segmented into direct fired, indirect fired, water driven. By End-Users, the market is segmented into non-industrial, and industrial. Hospitals, large retail, offices, and theatres in the commercial sector need various types of chillers. Plastic, baking, food, pharmaceutical, and printing industries are the major industrial consumers that use chillers for various processes. Increase in some working women has led to increased adoption of frozen foods owing to time constraints and ease of cooking. This increasing trend towards frozen foods is facilitating the demand for chillers in the food processing industry.

By Geography, North America is a highly profitable region for absorption chillers, owing to strong adoption from the region’s food processing and petroleum industries. The Asia Pacific is projected to be the most lucrative market for absorption chillers, with sales revenue in China and India expected to register CAGRs of 7.21% and 7.15% respectively over the forecast period. Absorption chillers consumption in the ASEAN region increased to a small extent yet witnessed a growth rate of 5.2% outperforming many countries in the Europe and Americas. The Middle East and Africa followed by Europe are the other attractive regions with an estimated revenue share of 22.9% and 20.1% of the global absorption chillers market by 2017 end. Sales of absorption chillers in MEA is estimated to be valued at $ 289.2 Million in 2017 and is expected to witness a stable CAGR of 7.0% over the forecast period.

Developing economies such as those in the Asia Pacific and the Middle East are expected to witness a steady increase in demand for absorption chillers over the forecast period. High natural gas production in MEA combined with development in the number of infrastructure projects in the region makes it a lucrative market for absorption chillers over the forecast period.

Global Absorption Chiller Market Trends:

• The latest development in absorption chiller is a 100 kW cooling capacity chiller, with technical choices between the two first prototypes, but design to provide cooling effect at temperatures suitable for air-conditioning to ice making.

Global Absorption Chiller Market Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The major market players, such as

• Broad Air Conditioning Co., Ltd.
• Carrier Corporation
• EAW Energieanlagenbau GmbH
• Hyundai Climate Control Co., Ltd.
• Robur Group

Along with these companies, there were many other companies considered/cited in the report while analysing the Global Absorption Chiller Market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.