The global absorption chillers market is poised for substantial growth, projected to reach a market value of USD 1,532.7 million in 2022, with expectations to surge to USD 2,376.8 million by 2032. Over the forecast period spanning from 2022 to 2032, the market is estimated to expand at a noteworthy compound annual growth rate (CAGR) of 4.5%.
Absorption chillers, renowned for their thermally driven refrigeration mechanism, utilize a sorbent solution or a liquid refrigerant in conjunction with a heat source to provide cooling to various buildings. Distinguished by their energy-efficient operations, absorption chillers offer a sustainable alternative to traditional cooling methods such as electronic absorption chillers and industrial equipment. Notably, these chillers operate without relying on ozone-depleting chlorofluorocarbons (CFCs), further enhancing their environmental sustainability credentials.
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Regional Analysis
The North American market is anticipated to witness steady growth in terms of market share and revenue from 2022 to 2032. According to researchers at Future Market Insights, the absorption chillers market in North America is poised to capture 23.4% of the global market by 2022.
North America emerges as a highly lucrative region for absorption chillers, primarily fueled by the significant uptake of these chillers in sectors such as food processing and petroleum. Moreover, the region’s demand for absorption chillers is on the rise, driven by the increasing adoption of environmentally friendly cooling solutions across various end-use sectors including plastics, rubber, chemicals & petrochemicals, and medical & pharmaceutical.
In Europe, it is projected that by 2022, the region will command approximately 17.9% of the global market share for absorption chillers. Throughout the forecast period spanning from 2022 to 2032, Europe is expected to contribute steadily to the growth of the global absorption chillers market.
Meanwhile, the Asia Pacific region is poised to dominate the absorption chillers market, accounting for 44% of global revenue in 2022. This dominance can be attributed to significant investments in residential and commercial building sectors across the region. Furthermore, the increasing number of data centers in Asia Pacific is anticipated to further propel the growth of the chillers market during the forecast period.
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Recent Developments:
- Johnson Controls, Inc. designs and manufactures standard and bespoke air-handling systems, rooftop systems, and sustainable environments, as well as lead-acid and lithium-ion batteries, building efficiency and technology solutions, and HVAC equipment such as absorption chillers. They also offer training, maintenance, leasing, and repair.
- Carrier Corporation manufactures commercial refrigeration systems. Refrigeration systems include air-cooled condensing units, absorption chillers, air-cooled gas coolers, compressor racks, multi-rack compressors, heating systems, and heat exchangers. Their uses include cash and carry, supermarkets, hypermarkets, discount shops, persuade stores, small merchants, and distribution hubs.
Key Companies
- Thermax Ltd
- Helioclim
- MultiChill Technologies Inc.
- Kirloskar Pneumatic Company Ltd
- World Energy Absorption Chillers Europe Ltd
- LG Air Conditioning (Shandong) Co. Ltd.
- Johnson Controls, Inc.
- Hitachi Appliances Inc.
- EAW Energieanlagenbau GmbH
- Carrier Corporation
- Century Corporation
- Yazaki Energy Systems Inc.
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Key Segmentations
Absorption Chillers Market by Source of Energy:
- Direct Fired Absorption Chillers
- Steam-heated Absorption Chillers
- Hot Water Heated Absorption Chillers
- Gaseous Fuels powered Absorption Chillers
Absorption Chillers Market by Refrigerant:
- Ammonia Absorption Chillers
- Lithium Bromide (Brine) Absorption Chillers
Absorption Chillers Market by Packaging:
- Modular Absorption Chillers
- Packaged Absorption Chillers
Absorption Chillers Market by Application:
- Absorption Chillers for Food Storage
- Absorption Chillers for Air Conditioning
Absorption Chillers Market By End Use:
- Absorption Chillers for Industrial Use
- Absorption Chillers for Commercial Use
- Absorption Chillers for Residential Use
Absorption Chillers Market by Region:
- North America Absorption Chillers Market
- Latin America Absorption Chillers Market
- Europe Absorption Chillers Market
- Asia Pacific Absorption Chillers Market
- Middle East & Africa Absorption Chillers Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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