It is predicted that the global market for absorption chillers will be worth US$ 1,532. 7 million in 2022 and US$ 2,376. 8 million in 2032. The market is anticipated to expand at an estimated CAGR of 4.5% from 2022 to 2032.
A chiller, also referred to as an absorption chiller, is a thermally driven refrigeration system that provides cooling to buildings by using a sorbent solution or a liquid refrigerant and a heat source. These absorption chillers cool buildings without using ozone-depleting chlorofluorocarbons and use less energy than conventional absorption chillers like electronic absorption chillers and industrial machinery (CFCs).
Absorption chillers use waste heat energy — a by-product in gas turbines, commercial centre, and hotels for refrigeration – for cooling purposes. Owing to their low operational costs, they are widely used in educational institutes, hospitals, and mini vans.
These factors make absorption chillers an appealing option in the refrigeration sector. Absorption chillers are environmentally-friendly as compared to conventional refrigerants, owing to lower emissions of gas and other pollutants during their operation.
Absorption chillers are cooling units that operate on heat instead of mechanical power. Absorption chillers consume a small amount of fuel as compared to other refrigeration devices; however, their cooling performance is also significantly lower.
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A major challenge to widespread adoption of absorption chillers is the high risk of deterioration & damage to the entire unit in case of air leakage from the main panel. High cost of absorption chillers is another constraint that’s impeding adoption, especially in developing countries.
Absorption Chillers Market: Region Wise Outlook
Region-wise, the global absorption chillers market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan and Middle East and Africa. North America is a highly lucrative region for absorption chillers, owing to strong adoption from the region’s food processing and petroleum industries.
In Europe, growth of the absorption chillers market is anticipated to be driven by steady demand from the frozen food sector. Asia Pacific and Middle East & Africa (MEA) are expected to offer substantial growth opportunities to absorption chillers manufacturers, owing to overall economic growth in the region. Decades of strong economic growth has resulted in the emergence of a burgeoning middle class in APEJ and MEA, which is ramping up demand across a broad spectrum of end-use industries. Steady growth in the region’s food processing sector, especially frozen food, is expected to ramp up demand during the forecast period.
Here are some key takeaways about the absorption chillers market:
- Absorption chillers use a heat source to drive a refrigeration cycle, making them a more energy-efficient cooling option than traditional compression chillers.
- The market for absorption chillers is driven by growing demand for energy-efficient cooling solutions, particularly in commercial and industrial settings.
- Asia-Pacific is the largest market for absorption chillers, due to the region’s rapid industrialization and increasing demand for air conditioning.
- The market is dominated by a few key players, including Thermax Limited, Johnson Controls International plc, and Carrier Corporation.
- In addition to traditional absorption chillers, there is growing interest in newer technologies such as sorption chillers and hybrid systems that combine absorption and compression technologies.
- The COVID-19 pandemic has had a mixed impact on the absorption chillers market, with some industries experiencing reduced demand while others, such as healthcare and data centers, have seen increased demand for cooling solutions.
- Future growth in the absorption chillers market will likely be driven by advancements in technology, as well as increasing government regulations and incentives aimed at promoting energy efficiency and reducing greenhouse gas emissions.
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Absorption Chillers Market: Key Players
Some of the key players in the global absorption chillers market are as follows:
- Thermax Ltd
- Helioclim
- MultiChill Technologies Inc
- Kirloskar Pneumatic Company Ltd
- World Energy Absorption Chillers Europe Ltd
- LG Air Conditioning (Shandong) Co., Ltd.
- Hitachi Appliances Inc.
- EAW Energieanlagenbau GmbH
- Carrier Corporation
- Century Corporation
- Yazaki Energy Systems Inc.
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Key Segments Covered in the Absorption Chillers Industry Analysis
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
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