Absorption Chiller Market is Growing Exponentially in Order to Gain More Demand by 2025
The global absorption chillers market was valued at US$ 1.36 Billion in 2016 and is expected to increase to US$ 2.18 Billion by 2025, registering a CAGR of 5.30% over the forecast period. Absorption chillers are cooling gadgets that function on heat rather than mechanical power. Absorption chillers consume a small quantity of fuel as compared to different refrigeration devices; however, the overall cooling performance is also considerably lower. Absorption chillers use waste heat energy as a derivative in gas turbines, commercial centers, and resorts for refrigeration and cooling purposes. Owing to their low operational costs, these are extensively used in educational institutes, hospitals and mini vans.
Absorption Chillers Market Key Driving Factors
Major factors expected to drive growth of the global absorption chillers market are the benefits offered by these over conventional chillers. These chillers have low maintenance and operational cost, low noise level, and enhanced efficiency. Therefore, adoption of these chillers is increasing owing to the aforementioned factors. Absorption chillers emits very low levels of harmful gas and other pollutants, making it environmentally-friendly as compared to conventional refrigerants.
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Absorption Chillers Market Restraint
Major factor expected to restraint growth of the absorption chillers market is the risk associated with oxidization and damage to the entire refrigerator in case of air leakage from the main panel. Moreover, high cost of absorption chillers is another factor that is expected to hamper growth of the global market over the forecast period.
Absorption Chillers Market Segment
Non-industrial segment is expected to exhibit the highest CAGR in terms of volume as well as value, during the forecast period. Non-industrial segment was valued at US$ 197.3 Million in 2016. However, growth of this segment is attributed to high demand of absorption chillers from the industrial segment especially from the food & beverages industry. This is owing high adoption of combined heat & power (CHP) systems in this segment. For instance, Thermax’s 500 TR absorption chiller is used in the production of Frito Lay. Potato has 75% water content and upon frying it gets converted into low pressure vapor. Absorption chillers are responsible for absorbing the vapor to provide air-conditioning. Therefore, industrial segment is expected to exhibit high growth rate of 6.11% over the forecast period.
Asia Pacific Market Accounted for the Largest Share in 2016
On the basis of region, the global absorption chillers market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The market in North America is expected to exhibit the highest CAGR during the forecast period. North America market accounted about 19.19% share of global absorption chiller market and expected to grow at a CAGR of 5.88% over the forecast period. This growth is attributed to high adoption of absorption chillers in food processing and petroleum industries, in this region. For instance, according to Coherent Market Insights, around 360,000 gas-fired absorption units with capacities below 7.5 kW have been developed by players in Europe and North America using ammonia-water cycle for various industrial applications.
Asia Pacific, Middle East and Africa are expected to offer substantial growth opportunities to absorption chillers manufacturers during the forecast period. Middle East is a lucrative market for absorption chillers due to high natural gas availability in the region. The market in Middle East is expected to account for 19.86% share in global absorption chiller market by 2025. The growth in this region is attributed to high demand of absorption chillers for natural gas production. Absorption chillers contain a burner that runs on natural gas or another fuel to produce the heat required for the absorption process. These absorption chillers absorb the vapor that is produced by natural gas or other fuels, and converts it into electricity. Absorption chillers are in high demand, where the cost of consumption of electricity is high or there is a shortage of electricity. For example, according to the Oil & Gas Journal report, Middle East houses one of the world’s largest concentrations of natural gas. Moreover, since 2000 the natural gas production rate in Middle East has increased from 207.5bcm to 568.2bcm, which is relatively high growth rate for any region.
Major players operating in the global absorption chillers market include Broad Air Conditioning Co. Ltd., Carrier Corporation, EAW Energieanlagenbau GmbH, Hyundai Climate Control Co., Ltd., Robur Corporation, Trane Inc., Yazaki Corporation, Johnson Controls, Inc., Thermal Engineering Co., Ltd., Shuangliang Eco-Energy Systems Co., Ltd., and Thermax Inc.
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