The absorption chiller market is projected to witness a CAGR of 3.55% during the forecast period to reach a total market size of US$1,984.272 million by 2026, increasing from US$1,553.899 million in 2019.
Absorption chillers are used in commercial buildings and industrial plants to provide air conditioning, refrigeration, and process fluid cooling. It contains lithium bromide-water (LiBr/H2O) and ammonia-water as the main constituent for refrigeration application. They are often exhaust-fired using thermal energy recovered from combined heat and power prime movers. In other words, they are a special type of chiller that uses heat to generate cooling. A few benefits of absorption chillers include low fuel cost, consume less electrical power, uses waste heat, etc. These advantages act as major drivers for its market.
The absorption chillers market is induced by the various cost and performance benefits associated with it. The use of a gas-based cooling system provides lower operating costs by avoiding peak electric demand charges. Moreover, absorption chillers offer quiet and vibration-free operation of refrigerators, improved system efficiency and reliability, and lower maintenance cost over the long run.
Absorption chillers Market, US$ million, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
Geographically, North America is the largest market of absorption chillers followed by Europe and the Asia Pacific. The high concentration of allied industries such as chemicals, petroleum, and processed food in North America is one of the key factors contributing to the dominance of the absorption chillers market in this region. By end-user, the industrial and commercial uses absorb a larger share than domestic uses.
Absorption Chillers Marketshare, by geography
Source: Knowledge Sourcing Intelligence Analysis
The high initial cost of absorption chillers over some other conventional compression chillers is one of the major restrain of the market predominantly within the context of cost-conscious consumers of developing economies.
COVID-19 has affected the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. As industrial activities remained suspended, the demand for absorption chillers is also negatively affected. The commercial uses also faced similar wrath as many establishments remained close due to several restrictions. However, the pandemic has propelled healthcare facilities. The hospitals and nursing homes have increased their demands for absorption chillers. It is also being used in make-shift hospitals due to its advantages like low fuel cost. Overall, there has been a contracting impact on the market due to the pandemic.
The market leaders for the Absorption Chillers Market are Johnson Controls-Hitachi Air Conditioning, Thermax Global, Trane, Carrier Corporation, Helioclim, Colibri-bv, Vamtec Ltd, Broad Group, and Thermo Fisher Scientific. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For instance,
|Market size value in 2019||US$1,553.899 million|
|Market size value in 2026||US$1,984.272 million|
|Growth Rate||CAGR of 3.55% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Technology, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Johnson Controls-Hitachi Air Conditioning, Thermax Global, Trane, Carrier Corporation, Helioclim, Colibri-bv, Vamtec Ltd, Broad Group, Thermo Fisher Scientific|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global absorption chiller market?
A1. Absorption Chillers Market was valued at US$1,553.899 million in the year 2019.
Q2. What will be the absorption chiller market size by 2026?
A2. The absorption chiller market is projected to reach a market size of US$1,984.272 million by 2026.
Q3. What are the growth prospects for the absorption chiller market?
A3. The global absorption chiller market is projected to witness a CAGR of 3.55% over the forecast period.
Q4. What factors are anticipated to drive the absorption chiller market growth?
A4. The absorption chiller market is likely to witness significant growth in the coming years due to the favorable features like low fuel cost, consume less electrical power, uses waste heat, etc. of the product.
Q5. Which region holds the maximum market share of the absorption chiller market?
A5. Geographically, North America holds the largest share of the absorption chiller market owing to the high concentration of allied industries such as chemicals, petroleum, and processed food.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. ABSORPTION CHILLERS MARKET BY TYPE
5.1. Steam Absorption Chillers
5.2. Hot Water Absorption Chillers
5.3. Direct-Fired Absorption Chillers
5.4. Indirect-Fired Absorption Chillers
6. ABSORPTION CHILLERS MARKET BY TECHNOLOGY
7. ABSORPTION CHILLERS MARKET BY END-USER
8. ABSORPTION CHILLERS MARKET BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Johnson Controls-Hitachi Air Conditioning
10.2. Thermax Global
10.4. Carrier Corporation
10.7. Vamtec Ltd
10.8. Thermo Fisher Scientific
10.9. Broad Group
Johnson Controls-Hitachi Air Conditioning
Thermo Fisher Scientific
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