Absorption chillers market was valued at US$1109.928 million in 2019 and is projected to expand at a CAGR of 4.53% over the forecast period to reach US$1406.983 million by 2025. Absorption Chillers are cooling solutions that operate on thermal power instead of mechanical power. The demand for absorption chillers market is expected to grow on account of increasing adoption across various industries such as pharmaceuticals, food and beverages, textile, power and energy, chemical and petrochemicals, and others. Falling electicity prices and increasing investments in infrastructure projects across fast growing economies is expected to drive the demand for these chillers over the projected period. High cost associated with the maintenance and low efficiency as compared to the substitutes are some of the challenges to the large-scale adoption of these solutions during 2019 to 2025.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the absorption chillers value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the Absorption Chillers market.
Major industry players profiled as part of the report are Vamtec Ltd, Johnson Controls-Hitachi Air Conditioning, Thermax Global, Trane, and Carrier Corporation among others.
Absorption chillers market has been analyzed through following segments:
Steam Absorption Chillers
Hot water Absorption Chillers
Direct-Fired Absorption Chillers
Indirect-Fired Absorption Chillers
By End User
Middle East and Africa