Absorption chillers are different from the other chillers available in the market due to the fact that it lacks a compressor and instead utilizes heat to generate a cooling effect. The absorption chillers, unlike other chillers either utilize water as a refrigerant with ammonia or lithium bromide.
According to the report, the Absorption Chillers Market is predicted to increase at a CAGR of 4.53% over the forecast period 2019-2025.
The utilization of absorption chillers in heavy industries is driving the market demand in the forecast period
The wide adoption of absorption chillers in heavy industries where there is an escape of huge amounts of heat after the production process is burgeoning the market growth in the forecast period. The absorption chillers make use of heat energy instead of electric energy for providing cooling. The growing oil & gas industry is further propelling the market growth in the forecast period. The growing renewable industry worldwide is propelling market growth during the forecast period. However, due to the COVID-19 impact, which has led to the closing of the manufacturing facilities is predicted to impede the market growth in 2020. The lockdown initiatives, self-quarantine, and work-from-home measures are known to further contribute to hampering the market growth in the current year amid novel coronavirus scenario. Furthermore, with the onset of new normal conditions, the manufacturing operations will continue to resume, keeping in consideration the requirements of new normal, further offering strong growth prospects in burgeoning the market growth in the forecast period.
The presence of companies offering innovative products and generating high revenues is further fueling the market growth in the forecast period
For example, Thermax Limited, an industrial or mechanical engineering public company manufactures the absorption chiller, the Triple Effect Absorption Chiller. The innovation, as said by the company is a major breakthrough in the area of refrigeration and air-conditioning. These absorption chillers have a Coefficient of Performance, COP of 1.8, close to 30% higher in comparison to the double-effect chillers. This property of the triple-effect absorption chiller provides help in the reduction of energy requirement for cooling; hence, it is energy efficient. The company manufactures Triple-Effect Absorption Chillers in India and supplies it to over 90 countries of the world. The product is user-friendly and is known to reduce user intervention and downtime. The product features include the highest possible COP, online concentration measurement, stainless steel tubes for generator, stainless steel plate type solution heat exchangers, advance series flow technology, VFD for solution pump, PLC-based control panel, BMS connectivity, colour touch screen operator interface.
The major players covered as part of the report areJohnson Controls - Hitachi Air Conditioning, Vamtec Ltd, and Thermax Group among others.
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This report has segmented the global absorption chillers marketon the basis following terms
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