Absorption Chiller Market growth outlook with industry review and forecasts 2016-2023
U.S. Absorption chiller market share is anticipated to witness considerable growth. The surge in demand can be attributed to high concentration of industries such as petroleum, processed food and chemicals in the region. Europe is expected to exhibit high growth due to the presence of large number of industries in the region. Latin America and Middle East & Africa are also forecast to witness moderate growth owing to growing adoption across various nations over the forecast period.
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Global absorption chiller market size is projected to exceed USD 980 million by 2023 and it is likely to grow at a CAGR of over 3.5% from 2016 to 2023. These are the refrigerants that use heat energy for cooling rather than employing mechanical energy. Rising government concern regarding energy conservation accompanied by escalating process cooling needs in various industrial applications is likely to drive industry demand.
Escalating electricity prices along with electricity supply shortages may positively impact the industry over the upcoming years. Furthermore, proliferating usage of these chillers in solar cooling projects is expected to fuel demand. Attributes such as vibration-free and inaudible operation offered by these systems is predicted to surge the demand from 2015 to 2022. Low maintenance and operating cost offered by these machines is also likely to spur the absorption chiller market size over the forecast period.
Asia Pacific absorption chillers market share is predicted to observe significant growth over the several upcoming years. This can be attributed to rising demand from developing markets, mainly China and India. In addition, electricity shortfalls along with improper electrical distribution in developing nations are likely to fuel the adoption of these appliances in the region over the forecast period.
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Key industry participants accumulating major absorption chiller market share include Century Corporation, Shuangliang Eco-Energy Systems, Johnson Controls, Thermax, Broad Air Conditioning, Yazaki Energy Systems and Carrier Corporation. Other prominent industry players are Hitachi Appliances, EAW Energieanlagenbau, LG Air Conditioning, Robur Group, Shuangliang Eco-Energy Systems, and Trane.
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