Global absorption chiller market size is projected to exceed USD 980 million by 2023

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Absorption Chiller Market Size, Share, Industry
Outlook Forecast 2016-2024
Global absorption chiller market size is
projected to exceed USD 980 million by 2023
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Global Market Scenario of Absorption Chiller
Industry

• 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.
• Increasing demand for energy efficient cooling
  solutions is predicted to propel the industry
  growth over the forecast period. In addition,
  lack of electricity infrastructure in developing
  nations is estimated to boost absorption chillers
  market size.
• 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.

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Continue

• 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.
• Hot water fired, steam fired, natural gas fired
  and exhaust gas are the various types of
  chillers. Various technologies involved include
  single effect, double effect and triple effect
  absorption. Single effect technology is predicted
  to experience intensifying growth owing to its
  low coefficient of powers (COP). This technology
  is primarily used in various industries such as
  boilers and power plants and is available in
  range of capacity between 7.5 tons and 1,500
  tons.
• Double effect absorption chiller market is widely
  employed in high pressure steam application
  namely district heating. These are more efficient
  than their single effect counterparts however
  they also involve high manufacturing cost.
• Based on application, the industry can be
  segregated into numerous industry sectors such as
  chemicals, refrigeration, geothermal appliances,
  oil petroleum as well as freezing food
  canning.

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Research Methodology
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Products Insights

• Hot water fired, steam fired, natural gas fired
  and exhaust gas are the various types of
  chillers. Various technologies involved include
  single effect, double effect and triple effect
  absorption. Single effect technology is predicted
  to experience intensifying growth owing to its
  low coefficient of powers (COP). This technology
  is primarily used in various industries such as
  boilers and power plants and is available in
  range of capacity between 7.5 tons and 1,500
  tons.
• Double effect absorption chiller market is widely
  employed in high pressure steam application
  namely district heating. These are more efficient
  than their single effect counterparts however
  they also involve high manufacturing cost. Based
  on application, the industry can be segregated
  into numerous industry sectors such as chemicals,
  refrigeration, geothermal appliances, oil
  petroleum as well as freezing food canning.

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Application Insights

• Increasing demand for energy efficient cooling
  solutions is predicted to propel the industry
  growth over the forecast period. In addition,
  lack of electricity infrastructure in developing
  nations is estimated to boost absorption chillers
  market size.
• 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.

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om/industry-analysis/absorption-chiller-market
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Regional Analysis

• 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.
• 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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