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Absorption Chiller Market Analysed by Business Growth, Applications and Future Prospects

The global absorption chillers market was valued at US$ 1.36 Billion in 2016 and is expected to increase to US$ 2.18 Billion by 2025, registering a CAGR of 5.30% over the forecast period. Absorption chillers are cooling gadgets that function on heat rather than mechanical power. Absorption chillers consume a small quantity of fuel as compared to different refrigeration devices; however, the overall cooling performance is also considerably lower. Absorption chillers use waste heat energy as a derivative in gas turbines, commercial centers, and resorts for refrigeration and cooling purposes. Owing to their low operational costs, these are extensively used in educational institutes, hospitals, and mini vans.

Absorption Chillers Market Key Driving Factors

Major factors expected to drive growth of the global absorption chillers market are the benefits offered by these over conventional chillers. These chillers have low maintenance and operational cost, low noise level, and enhanced efficiency. Therefore, adoption of these chillers is increasing owing to the aforementioned factors. Absorption chillers emits very low levels of harmful gas and other pollutants, making it environmentally-friendly as compared to conventional refrigerants.

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Absorption Chillers Market Segment
Non-industrial segment is expected to exhibit the highest CAGR in terms of volume as well as value, during the forecast period. Non-industrial segment was valued at US$ 197.3 Million in 2016. However, growth of this segment is attributed to high demand of absorption chillers from the industrial segment especially from the food & beverages industry. This is owing high adoption of combined heat & power (CHP) systems in this segment. For instance, Thermax’s 500 TR absorption chiller is used in the production of Frito Lay. Potato has 75% water content and upon frying it gets converted into low pressure vapor. Absorption chillers are responsible for absorbing the vapor to provide air-conditioning. Therefore, industrial segment is expected to exhibit high growth rate of 6.11% over the forecast period.

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Absorption chillers are in high demand, where the cost of consumption of electricity is high or there is a shortage of electricity. For example, according to the Oil & Gas Journal report, Middle East houses one of the world’s largest concentrations of natural gas. Moreover, since 2000 the natural gas production rate in Middle East has increased from 207.5bcm to 568.2bcm, which is relatively high growth rate for any region.

The global absorption chiller market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts. Stakeholders would have ease in decision making through the various strategy matrices used in analyzing the global absorption chiller market.
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