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Global Absorption Chillers Market to Reach USD 1.58 Billion by 2026, Aided by the Rising Demand for Energy Efficient Technologies

According to a new report by EMR titled, ‘Global Absorption Chillers Market Report and Forecast 2021-2026’, the global market for absorption chillers reached a value of USD 1.25 billion in 2020. The industry is further expected to grow at a CAGR of 4% in the forecast period of 2021-2026 to reach a value of around USD 1.58 billion by 2026.

The global absorption chillers industry is likely to witness a significant growth in the major regions in the forecast period. The Asia Pacific is one of the leading regions for the industry owing to the rising number of geothermal, nuclear, as well as solar power plants, which is propelling the demand for absorption chillers in the market. Absorption chillers consume significantly less energy as compared to the regular electric refrigeration units. One of the key factors driving the absorption chillers industry is the rising adoption of the district heating and cooling infrastructure. These chillers are required in large regional cooling plants for the processing and refrigeration of vast quantities of water since they lead to major fuel energy savings. In addition to saving energy, the use of absorption chiller often means low investment and high reliability, which is further catalysing the market growth.

Carrier Global Corporation (NYSE: CARR) is among the leading key players for absorption chillers. In July 2021, the company introduced Carrier Alliance. It is a new programme aimed at optimising the supply chain of the company through strengthening and enhancing strategic relations with providers. The Alliance should provide Carrier and its key suppliers with certainty, security, and growth opportunities, as both work to outweigh customer requirements. This programme is expected to influence the company’s absorption chillers portfolio positively, further propelling the growth of the overall market.

Market Analysis by Refrigerant Type, Technology, Source of Energy, Applications, End Use, and Region:

  • The refrigerant types of absorption chillers can be divided into ammonia and lithium bromide.
  • The technology used in the product can be divided into single stage and double stage, among others.
  • The major sources of energy for absorption chillers include gas fired, steam heated, direct fired, and hot water heated, among others.
  • Absorption chillers find wide applications in food storage and air conditioning, among others.
  • The end-uses of the product include domestic, industrial, and commercial.
  • The regional markets of absorption chillers include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Absorption chillers have minimal maintenance requirements, are energy-saving, and cause less environmental damage, thus, are widely demanded, leading to the growth of the market.
  • The rising demand for a reduction of energy and operating costs is encouraging owners and operators, particularly in the manufacturing, commercial, and residential sectors, to develop and adopt energy-efficient heating and cooling technologies, like absorption chillers.
  • The rising demand for district heating and cooling infrastructure is likely to propel the market growth.
  • The rising adoption of absorption chillers, as it saves a lot of space and offers high reliability to the consumers, is further expected to boost the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for absorption chillers for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the refrigerant types, technologies, sources of energy, applications, end uses, and major regions of absorption chillers.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global absorption chillers market are Carrier Global Corporation, Thermax Limited., Kirloskar Pneumatic Company Ltd., Johnson Controls-Hitachi Air Conditioning, LG Electronics, Trane Technologies Company, LLC, and ROBUR S.p.A, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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