Reports
Asia Pacific Absorption Chillers Market Size, Share, Trends, Forecast: By Type: Steam Absorption Chillers, Hot Water Absorption Chillers, Direct-Fired Absorption Chillers, Gas-Fired Absorption Chiller, Others; By Refrigerant Type; By Technology; By Source of Energy; By Application; By End Use; Regional Analysis; Competitive Landscape; 2023-2028
Asia Pacific Absorption Chillers Market Outlook
The Asia Pacific absorption chillers market size attained approximately USD 507.5 million in 2022. The market is estimated to grow at a CAGR of 4.30% in the forecast period of 2023-2028, reaching a value of around USD 650.2 million by 2028.
Key Trends in the Market
An absorption chiller is a refrigerant device that cools the temperature of air or water by utilising heat. It works on the principle of vapour absorption technology and provides an efficient cooling system for commercial and industrial settings.
- Increased adoption of energy-efficient cooling solutions is one of the crucial Asia Pacific absorption chillers market trends. Manufacturers are focusing on developing chillers with minimal greenhouse gas emissions to reduce the overall environmental impact.
- Absorption chillers also find growing usage in combined heat and power (CHP) systems, where they utilise waste heat and steam to provide refrigeration and improve energy conservation.
- The demand for cooling equipment is witnessing a surge in hot climate countries like China, India, and Indonesia, which provides impetus to the Asia Pacific absorption chillers market growth.
- Market players are investing in advanced technologies to enhance the performance and efficiency of absorption chillers, extend their longevity, reduce noise and vibration, and maximise energy savings.
Market Analysis
Based on type, the Asia Pacific absorption chillers market is classified into steam absorption chillers, hot water absorption chillers, direct-fired absorption chillers, and gas-fired absorption chillers, among others. On the basis of refrigerant type, the market is bifurcated into ammonia and lithium bromide. Based on technology, the market is divided into single stage and double stage.
On the basis of source of energy, the market is categorised into gas fired, steam heated, direct fired, and hot water heated, among others. The Asia Pacific absorption chillers market segmentation, based on application, includes food storage, and air conditioning, among others. Based on end use, the market is classified into domestic, industrial, and commercial. On the basis of country, the market is segmented into China, Japan, India, ASEAN, and Australia, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Asia Pacific absorption chillers market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Carrier Global Corporation
- Thermax Limited.
- Kirloskar Pneumatic Company Ltd.
- Johnson Controls-Hitachi Air Conditioning
- LG Electronics
- Trane Technologies Company, LLC
- DAIKIN INDUSTRIES, Ltd.
- Shuangliang Eco-energy Systems Co., Ltd.
- Others
Market Share by Refrigerant Type
Lithium bromide occupies a sizeable portion of the Asia Pacific absorption chillers market share owing to its non-explosive and non-toxic nature. This refrigerant is odourless, eco-friendly, and provides a safe and reliable solution for air conditioners. It also finds extensive applications in several sectors as it offers an efficient and energy-saving cooling solution compared to traditional systems.
Market Share by End Use
As per the Asia Pacific absorption chillers market analysis, the commercial sector accounts for a substantial share of the regional market. Absorption chillers provide cost-efficient and energy-saving cooling systems in offices, data centres, schools, educational institutes, and healthcare facilities, among others.
The expansion of data centres in the region also contributes to the market growth as they are widely used to maintain consistent temperature, air purity, and air circulation in these spaces. Additionally, infrastructural development in developing economies provides opportunities for the commercial sector.
Competitive Landscape
Carrier Global Corporation, established in 1915, is an energy solution corporation, based in Florida, the United States. It provides air conditioning, refrigeration, heating, ventilation, and fire and security equipment, among others.
Thermax Limited is an Indian environment solution company, founded in 1980 with its headquarters in Pune, Maharashtra. The company provides absorption cooling, process heating, water and waste, and chemical solutions, among others.
Kirloskar Pneumatic Company Ltd., incorporated in 1958 and headquartered in Pune, Maharashtra, is one of the core companies of Kirloskar groups. It provides refrigeration systems, vapour absorption systems, air conditioners, air compressors, and industrial gearboxes, among others.
Other Asia Pacific absorption chillers market players include Johnson Controls-Hitachi Air Conditioning, LG Electronics, Trane Technologies Company, LLC, DAIKIN INDUSTRIES, Ltd., and Shuangliang Eco-energy Systems Co., Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Refrigerant Type |
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| Breakup by Technology |
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| Breakup by Source of Energy |
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| Breakup by Application |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Absorption Chillers Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Absorption Chillers Historical Market (2018-2022)
8.3 Asia Pacific Absorption Chillers Market Forecast (2023-2028)
9 Asia Pacific Absorption Chillers Market by Type
9.1 Steam Absorption Chillers
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Hot Water Absorption Chillers
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.3 Direct-Fired Absorption Chillers
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.4 Gas-Fired Absorption Chiller
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.5 Others
10 Asia Pacific Absorption Chillers Market by Refrigerant Type
10.1 Ammonia
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Lithium Bromide
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
11 Asia Pacific Absorption Chillers Market by Technology
11.1 Single Stage
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Double Stage
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 Others
12 Asia Pacific Absorption Chillers Market by Source of Energy
12.1 Gas Fired
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Steam Heated
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Direct Fired
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Hot Water Heated
12.4.1 Historical Trend (2018-2022)
12.4.2 Forecast Trend (2023-2028)
12.5 Others
13 Asia Pacific Absorption Chillers Market by Application
13.1 Food Storage
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 Air Conditioning
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Others
14 Asia Pacific Absorption Chillers Market by End Use
14.1 Domestic
14.1.1 Historical Trend (2018-2022)
14.1.2 Forecast Trend (2023-2028)
14.2 Industrial
14.2.1 Historical Trend (2018-2022)
14.2.2 Forecast Trend (2023-2028)
14.3 Commercial
14.3.1 Historical Trend (2018-2022)
14.3.2 Forecast Trend (2023-2028)
15 Asia Pacific Absorption Chillers Market by Country
15.1 China
15.1.1 Historical Trend (2018-2022)
15.1.2 Forecast Trend (2023-2028)
15.2 Japan
15.2.1 Historical Trend (2018-2022)
15.2.2 Forecast Trend (2023-2028)
15.3 India
15.3.1 Historical Trend (2018-2022)
15.3.2 Forecast Trend (2023-2028)
15.4 ASEAN
15.4.1 Historical Trend (2018-2022)
15.4.2 Forecast Trend (2023-2028)
15.5 Australia
15.5.1 Historical Trend (2018-2022)
15.5.2 Forecast Trend (2023-2028)
15.6 Others
16 Market Dynamics
16.1 SWOT Analysis
16.1.1 Strengths
16.1.2 Weaknesses
16.1.3 Opportunities
16.1.4 Threats
16.2 Porter’s Five Forces Analysis
16.2.1 Supplier’s Power
16.2.2 Buyer’s Power
16.2.3 Threat of New Entrants
16.2.4 Degree of Rivalry
16.2.5 Threat of Substitutes
16.3 Key Indicators for Demand
16.4 Key Indicators for Price
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Carrier Global Corporation
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Thermax Limited.
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Kirloskar Pneumatic Company Ltd.
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Johnson Controls-Hitachi Air Conditioning
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 LG Electronics
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Trane Technologies Company, LLC
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 DAIKIN INDUSTRIES, Ltd.
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Shuangliang Eco-energy Systems Co., Ltd.
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Absorption Chillers Market: Key Industry Highlights, 2018 and 2028
2. Asia Pacific Absorption Chillers Historical Market: Breakup by Type (USD Million), 2018-2022
3. Asia Pacific Absorption Chillers Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Asia Pacific Absorption Chillers Historical Market: Breakup by Refrigerant Type (USD Million), 2018-2022
5. Asia Pacific Absorption Chillers Market Forecast: Breakup by Refrigerant Type (USD Million), 2023-2028
6. Asia Pacific Absorption Chillers Historical Market: Breakup by Technology (USD Million), 2018-2022
7. Asia Pacific Absorption Chillers Market Forecast: Breakup by Technology (USD Million), 2023-2028
8. Asia Pacific Absorption Chillers Historical Market: Breakup by Source of Energy (USD Million), 2018-2022
9. Asia Pacific Absorption Chillers Market Forecast: Breakup by Source of Energy (USD Million), 2023-2028
10. Asia Pacific Absorption Chillers Historical Market: Breakup by Application (USD Million), 2018-2022
11. Asia Pacific Absorption Chillers Market Forecast: Breakup by Application (USD Million), 2023-2028
12. Asia Pacific Absorption Chillers Historical Market: Breakup by End Use (USD Million), 2018-2022
13. Asia Pacific Absorption Chillers Market Forecast: Breakup by End Use (USD Million), 2023-2028
14. Asia Pacific Absorption Chillers Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Absorption Chillers Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific Absorption Chillers Market Structure
Key Questions Answered in the Report
In 2022, the market reached an approximate value of USD 507.5 million.
The market is projected to grow at a CAGR of 4.30% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028, reaching a value of around USD 650.2 million by 2028.
The major market drivers are the shortage of electricity in developing countries, growing demand for environmentally friendly solutions, and low operational costs of absorption chillers.
The key trends of the market include increased adoption of energy-efficient cooling solutions, the rising usage of CHP systems, growing demand for cooling equipment in hot climate countries, and technological advancements.
What are the major countries of absorption chiller in the Asia Pacific, according to the EMR report?
The major countries in the market are China, Japan, India, ASEAN, and Australia, among others.
The various types of absorption chillers are steam absorption chillers, hot water absorption chillers, direct-fired absorption chillers, and gas-fired absorption chillers, among others.
The key players in the market are Carrier Global Corporation, Thermax Limited., Kirloskar Pneumatic Company Ltd., Johnson Controls-Hitachi Air Conditioning, LG Electronics, Trane Technologies Company, LLC, DAIKIN INDUSTRIES, Ltd., and Shuangliang Eco-energy Systems Co., Ltd., among others.
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