Asia Pacific Absorption Chillers Market Report and Forecast 2024-2032

Asia Pacific Absorption Chillers Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the Asia Pacific absorption chillers market size attained approximately USD 529.32 million in 2023. Aided by the increasing demand for energy-efficient cooling solutions, the market is estimated to grow at a CAGR of 4.2% in the forecast period of 2024-2032, reaching a value of around USD 769.46 million by 2032.

Absorption chillers are a type of refrigeration system that uses a heat source to drive the cooling process rather than relying on mechanical compressors. These systems are particularly valuable in situations where waste heat or natural gas can be utilised, making them an energy-efficient alternative to traditional electric chillers. Absorption chillers are commonly used in industrial, commercial, and institutional applications for air conditioning and process cooling.

The Asia Pacific absorption chillers market is witnessing dynamic growth, driven by the increasing demand for energy-efficient cooling solutions, advancements in technology, and the rising awareness of environmental sustainability. Absorption chillers, which use heat energy to provide cooling, offer a viable alternative to traditional electric-driven chillers, making them particularly attractive in regions where energy costs are high and electricity infrastructure may be less reliable.

One of the most significant Asia Pacific absorption chillers market trends is the rising demand for energy-efficient cooling solutions. As the region experiences rapid urbanisation and industrialisation, the need for efficient and sustainable cooling systems is becoming increasingly important. Absorption chillers, which can utilise waste heat or renewable energy sources, provide a cost-effective and environmentally friendly alternative to conventional cooling systems. This demand is particularly strong in countries like China, India, and Japan, where industrial activities are high, and energy efficiency is a critical concern.

Environmental sustainability is another key factor aiding the Asia Pacific absorption chillers market growth. With growing awareness about the impact of greenhouse gas emissions and climate change, there is a concerted effort to adopt technologies that minimise environmental impact. Absorption chillers, which typically use natural refrigerants like water or ammonia, are favoured for their low global warming potential (GWP) and minimal ozone depletion potential (ODP). This aligns with the stringent environmental regulations and sustainability goals set by various governments in the region. For instance, the Chinese government’s push towards reducing carbon emissions and promoting green buildings has significantly boosted the adoption of absorption chillers.

Technological advancements are playing a pivotal role in enhancing the performance and efficiency of absorption chillers. Innovations in materials, design, and control systems are leading to the development of more efficient and reliable absorption chillers, ultimately enhancing the Asia Pacific absorption chillers market value. For example, the integration of advanced control technologies and IoT (Internet of Things) solutions allows for better monitoring and optimisation of chiller operations, resulting in higher energy savings and improved performance. These technological improvements are making absorption chillers more competitive compared to traditional cooling solutions, driving their adoption across various industries.

The growth of the commercial and industrial sectors in the region is also contributing to the Asia Pacific absorption chillers market development. The expansion of commercial spaces, such as shopping malls, hotels, and office buildings, along with the growth of industrial facilities, is creating a significant need for efficient cooling solutions. Absorption chillers are well-suited for large-scale applications where there is a consistent demand for cooling and heating. The ability to use waste heat from industrial processes or cogeneration systems to power absorption chillers makes them an attractive option for industries looking to enhance energy efficiency and reduce operational costs.

Government initiatives and policies aimed at promoting energy efficiency and sustainability are further boosting the absorption chillers market in the Asia Pacific. Various countries are implementing policies and providing incentives to encourage the adoption of energy-efficient technologies. For instance, India’s National Action Plan on Climate Change (NAPCC) includes measures to promote energy efficiency in buildings and industries, which is driving the adoption of absorption chillers. Similarly, Japan’s commitment to reducing carbon emissions and promoting renewable energy sources is fostering the growth in the demand for absorption chillers in the country.

The increasing focus on district cooling systems is another trend driving the Asia Pacific absorption chillers market expansion. District cooling, which involves the centralised production and distribution of cooling energy, is gaining popularity in urban areas for its efficiency and environmental benefits. Absorption chillers are integral to district cooling systems, as they can utilise waste heat or renewable energy sources, reducing the overall energy consumption and carbon footprint of the cooling system. The adoption of district cooling systems in cities across the region is expected to drive the demand for absorption chillers significantly.

Moreover, the competitive landscape of the Asia Pacific absorption chillers market is evolving, with key players focusing on expanding their product portfolios and enhancing their market presence. Companies are investing in research and development to introduce advanced and more efficient absorption chillers. Strategic partnerships and collaborations with local players are also helping multinational companies to strengthen their foothold in the regional market. The presence of a robust manufacturing base and the availability of skilled labour are additional factors supporting the growth of the absorption chillers market in Asia Pacific.

Market Segmentation

The Asia Pacific absorption chillers market can be divided based on type, refrigerant type, technology, source of energy, application, end use, and country.

Market Breakup by Type

• Steam Absorption Chillers
• Hot Water Absorption Chillers
• Direct-Fired Absorption Chillers
• Gas-Fired Absorption Chiller
• Others

Market Breakup by Refrigerant Type

• Ammonia
• Lithium Bromide

Market Breakup by Technology

• Single Stage
• Double Stage
• Others

Market Breakup by Source of Energy

• Gas Fired
• Steam Heated
• Direct Fired
• Hot Water Heated
• Others

Market Breakup by Application

• Food Storage
• Air Conditioning
• Others

Market Breakup by End Use

• Domestic
• Industrial
• Commercial

Market Breakup by Country

• China
• Japan
• India
• ASEAN
• Australia
• Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Asia Pacific absorption chillers market. Some of the major players explored in the report by Expert Market Research are as follows:

• 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

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.