Absorption Chillers

Absorption Chillers

Global Absorption Chillers Market to Reach US$1.0 Billion by 2030

The global market for Absorption Chillers estimated at US$829.1 Million in the year 2023, is expected to reach US$1.0 Billion by 2030, growing at a CAGR of 2.9% over the analysis period 2023-2030. Industrial Application, one of the segments analyzed in the report, is expected to record a 2.9% CAGR and reach US$1.0 Billion by the end of the analysis period. Growth in the HVAC Application segment is estimated at -0.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$218.0 Million While China is Forecast to Grow at 5.1% CAGR

The Absorption Chillers market in the U.S. is estimated at US$218.0 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$217.2 Million by the year 2030 trailing a CAGR of 5.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.8% and 2.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.4% CAGR.

Absorption Chillers - Key Trends and Drivers

Absorption chillers are a type of cooling system that utilize a heat source to drive the refrigeration cycle, typically employing water and lithium bromide or ammonia as the refrigerant. Unlike conventional electric chillers, absorption chillers operate using thermal energy from sources such as natural gas, steam, solar energy, or waste heat from industrial processes. This makes them highly efficient for applications where waste heat is readily available, converting low-grade heat into useful cooling. Absorption chillers are commonly used in commercial buildings, industrial facilities, and district cooling systems, offering a sustainable alternative to traditional air conditioning systems. Their ability to use waste heat not only reduces energy consumption but also minimizes greenhouse gas emissions, aligning with global efforts to enhance energy efficiency and reduce environmental impact.

The adoption of absorption chillers has been particularly prominent in sectors such as healthcare, hospitality, and industrial manufacturing, where there is a consistent demand for reliable and efficient cooling solutions. In hospitals, for instance, maintaining a stable and cool environment is critical for patient care and the operation of medical equipment. Hotels and resorts benefit from the quiet operation and environmental advantages of absorption chillers, which can enhance guest comfort and support sustainability initiatives. Industrial applications often leverage absorption chillers to utilize waste heat generated from production processes, thereby improving overall energy efficiency. Additionally, the integration of absorption chillers with combined heat and power (CHP) systems has gained traction, enabling facilities to optimize energy usage and achieve greater operational efficiency.

The growth in the absorption chiller market is driven by several factors. Technological advancements have significantly improved the efficiency, reliability, and performance of absorption chillers, making them a more attractive option for various applications. The increasing focus on energy efficiency and sustainability, driven by both regulatory requirements and consumer demand, has spurred the adoption of absorption chillers. Rising energy costs have also encouraged businesses to seek out more cost-effective and efficient cooling solutions. Moreover, the expansion of renewable energy sources and the development of smart building technologies have created new opportunities for the integration of absorption chillers in modern energy systems. Government incentives and subsidies for green building projects and energy-efficient technologies further propel market growth. The growing urbanization and infrastructure development in emerging markets are also contributing to the increased demand for absorption chillers, as these regions invest in sustainable and efficient cooling solutions to support their growth and development.

Select Competitors (Total 29 Featured) -

• Carrier Corporation
• Century Corporation
• CNIM Group
• Colibri-bv
• EAW Energieanlagenbau GmbH
• Ebara Refrigeration Equipment & Systems Co., Ltd.
• Hitachi Appliances Inc.
• Johnson Controls
• LG Electronics
• Robur SpA
• Shuangliang Eco-Energy Systems Co., Ltd.
• Thermax Limited
• Trane Inc.
• Yazaki Energy Systems Inc.

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