Portland,OR, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global absorption chillers market garnered $1.48 billion in 2021 and is estimated to generate $2.267 billion by 2031, manifesting a CAGR of 4.2% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscape. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.48 billion |
| Market Size in 2031 | $2.26 billion |
| CAGR | 4.2% |
| No. of Pages in Report | 352 |
| Segments covered | Refrigerant type, Energy source, Application, End-user Industry, and Region. |
| Drivers | Surge in industrial, residential, and commercial buildings for air-conditioning, refrigeration, and process cooling in industrial facilities. |
| Extensive use of absorption chillers in the industries such as food and beverages, pharmaceuticals, power plants, petrochemical industries, and metal fabrication | |
| Opportunities | Rise in urbanization, which is fueling the growth of commercial and residential buildings |
| Restraints | High cost of absorption chiller as compared to the compression-based chiller. |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic harmed the growth of the global absorption chillers market, due to the lockdown imposed by the government of many countries. The COVID-19 pandemic had reduced the production of petrochemicals, textiles, metals, semiconductors, plastic, and others; thus, hampering the growth of the absorption chillers market significantly during the pandemic.
- The supply chain was disrupted due to import & export restrictions. Manufacturers faced a shortage of labor and unavailability of raw materials.
- However, the market has recovered back and is blooming faster.
The research provides detailed segmentation of the global absorption chillers market based on refrigerant type, energy source, application, end-user Industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on refrigerant type, the lithium bromide segment held the highest share in 2018, accounting for more than 90% of the global absorption chillers market, and is projected to rule the roost by 2031. The same segment would display the fastest CAGR of 4.3% throughout the forecast period. The ammonia segment also assessed in the study.
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Based on the energy source, the hot water treated segment accounted for the highest share in 2018, generating more than half of the global absorption chillers market revenue. However, the other segment is estimated to witness the fastest CAGR of 5.4% during the forecast period. The report also discusses the segments steam heated and others.
Based on application, the chemical segment accounted for the highest share in 2018, contributing to more than two-fifths of the global absorption chillers market revenue. The food and beverages segment, however, would manifest the fastest CAGR of 5.4% in 2031. The Oil and Gas, and others segments are also analyzed in the study.
Based on the end-user industry, the industrial segment accounted for the highest share in 2018, holding nearly three-fifths of the global absorption chillers market revenue. The commercial segment, however, is estimated to grow at the highest CAGR of 5.0% in 2031. The residential segment is also mentioned in the study.
Based on region, the market in Asia-Pacific was the largest in 2018, accounting for nearly two-fifths of the global absorption chillers market revenue. However, the market in LAMEA is expected to manifest the highest CAGR of 5.2% in 2031. The other regions analyzed in the study include North America and Europe.
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Key Players:
Leading players of the global absorption chillers market analyzed in the research include World Energy Co., Ltd., Century Corporation, Kirloskar Group, Styne Group, Hitachi Ltd., LG Electronics Inc., Yazaki Corporation (Yazaki Energy Systems, Inc.), Thermax Limited, Johnson Controls International plc, Shuangliang Eco-Energy Systems Company Ltd., BROAD U.S.A. INC., Bry-Air (Asia) Pvt. Ltd., Shinsung Engineering, EBARA THERMAL SYSTEMS (THAILAND) CO., LTD., EAW Energieanlagenbau GmbH, Heinen and Hopman, Trane, Kawasaki Thermal Engineering Co., Ltd., AGO AG Energie + Anlagen, Carrier Global Corporation
The report analyzes these key players in the global absorption chillers market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments of every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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