Dublin, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The "Absorption Chillers - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Absorption Chillers Market to Reach $910.7 Million by 2027
Amid the COVID-19 crisis, the global market for Absorption Chillers estimated at US$757.2 Million in the year 2020, is projected to reach a revised size of US$910.7 Million by 2027, growing at a CAGR of 2.7% over the period 2020-2027.
The U.S. Market is Estimated at $204.7 Million, While China is Forecast to Grow at 5% CAGR
The Absorption Chillers market in the U.S. is estimated at US$204.7 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$183 Million by the year 2027 trailing a CAGR of 5% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.7% and 2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Absorption Chillers: Providing Eco-friendly and Useful Cooling through Re-use of Low Temperature Waste Energy
- Recent Market Activity
- The Urgent Need to Replace Compressor-Based Cooling Systems Drive Widespread Adoption
- Absorption Chillers Superiority over Traditional Compression Chillers
- Market Fortunes Intrinsically Tied to the Overall Chillers Market Dynamics
- Global Market Outlook
- Asia-Pacific Continues to Dominate the Global Market, Also Offers Significant Growth Opportunities
- Continued Recovery in Global GDP & Manufacturing PMI Signals Optimistic Outlook
- Despite Slowdown in Economic Growth, China Continues to Dominate Global Sales of Absorption Chillers
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS (Total 29 Featured)
- Broad Air Conditioning Co., Ltd. (China)
- Carrier Corporation (USA)
- Century Corporation (Korea)
- CNIM Group (France)
- Colibri-bv (The Netherlands)
- EAW Energieanlagenbau GmbH (Germany)
- Ebara Refrigeration Equipment & Systems Co., Ltd. (Japan)
- Hitachi Appliances, Inc. (Japan)
- Johnson Controls International Plc (Ireland)
- LG Electronics (Korea)
- Shuangliang Eco-Energy Systems Co., Ltd. (China)
- Robur S.p.A. (Italy)
- Thermax Limited (India)
- Thermax Inc. (USA)
- Trane Inc. (USA)
- Worldenergy Absorption Chillers Europe Ltd. (Ireland/Korea)
- Yazaki Energy Systems Inc. (USA)
3. MARKET TRENDS & DRIVERS
- Focus on Achieving Energy Efficiencies Make Absorption Chillers the Perfect Candidate for CHP/Cogeneration Systems
- Lower Operational Costs and Better Power Reliability Spur Demand for Absorption Chiller Based CHP in Data Centers
- Growth Drivers
- Growth Restraints
- Steady Demand from Various End-use Applications Drive Healthy Market Growth for Absorption Chillers
- Sophisticated Technologies for Absorption Chillers Improve Maintainability, Efficiency, and Flexibility
- Absorption Chillers Provide a 'Green' Strategy for Various Industries
- Growing Adoption of Trigeneration and Quattrogeneration Technologies Benefit Market Expansion
- Lithium Bromide Absorption Chillers: Preferred Cooling Solution for Trigeneration Systems
- Rise in Electricity Usage for Industrial, Commercial, and Residential Cooling Drives Demand for the Energy-Efficient Absorption Chillers
- Environmental Concerns Drive Business Case for Absorption Chillers
- Kyoto Protocol Implementation Augurs Well for Solar & Waste Heat Powered Chillers
- Indirect Fired Absorption Chillers: The Best Bet for Environmental Cause
- Favorable Government Initiatives & Regulatory Measures Lends Traction to Market Adoption
- Surging Energy Consumption Propels Demand for Absorption Chillers
- Focus on Reducing Energy Costs Bodes Well for Absorption Chillers
- Urbanization: A Mega Trend Spurring Demand for Cooling Solutions
- Industry Promotional & Marketing Efforts Benefit the Market
- Demonstration Projects: A Launch Pad for Absorption Chillers
- Training and Marketing Initiatives to Foster Awareness Levels
- Other initiatives
- Key Concerns & Challenges Hampering Market Prospects for Absorption Chillers
- Stiff Competition from Popular Chiller Categories
- Robust Increase in Sales of Centrifugal Chillers
- Lack of Awareness
- High Cost
- Less Efficient in Comparison with Mechanical Chillers
- Low Thermal Efficiency of Single Effect Systems
- Requirement of Higher Pump Energy
- Necessitates Larger Cooling Tower
- Risks Due to Air Leaks
- Crystallization
- High Costs of Manufacturing
- Other Concerns
- INNOVATIONS & ADVANCEMENTS
- Two-Step E/A Technology Enhance Performance of Single Effect and Double Effect Absorption Chillers
- Smart Chillers: A Key Enabler of Connected Buildings
- Biomass-Powered Thermochiller
- Small Size Ammonia Water Absorption Chillers with Higher COP
- Water-Cooled Technology Lowers Operational Costs
- Triple-Effect Absorption Chillers: An Upcoming Technology
- Modular Micro-Channel Chillers Provide Significant Energy Savings
- Compact Absorption Chillers
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/8g75jl
