Dublin, April 06, 2023 (GLOBE NEWSWIRE) -- The "Global Absorption Chillers Market Size, Share & Industry Trends Analysis Report By Application, By End User, By Refrigerant Type, By Energy Source, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Absorption Chillers Market size is expected to reach $1.9 billion by 2028, rising at a market growth of 4.5% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- LG Electronics (LG Corporation)
- Carrier Global Corporation
- Thermax Limited
- Hitachi, Ltd.
- Trane Technologies PLC
- Johnson Controls International PLC
- World Energy Co., Ltd.
- EAW Energieanlagenbau GmbH (WEGRA Anlagenbau GmbH)
- Yazaki Corporation
- Styne Group
An absorption chiller is a machinery utilized in the industrial, commercial, and residential sectors for air conditioning, refrigeration, and cooling in industrial settings.
An absorption chiller operates on vapor absorption technology, in which heat from hot water, steam, and others from different industrial and non-industrial sources transport the refrigerant around the chiller's circuit. Also, direct-fired absorption chillers in the market utilize direct flames generated from oil or gas to introduce energy to the system.
Absorption chillers, unlike conventional chillers, utilize the collection of waste heat from other equipment or processes to conduct a thermodynamic process that allows water to be chilled and distributed for HVAC (Heating, ventilation, and air conditioning) requirements. In place of conventional refrigerants, water is generally mixed with either lithium bromide or ammonia. It has broader usage in low-grade heating.
The absorption chillers use a concentrated salt solution to make water chilled. An absorption chiller comprises four key parts: generators, absorption, evaporators, and condensers. It allows the use of variable heat sources, which contain a gas burner and recovering waste heat in the form of low-pressure steam or hot water or steam or boiler-generated hot water.
They can deliver significant cooling capacity to a facility without contributing to the peak electric demand because they are free of electric compressors. The primary consideration that must be made when considering the applicability of such a chiller is that they need a significant and constant flow of waste heat to function. Industrial manufacturing facilities usually require absorption chiller but other institutions like big hospital complexes, large hotels, or university campuses.
Market Growth Factors
The growing food & beverages sector
The rapidly increasing urbanization and the disposable income of the people have increased the popularity of fast foods and packaged foods. The population shift from rural to urban living is a major factor that further changes people's consumption habits.
The constantly increasing number of people leaving their homes to work increases the consumption of packaged food products in many regions. Hence, the constant growth of the food & beverages sector will increase the usage of the absorption chillers for food processes and facility cooling, propelling the expansion of the absorption chillers market.
Low consumption of power
The power consumption of the electrically driven centrifugal chiller and a boiler installed as an HVAC system is higher than the direct-fired electric power absorption chiller. The direct fired double effect absorption chillers consume significantly less electric power, which is only around 6-7% of the power consumed by the electric power consumption of the centrifugal chiller.
Hence, the lower power usage by the absorption chiller is expected to surge its adoption in different industry verticals and drive market growth.
Market Restraining Factors
High implementation cost and strict regulations
The fluorinated gas laws are a primary factor impacting the broader adoption of absorption chillers as condensers and evaporator coils. Many organizations are working to implement major changes in the fluorinated gas regulations to decrease hydrofluorocarbon emissions (HFCs).
The utilization of HFCs is restricted in many applications. Only if the system in issue fulfills the eco-design requirements are HFC refrigerants authorized. The high initial cost and the strict regulations related to fluorinated gas and HFCs are expected to hamper the growth of the absorption chillers market.
Scope of the Study
By Application
- Chemical
- Oil & Gas
- Food & Beverages
- Others
By End-user
- Industrial
- Commercial
- Residential
By Refrigerant Type
- Lithium Bromide
- Ammonia
By Energy Source
- Hot Water Treated
- Steam Heated
- Others
For more information about this report visit https://www.researchandmarkets.com/r/vm1lzf
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