Rockville, MD, Aug. 21, 2024 (GLOBE NEWSWIRE) -- According to a recently updated research report released by Fact.MR, the global absorption chiller market is projected at a value of US$ 1.69 billion in 2024 and has been forecasted to expand at a CAGR of 4.6% from 2024 to 2034.
Absorption chillers are popularly used in industries such as chemicals, food & beverages, petroleum, power, and pulp & paper, as well as data centers and commercial buildings, to regulate temperature and ensure efficient operations, creating a burgeoning demand for the product. The market is increasing mainly due to the ever-growing demand for affordable cooling options. Absorption chillers are popular due to their low maintenance and operating costs, quiet operation, and several other benefits.
The petrochemical industry is expected to account for high target market growth over the coming years. Absorption chillers are more environment-friendly than traditional vapor compressors due to lower pollutant and hazardous gas emissions. This bodes well for companies in regions that need to adhere to strict government regulations.
Absorption chillers are widely used in the food & beverage, pharmaceutical, power, petrochemical, and metal fabrication industries. Power plants and petrochemicals use high-temperature processes that require the use of steam, hot water, and other energy sources. These high-temperature processes cause industrial machinery to become excessively hot and require cooling to ensure long life, increasing the demand for industrial chillers, including absorption chillers.
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Key Takeaways from the Market Study
- The global market for absorption chillers is projected to expand at a CAGR of 4.6% from 2024 to 2034.
- Worldwide sales of absorption chillers are forecasted to reach US$ 2.64 billion by 2034.
- The United States market is forecasted to reach a value of US$ 427.2 million in 2024.
- China is set to account for a market share of 7% in East Asia in 2024.
- Revenue from the sales of commercial absorption chillers is estimated to reach US$ 1.48 billion by 2034.
- Market value of absorption chillers in Japan is estimated at US$ 118.4 million in 2024.
- The market in North America is forecasted to expand at a CAGR of 4.5% from 2024 to 2034.
“Manufacturers of absorption chillers should invest and expand into developing countries, which will offer lucrative opportunities for the manufacturing sector as a whole,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Absorption Chiller Market
Robur Corporation, Trane, Inc., Carrier Corporation, LG Electronics, Inc., Thermax Limited, Shuangliang Eco-Energy Systems Co. Ltd., Kawasaki Thermal Engineering Co., Ltd., Hyundai Climate Control Co. Ltd, Yazaki Corporation, World Energy, BROAD Group, EAW Energieanlagenbau GmbH, Colibri BV, Johnson Controls, Hitachi Air Conditioning, Helioclim, MultiChill Technologies Inc., Kirloskar Pneumatic Company Ltd., Century Corporation.
United States Key Market for Absorption Chiller Manufacturers
Absorption chillers are a popular choice for various applications because they meet the high energy efficiency and environmental sustainability standards in the United States. The government offers incentives and regulations to encourage the use of energy-efficient cooling systems, including absorption chillers. As a result, the United States is a leader in the adoption of advanced and sustainable cooling technologies, with a sizable market share for absorption chillers.
The market has been projected to expand at a CAGR of 4.4% over the next ten years to reach a value of US$ 656 million by the end of 2034.
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Absorption Chiller Industry News:
- Johnson Controls, Inc. designs and produces lead-acid and lithium-ion batteries, building efficiency and technology solutions, rooftop systems, bespoke and conventional air handling systems, and HVAC equipment such as absorption chillers. In addition, they offer leasing, repairs, maintenance, and training.
- Commercial refrigeration systems are produced by Carrier Corporation. Heating systems, heat exchangers, compressor racks, multi-rack compressors, absorption chillers, air-cooled gas coolers, and air-cooled condensing units make up refrigeration systems. Cash and carry, supermarkets, hypermarkets, discount stores, retail stores, small merchants, and distribution centers are just a few of the places they are used.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the absorption chiller market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges insights into the market based on power source (direct fired, hot water heated, steam heated, gaseous fuel-powered), absorber type (lithium bromide, ammonia), technology (single stage, double stage), and end use (residential, commercial, industrial), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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