Persistence Market Research delivers key insights on the global absorption chillers market. In the coming years, the global absorption chillers market is projected to display a positive outlook. The market value is expected to increase at a moderate pace over the forecast period. Based on the technology adopted, double stage chillers are anticipated to account for substantial share throughout the forecast period.
The global absorption chillers market was valued at nearly US$ 1.2 Bn by the end of 2018, witnessing approx. 3.6% Year-on-Year growth over 2017. The U.S. is expected to account for a maximum share in the global absorption chillers market over the forecast period. South Asia is expected to witness maximum growth during the forecast period, supported by the rising demand from chemicals and pulp & paper manufacturing.
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Global Absorption Chillers Market: Dynamics
Increasing installation of solar-powered absorption chillers across various end-use industries is found to be the key factor assisting the installation of absorption chillers. Absorption chillers powered by solar power technology for large chilling applications are gaining traction, and, in turn, increasing the overall demand for absorption chillers. Solar powered absorption chillers are the most efficient and effective for heating and cooling buildings, utilizing only solar power. These types of absorption chillers provide maximum cooling performance, while minimizing electrical power consumption. Hence, they reduce the ever-increasing electricity consumption in summer, which is primarily attributed to conventional air conditioning systems.
However, the high installation cost of absorption chillers as compared to mechanical and electrical chillers results in a long payback period. This factor, combined with high maintenance and operational costs, is primarily restraining the growth of the global absorption chillers market.
Increasing waste heat and high operational costs of ships are expected to create substantial opportunities for absorption chiller manufacturers across the globe. Operational ships release large amounts of waste heat, which not only increase the operational cost of the ships but also have a negative impact in terms of high Co2 emissions. This waste heat can be utilized to power absorption chillers, which can be further used to cool vessels.
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Global Absorption Chillers Market: Forecast
Market insights suggest that, direct fired absorption chillers are expected to witness maximum number of installations over the coming years, owing to the reason that, these types of absorption chillers are primarily utilized in countries where there is easy availability of oil and natural gas.
Spearheaded by GCC Countries, the Middle East & Africa region is expected to account for a prominent share in the global absorption chillers market. South Asia and East Asia, together, are expected to create more than 1/3 of the overall incremental opportunity during the forecast period, and are expected to witness prominent growth over the near future. Continuous focus on the enhancement of environmental sustainability and energy efficiency across manufacturing industries is responsible for the prominent growth in the Asia Pacific region.
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