Absorption Chillers Market Expansion Projected to Gain an Uptick During 2025
Depending upon the heat source assistance, an absorption chiller produce chilled water. Research Report Insights (RRI) has published a report, where it is expected that global market for absorption chillers is likely to witness a significant growth at 6.3% CAGR through the forecast period, 2017-2025. It is also added in the analysis that global market for absorption chillers is predicted to share around US$ 1,300 Mn sales revenue in 2017 and is estimated to account for over US$ 2,050 Mn sales revenue share through 2025.
Global Absorption Chillers Market: Dynamics
The published study by RRI has developed comprehensive forecast on the global absorption chiller market. The in-depth analysis has listed a range of factors that are driving the adoption of absorption chiller in the market. Besides, the latest trends, opportunities and restraints are also discussed in the report. Owing to the growing demand for the renewable energy sources, the primary sources are utilizing more efficiently in different connected applications are also rising robustly. These two factors are gearing up the market for growing rapidly in the approaching years. Besides, the solar energy is empowering the absorption chillers for various utilities, which plays as a driver in the market for developing vigorously.
Key Segments: Global Absorption Chillers Market
The global market for absorption chillers has five major segments on the basis of technology, different types of absorber, various applications, different power source and regions. On the basis of technology, the market has segmented in double-stage and single-stage segments. Besides, ammonia and lithium bromide are the further sub-segments that fall in absorber type segment. Based on different power resources, there are three sub-segments, such as water driven, indirect fired and direct fired, in the global market for absorption chillers. The applications of absorption chillers has bifurcated into industrial and non-industrial sub-segments. Furthermore, power, chemicals, petroleum, food & beverages and pulp & paper are the sub-segments in industrial segment. Additionally, the non-industrial segment has residential and commercial sub-segments.
On the basis of regions, the global market for absorption chillers has widely segmented into five leading regions that include, Asia-Pacific, Europe, North America, Middle-East & Africa and Latin America. Among all the regions, Asia Pacific is expected to dominate the market for absorption chillers in terms of huge sales revenue. From this region, the market in China is accounted for CAGR of 7.2%, whereas the Indian market is estimated to grow at a CAGR of 7.1% during the forecast period. In 2017, the absorption chillers market in MEA is anticipated to share US$ 289.2 Mn revenue and is also expected to grow at 7.0% CAGR in the coming years.
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The global market for absorption chillers has profiled various companies as the key players in the coming years. The key participants are EAW Energieanlagenbau GmbH, Thermax Inc., Carrier Corporation, Trane Inc., Johnson Controls, Inc., Shuangliang Eco-Energy Systems Co. Ltd., Yazaki Corporation, Broad Air Conditioning Co. Ltd., Robur Corporation, Hyundai Climate Control Co. Ltd. and Kawasaki Thermal Engineering Co. Ltd., among others.