The global absorption chillers market is expected to be valued at US$ 1,532.7 Million in 2022, and expected to reach US$ 2,376.8 Million by 2032. A CAGR worth 4.5% is expected for the market during the 2022-2032 forecast period.
A chiller, also known as an absorption chiller, is a thermally powered refrigeration system that uses a sorbent solution or a liquid refrigerant and a heat source to provide cooling to buildings. These absorption chillers use less energy than traditional absorption chillers such as electronic absorption chillers and industrial equipment, and they cool buildings without using ozone-depleting chlorofluorocarbons (CFCs).
Furthermore, absorption chillers use heat energy to pump with the least amount of mechanical energy, and they can be powered by steam, hot water, natural gas, or wastewater. There are two types of commercial absorption chillers: single-stage and double-stage systems. A one-stage system employs a single condenser and generator.
Because of the increased popularity of these low-cost cooling solutions, the global absorption chillers market is currently expanding. Various characteristics such as inaudible and vibration-free operation, as well as low maintenance and operational costs, are major market drivers for absorption chillers. Furthermore, rising popularity in the industrial sector, particularly the petrochemical industry, is expected to drive market expansion throughout the forecast period.
In 2022, commercial absorption chillers are expected to account for 44.6% of global revenue. Absorption chillers are used in commercial buildings such as corporate offices, educational institutions, public buildings, data centers, healthcare facilities, and warehouses to keep the temperature stable during hot weather.
Absorption chillers are used to cool the heat generated in high-density enclosed rooms in data centers. The requirement to maintain a constant temperature, humidity, air purity, and air circulation within data centers to avoid downtime and equipment failure is predicted to boost commercial product adoption during the forecast period.
In terms of market share and revenue, the North American market is expected to flourish steadily during the projection period of 2022-2032. The analysts at Future Market Insights predict that by 2022, the market of absorption chillers in North America is expected to acquire a global market size of 23.4%.
Key Players:
- Thermax Ltd
- Helioclim
- MultiChill Technologies Inc.
- Kirloskar Pneumatic Company Ltd
- World Energy Absorption Chillers Europe Ltd
- LG Air Conditioning (Shandong) Co. Ltd.
- Johnson Controls, Inc.
- Hitachi Appliances Inc.
- EAW Energieanlagenbau GmbH
- Carrier Corporation
- Century Corporation
- Yazaki Energy Systems Inc.
