Absorption Chillers Market Increasing Demands for technological Innovation In Industry 4.0 by 4.2% CAGR | Forecast 2031

Absorption Chillers Market Expected to Reach $2.3 Billion by 2031

PORTLAND, OR, UNITED STATES, May 2, 2023 /EINPresswire.com/ — The absorption chillers market size was valued at $1.48 billion in 2021, which stood at 1.38 billion in 2018, and is estimated to reach $2.26 billion by 2031, growing at a CAGR of 4.2% from 2022 to 2031.

The market is analyzed with respect to different end users of the absorption chillers, including residential, commercial, and industrial. Among these, the industrial segment registered higher revenue in 2021, owing to increasing industrialization, especially in the developing regions. The market is mainly driven by the increasing demand from the industrial & it sectors, the increasing number of institutional and commercial buildings, and the superiority of absorption chillers. However, initial setup and maintenance cost negatively impacts the growth of the market.

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Commonly observed types of absorption chillers in the market are ammonia, and lithium bromide based absorption chillers. Lithium bromide chillers are utilized the most owing to its non-toxic, non-flammable, and overall safe nature; therefore, it accounted for a major market share in 2021. Whereas, the ammonia chillers are toxic and more corrosive. Furthermore, on the basis of energy source, the market is categorized into hot water heated, steam heated, and others. The hot water heated segment accounted for a higher revenue in 2021, attributed to the easy availability of hot water in the industries which is extracted from industrial machinery. Moreover, others segment include flue gas powered, and direct fired absorption chillers, and is expected to grow with a higher CAGR.

Furthermore, the market is also analysed on the basis of applications of absorption chillers, in food and beverages, oil and gas, chemical, and other industries. The chemical segment accounted for the largest revenue share in 2021. This is attributed to the increasing demand for chemicals across the industries such as textiles, petrochemicals, and other industries that utilse chemicals in larhe volumes. Moreover, the application of absorption chillers in the food and beverages, is expected to grow with a higher CAGR.

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Top Players:
Competitive analysis and profiles of the major players in the absorption chillers market, such as Carrier Global Corporation, Century Corporation, EAW Energieanlagenbau GmbH, Yazaki Corporation (Yazaki Energy Systems, Inc.), World Energy Co., Ltd., Kirloskar Group, Styne Group, Hitachi Ltd., Thermax Limited, LG Electronics Inc., Johnson Controls International plc, Shuangliang Eco-Energy Systems Company Ltd., BROAD U.S.A. INC., Bry-Air (Asia) Pvt. Ltd., Shinsung Engineering, EBARA THERMAL, SYSTEMS (THAILAND) CO., LTD., Heinen and Hopman, Trane, Kawasaki Thermal Engineering Co., Ltd., and AGO AG Energie + Anlagen, are analyzed and incorporated in the report.

Key Findings of the Study:
• The report provides an extensive analysis of the current and emerging absorption chillers market trends and dynamics.
• Depending on refrigerent type, the lithium bromide segment dominated the absorption chillers market in terms of revenue in 2021, and the same is expected to growth with a significant CAGR throughout the forecast period.
• By source of energy,he hot water heated segment accounted for a higher revenue in 2021. Moreover, by growing with a higher CAGR, the others segment is expected to dominate the absorption chillers market forecast.
• By application,The chemical segment accounted for the largest revenue share in 2021, and the food and beverages segment is expected to witness growth with a higher CAGR during the forecast period.
• By end-user industry, The Industrial segment was the highest revenue contributor to the market in 2021 and the commercial segment is expected to register a higher CAGR during the forecast period.
• Asia-Pacific region was the largest contributor to the absorption chillers market revenue in 2021, and LAMEA is expected to grow by a high CAGR during the forecast period.

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David Correa
Allied Analytics LLP
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