Absorption Chillers Market Manifesting a CAGR of 4.2% from 2022 to 2031 | Top Business Growth

October 24, 2024 Off Uncategorized,

Absorption Chillers Market Growth with Industry Study by 2031

WILMINGTON, DE, UNITED STATES, October 24, 2024 /EINPresswire.com/ — The global absorption chillers market garnered $1.48 billion in 2021 and is estimated to generate $2.267 billion by 2031, manifesting a CAGR of 4.2% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscape. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

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.

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The research provides detailed segmentation of the global absorption chillers market based on refrigerant type, energy source, application, end-user Industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

Based on refrigerant type, the lithium bromide segment held the highest share in 2018, accounting for more than 90% of the global absorption chillers market, and is projected to rule the roost by 2031. The same segment would display the fastest CAGR of 4.3% throughout the forecast period. The ammonia segment also assessed in the study.

Based on the energy source, the hot water treated segment accounted for the highest share in 2018, generating more than half of the global absorption chillers market revenue. However, the other segment is estimated to witness the fastest CAGR of 5.4% during the forecast period. The report also discusses the segments steam heated and others.

Based on application, the chemical segment accounted for the highest share in 2018, contributing to more than two-fifths of the global absorption chillers market revenue. The food and beverages segment, however, would manifest the fastest CAGR of 5.4% in 2031. The Oil and Gas, and others segments are also analyzed in the study.

Based on the end-user industry, the industrial segment accounted for the highest share in 2018, holding nearly three-fifths of the global absorption chillers market revenue. The commercial segment, however, is estimated to grow at the highest CAGR of 5.0% in 2031. The residential segment is also mentioned in the study.

Based on region, the market in Asia-Pacific was the largest in 2018, accounting for nearly two-fifths of the global absorption chillers market revenue. However, the market in LAMEA is expected to manifest the highest CAGR of 5.2% in 2031. The other regions analyzed in the study include North America and Europe.

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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.

The key players within the absorption chillers market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the absorption chillers industry.

The report provides an extensive analysis of the current trends and emerging opportunities in the market.

The report analyzes these key players in the global absorption chillers market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments of every market player.

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