Absorption Chillers Market Rising Trends, Huge Demand, Business Strategies Hits a CAGR of 4.2% by 2031

Absorption Chillers Market Expected to Reach $2.3 Billion by 2031

PORTLAND, OR, UNITED STATES, September 6, 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.

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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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.

In 2021, Asia-Pacific accounted for a major absorption chillers market share, in terms of revenue. Moreover, the market in LAMEA is anticipated to grow with the highest CAGR, owing to its high growth potential in the manufacturing industry. However, various businesses in the absorption chillers market had to stop their business in countries such as India, China, Vietnam, Germany, and the U.S., during the pandemic lockdown. This break directly impacted the sales of absorption chillers manufacturers. In addition, the lack of manpower and raw materials constricted the supply of raw materials for manufacturing various absorption chillers; and negatively influenced the absorption chillers market growth.

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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.

Segmentation Based On:

By Application
Food and Beverages
Oil and Gas
Chemical
Others

By End-user Industry
Residential
Commercial
Industrial

By Region
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Rest of Europe)
Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific)
LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Egypt, Rest of LAMEA)

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David Correa
Allied Analytics LLP
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