Global Absorption Chillers Market Report and Forecast 2024-2032

Global Absorption Chillers Market Outlook

The global absorption chillers market reached a value of USD 1.40 billion in 2023. The industry is further expected to grow at a CAGR of 4.0% in the forecast period of 2024-2032 to reach a value of around USD 2.00 billion by 2032.            

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The Asia Pacific Leading the Global Market for Absorption Chillers

The Asia Pacific is the leading region for absorption chiller and is likely to continue growing at a rapid rate in the forecast period as well. The growth is primarily being triggered by the rising demand from developing countries like China and India. The application of the product is expected to witness a boost in these nations due to the electricity shortfalls because of an improper electricity flow in these emerging nations. The product is widely demanded among the consumers due to its cost-effectiveness, as compared to the traditional alternatives.

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Absorption Chiller: Market Segmentation

Absorption chillers are heat-operated cooling systems. In contrast to other cooling devices, absorption chillers consume little fuel. Absorption chillers use excess heat energy for cooling purposes- a by-product of gas turbines, shopping areas, and hotels. They are widely used in educational institutions, hospitals, and mini-vans, due to their low operating costs.

Based on the refrigerant type, the market can be divided into:

• Ammonia
• Lithium Bromide

Based on technology, the industry can be segmented as follows:

• Single Stage
• Double Stage
• Others

The sources of energy can be categorised as follows:

• Gas Fired
• Steam Heated
• Direct Fired
• Hot Water Heated
• Others

Absorption chillers find wide applications in the following segments:

• Food Storage
• Air Conditioning
• Others

The end-uses of the product include:

• Domestic
• Industrial
• Commercial

The regional markets for absorption chiller can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Applications of Absorption Chillers Bolstering the Market Growth

The industry is likely to witness a significant growth in the coming years due to the favourable features of the product. It has minimal maintenance requirements, is energy-saving, and causes less environmental damage. The thriving demand for district heating and cooling infrastructure is expected to boost the demand for absorption chillers. The rising adoption of absorption chillers saves a lot of space and also offers high reliability to the consumers, which is expected to propel the growth of the market. The increased demand for a reduction of energy and operating costs is encouraging owners and operators, particularly in the manufacturing, commercial, and residential buildings, to develop energy-efficient heating and cooling applications, such as absorption chillers. These factors are expected to aid the growth of the absorption chillers industry in the coming years.

Key Industry Players in the Global Absorption Chillers Market

The report gives a detailed analysis of the following key players in the global absorption chillers market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Carrier Global Corporation 
• Thermax Limited. 
• Kirloskar Pneumatic Company Ltd.
• Johnson Controls-Hitachi Air Conditioning
• LG Electronics
• Trane Technologies Company, LLC
• ROBUR S.p.A
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report