Asia Pacific Absorption Chillers Market Report and Forecast 2024-2032

Asia Pacific Absorption Chillers Market Outlook

The Asia Pacific absorption chillers market size attained approximately USD 529.32 million in 2023. The market is estimated to grow at a CAGR of 4.2% in the forecast period of 2024-2032, reaching a value of around USD 769.46 million by 2032.

Key Trends in the Market

An absorption chiller is a refrigerant device that cools the temperature of air or water by utilising heat. It works on the principle of vapour absorption technology and provides an efficient cooling system for commercial and industrial settings.

• Increased adoption of energy-efficient cooling solutions is one of the crucial Asia Pacific absorption chillers market trends. Manufacturers are focusing on developing chillers with minimal greenhouse gas emissions to reduce the overall environmental impact.

• Absorption chillers also find growing usage in combined heat and power (CHP) systems, where they utilise waste heat and steam to provide refrigeration and improve energy conservation.

• The demand for cooling equipment is witnessing a surge in hot climate countries like China, India, and Indonesia, which provides impetus to the Asia Pacific absorption chillers market growth.

• Market players are investing in advanced technologies to enhance the performance and efficiency of absorption chillers, extend their longevity, reduce noise and vibration, and maximise energy savings.

Market Analysis

Based on type, the Asia Pacific absorption chillers market is classified into steam absorption chillers, hot water absorption chillers, direct-fired absorption chillers, and gas-fired absorption chillers, among others. On the basis of refrigerant type, the market is bifurcated into ammonia and lithium bromide. Based on technology, the market is divided into single stage and double stage.

On the basis of source of energy, the market is categorised into gas fired, steam heated, direct fired, and hot water heated, among others. The Asia Pacific absorption chillers market segmentation, based on application, includes food storage, and air conditioning, among others. Based on end use, the market is classified into domestic, industrial, and commercial. On the basis of country, the market is segmented into China, Japan, India, ASEAN, and Australia, among 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. The report gives a detailed analysis of the following key players in the Asia Pacific absorption chillers market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans. 

• Carrier Global Corporation 

• Thermax Limited. 

• Kirloskar Pneumatic Company Ltd. 

• Johnson Controls-Hitachi Air Conditioning 

• LG Electronics 

• Trane Technologies Company, LLC 

• DAIKIN INDUSTRIES, Ltd. 

• Shuangliang Eco-energy Systems Co., Ltd. 

• Others

Market Share by Refrigerant Type

Lithium bromide occupies a sizeable portion of the Asia Pacific absorption chillers market share owing to its non-explosive and non-toxic nature. This refrigerant is odourless, eco-friendly, and provides a safe and reliable solution for air conditioners. It also finds extensive applications in several sectors as it offers an efficient and energy-saving cooling solution compared to traditional systems.

Market Share by End Use

As per the Asia Pacific absorption chillers market analysis, the commercial sector accounts for a substantial share of the regional market. Absorption chillers provide cost-efficient and energy-saving cooling systems in offices, data centres, schools, educational institutes, and healthcare facilities, among others.

The expansion of data centres in the region also contributes to the market growth as they are widely used to maintain consistent temperature, air purity, and air circulation in these spaces. Additionally, infrastructural development in developing economies provides opportunities for the commercial sector.

Competitive Landscape

Carrier Global Corporation, established in 1915, is an energy solution corporation, based in Florida, the United States. It provides air conditioning, refrigeration, heating, ventilation, and fire and security equipment, among others.

Thermax Limited is an Indian environment solution company, founded in 1980 with its headquarters in Pune, Maharashtra. The company provides absorption cooling, process heating, water and waste, and chemical solutions, among others.

Kirloskar Pneumatic Company Ltd., incorporated in 1958 and headquartered in Pune, Maharashtra, is one of the core companies of Kirloskar groups. It provides refrigeration systems, vapour absorption systems, air conditioners, air compressors, and industrial gearboxes, among others.

Other Asia Pacific absorption chillers market players include Johnson Controls-Hitachi Air Conditioning, LG Electronics, Trane Technologies Company, LLC, DAIKIN INDUSTRIES, Ltd., and Shuangliang Eco-energy Systems Co., Ltd., among others.

Key Highlights of the Report