Valley Cottage, NY -- (SBWIRE) -- 07/05/2016 -- Absorption chillers are cooling units that operate on heat instead of mechanical power. Absorption chillers consume a small amount of fuel as compared to other refrigeration devices; however, their cooling performance is also significantly lower. Absorption chillers use waste heat energy -- a by-product in gas turbines, commercial centre, and hotels for refrigeration – for cooling purposes. Owing to their low operational costs, they are widely used in educational institutes, hospitals, and mini vans.

Absorption Chillers Market: Drivers and Restrains

The global absorption chillers market is expected to expand at a moderate CAGR during the forecast period 2016-2026. Absorption chillers offer numerous benefits over conventional chillers, including low noise levels, improved efficiency, and lower operational & maintenance costs. These factors make absorption chillers an appealing option in the refrigeration sector. Absorption chillers are environmentally-friendly as compared to conventional refrigerants, owing to lower emissions of gas and other pollutants during their operation.

A major challenge to widespread adoption of absorption chillers is the high risk of deterioration & damage to the entire unit in case of air leakage from the main panel. High cost of absorption chillers is another constraint that's impeding adoption, especially in developing countries.

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Absorption Chillers Market: Segmentation

The global absorption chillers market is segmented on the basis of source of energy, refrigerant, packaging of chillers, application, and end-use sector.

On the basis of source of energy, the absorption chillers market can be segmented into:-

Direct Fired
Steam Heated
Hot-Water Heated
Gaseous Fuels

On the basis of refrigerant, the absorption chillers market can be segmented into:-

Ammonia
Lithium Bromide (Brine)

On the basis of packaging of chillers, the absorption chillers market can be segmented as follows:-

Modular Chillers
Packaged Chillers

On the basis of applications, the absorption chillers market can be segmented into:-

Food Storage
Air Conditioning

On the basis of end use sector, the absorption chillers market can be segmented into:-

Industrial
Commercial
Residential

Absorption Chillers Market: Region Wise Outlook

Region-wise, the global absorption chillers market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan and Middle East and Africa. North America is a highly lucrative region for absorption chillers, owing to strong adoption from the region's food processing and petroleum industries.

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In Europe, growth of the absorption chillers market is anticipated to be driven by steady demand from the frozen food sector. Asia Pacific and Middle East & Africa (MEA) are expected to offer substantial growth opportunities to absorption chillers manufacturers, owing to overall economic growth in the region. Decades of strong economic growth has resulted in the emergence of a burgeoning middle class in APEJ and MEA, which is ramping up demand across a broad spectrum of end-use industries. Steady growth in the region's food processing sector, especially frozen food, is expected to ramp up demand during the forecast period.

Absorption Chillers Market: Key Players

Some of the key players in the global absorption chillers market are as follows:

Thermax Ltd
Helioclim
MultiChill Technologies Inc
Kirloskar Pneumatic Company Ltd
World Energy Absorption Chillers Europe Ltd
LG Air Conditioning (Shandong) Co., Ltd.
Hitachi Appliances Inc.
EAW Energieanlagenbau GmbH
Carrier Corporation
Century Corporation
Yazaki Energy Systems Inc.