Absorption Chillers Market to Display Positive Growth at a CAGR of 6.3% During 2017-2025
Demand for renewable sources of energy is increasing, wherein the primary source could be utilized in a more efficient manner for other related applications.
Albany, NY -- (SBWire) -- 11/26/2017 --The demand for thermally-driven chillers in multiple industrial verticals is poised to grow in the immediate future. Considering the rising demand for electrical chillers in commercial, residential as well as industrial settings, the adoption of absorption chillers will gain traction at considerable rate. By consuming lesser energy than conventional electrical chillers, absorption chillers will also garner surplus demand for not using ozone-depleting chlorofluorocarbons (CFC) for chilling purposes. Persistence Market Research's latest report delivers key insights for the future of global absorption chillers market, excerpts from which highlight that by the end of 2025, more than US$ 2 Bn worth of absorption chillers will be sold throughout the globe.
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Apropos the report, titled "Absorption Chillers Market: Global Industry Analysis and Forecast, 2017-2025," the demand for absorption chillers will surge as the market, which is presently valued over US$ 1,200 Mn, is anticipated to grow at a robust CAGR of 6.3%. The report also projects that Asia-Pacific will be observed as the largest market for absorption chillers in the world. Through 2025, close to one-third value of global absorption chillers market will be attributed by sales in Asia-Pacific. Middle East & Africa (MEA) also appears to be a lucrative report for growth of absorption chillers market. During the forecast period, revenues arising from absorption chillers sales in MEA region are anticipated to surge at fastest rate of 7%.
The report has also compiled factors instrumenting this growth of absorption chiller sales across various regions. Firstly, the global demand for non-electricity driven applications is increasing. Absorption chillers powered by solar-power technology are becoming more compatible for large chilling applications. Their demand is also gaining traction as solar-powered absorption chilling systems provide maximum cooling performance at minimal power consumption, thus reducing the impact of conditioning systems on spiking power bills during summers.
Additionally, the demand for absorption chillers is also expected to grow on the account of their extensive use to cool down hot inlet temperatures of turbines & engines. Absorption chillers are the perfect solution to utilize undue heat generated from the turbines for powering chillers at negligible fuel costs. Companies manufacturing absorption chillers are also estimated to benefit from rising adoption of absorption chiller by end-use industries in order to comply with industrial norms for environmental sustainability. The report has profiled leading manufacturers of absorption chillers, which include Broad Air Conditioning Co. Ltd., Thermax Inc., Shuangliang Eco-Energy Systems Co. Ltd., Carrier Corporation, EAW Energieanlagenbau GmbH, Trane Inc., Kawasaki Thermal Engineering Co., Ltd., Johnson Controls, Inc., Hyundai Climate Control Co., Ltd., Robur Corporation, and Yazaki Corporation.
With nearly 85% share, double stage absorption technology will dominate the market revenues by 2025-end. Li-Br (Lithium Bromide) absorbers will also have a similar contribution to global sales of absorption chillers, accounting for more than 90% of revenues throughout the forecast period. On the basis of power source, direct-fired absorption chiller will dominate the market revenues, while in-direct fired absorption chillers will incur a value CAGR of 6.5%. Industrial application of absorption chillers are poised to account for 88% of the market revenues, while demand for non-industrial applications will incur a spurt in terms of revenue growth post-2022.
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