New York, NY, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Absorption Chillers Market By Type of Refrigerant (Ammonia, Lithium Bromide), Source of Energy (Gas Fired, Steam Heated, Direct Fired, Hot Water Heated), By Application (Commercial, Residential, Industrial) and By Region Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
According to the research study, the global Absorption Chillers Market was estimated at USD 6,290 million in 2019 and is expected to reach USD 9,640 million by 2026. The global Absorption Chillers Market is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2019 to 2026.
The Global Absorption Chillers Device Market Is Powered By Economic Development, Technological Advancement, Rising Demand from Chemical and Petrochemical Industry.
The absorption chiller is the refrigeration system that uses a heat source to provide the energy needed to drive the cooling process. In this system two different fluids as a refrigerant and coolant. These two fluids have a high affinity for each other. For example. In a water-lithium bromide vapor absorption refrigeration system, water is used as the refrigerant while lithium bromide (Li Br) is used as the absorbent. In the absorber, the lithium bromide absorbs the water refrigerant, creating a solution of water and lithium bromide. The refrigerant changes the phase from liquid to vapor and circulates the system. Generally, heat from the waste drives the cooling process. The high affinity of the refrigerant for the absorbent (usually lithium bromide or ammonia) causes the refrigerant to boil at a lower temperature and pressure than it normally would and transfers heat from one place to another.
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- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Absorption chiller technology has evolved tremendously in the recent past. Absorption chillers are used across the globe where natural gas or waste heat source is available. Increased ability to use waste heat source and water as a refrigerant has made absorption chiller one of the most viable options for industrial and commercial purposes. In many situations, the business case for absorption chillers is surprisingly strong due to the stable/low cost of natural gas, the rising cost of electricity, or grid congestion, and the focus on natural refrigerants. As absorption chillers are driven by low-cost waste heat is reduces the operational cost of chillers. This equipment with added innovation have turned out very flexible This property has enabled numerous uses of absorption chiller from cruise vessels, air cooling operations, oil refinery or petrochemical plants. There is a misconception regarding the crystallization of lithium bromide solution. Modern Absorption chillers are designed with PLC control which enables the chiller to stay away from the zone of crystallization
Top Market Players
Some of the leading and top companies in the absorption chiller market are Century Corporation, Shuangliang Eco-Energy Systems, Johnson Controls, Thermax, Broad Air Conditioning, Yazaki Energy Systems, and Carrier Corporation. Other prominent industry players are Hitachi Appliances, EAW Energieanlagenbau, LG Air Conditioning, Robur Group, Shuangliang Eco-Energy Systems, and Trane.
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The demand for absorption chillers is expected to be driven by the rising demand for cooling systems in industrial applications. These cost-effective cooling systems are efficient and require less maintenance as compared to others. Proliferating uses of chillers in the chemical and petrochemical industry are the major drivers of the absorption chillers market. Day by day there is an escalation in the cost of electricity as the demand for energy is increasing as compared to its supply. Therefore the use of economical alternative sources becomes advisable in such a scenario. Moreover, major industrial players are nudging themselves towards a green economy and supporting the movement of sustainable development. Absorption chillers are environment friendly as compared to other technology owing to lesser emission of toxic gases. Increasing stringent regulations by the regulating agencies have also fuelled the demand for absorption chillers. However, higher installation costs and lack of awareness about absorption chillers are restraining factor on the growth of the market.
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The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the Absorption Chillers sector. Key strategic developments in the Absorption Chillers market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the Absorption Chillers market are appropriately highlighted in the report.
The global Absorption Chillers market is experiencing significant growth that is expected to continue over the upcoming years. With a massive rise in the demand for Media and Entertainment, Construction is likely to act as a key driver of the global Absorption Chillers market.
The Absorption Chillers market research report delivers an acute valuation and taxonomy of the Absorption Chillers industry by practically splitting the market on the basis of different, applications, industry end-user, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
Browse the full “Absorption Chillers Market By Type of Refrigerant (Ammonia, Lithium Bromide), Source of Energy (Gas Fired, Steam Heated, Direct Fired, Hot Water Heated), By Application ( Commercial, Residential, Industrial ) and By Region Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/absorption-chillers-market
Absorption Chillers Market: Regional Analysis
In terms of geography, the APAC region will show considerable growth in the market owing to increased investment in alternative sources of energy like solar, geothermal, and nuclear energy. Europe will continue to register a high growth rate in the forecast period due to the high demand from the residential and construction industry in HVAC systems.
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Key Insights from Primary Research
- Increased demand for the aromatic cooling system in the industrial market.
- Low maintenance cost and low operating cost is driving the absorption chillers market
- Development of research and development in the cooling systems in emerging economies.
Key Recommendations from Analysts
- Rising demand for sustainable development and a green economy is anticipated to drive the market.
- Asia Pacific region is anticipated to a larger share of the absorption chillers market in the upcoming years.
- Liquid Bromide refrigerant is expected to be at the center of the development of the market.
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