Rockville , Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global Absorption Chiller Market is estimated to be valued at US$ 1.51 billion in 2023 and is predicted to expand at a CAGR of 4.7% from 2023 to 2033, as per a new study by analysts at Fact.MR.
Industries such as chemicals, food & beverages, petroleum, power, and pulp & paper are experiencing rapid growth, resulting in an increased demand for absorption chillers. The need for efficient cooling solutions to maintain optimal operating conditions is on the rise. Absorption chillers are the preferred choice due to their precise and reliable temperature control capabilities.
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Key Segments of Absorption Chiller Industry Research Report
| By Absorber Type | By Power Source | By Application | By Technology |
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Industries are always looking for low energy consumption and sustainable cooling solutions, and absorption chillers are a remarkable option. Absorption chillers, known for their eco-friendly attributes, generate cooling through waste heat, water, and renewable energy sources. The industry's growth and emphasis on sustainability have spurred demand for absorption chillers, a trend projected to persist as industries prioritize energy efficiency, power efficiency, and environmental responsibility.
Key Takeaways from Market Study
- The global absorption chiller market is projected to advance at 4.7% CAGR and reach US$ 2.39 billion by 2033-end.
- The market was valued at US$ 1.47 billion in 2022 after expanding at a CAGR of 3% from 2018 to 2022.
- The industrial segment is projected to expand at a CAGR of 5.3% from 2023 to 2033.
- The market in China is forecasted to expand at a CAGR of 6.1% during the forecast period.
“Emphasis on sustainability stimulating the demand for absorption chillers due to their energy efficiency aspect,” says a Fact.MR analyst.
Market Growth Developments
Market players are adopting various strategies to strengthen their position and capitalize on emerging opportunities. Some of these strategies include identifying the target, advancing the technology, expanding their innovation, and increasing environmental sustainability, production, procurement, and supply chain. Establishing strategic partnerships with other industry stakeholders to access new markets and distribution channels.
Players are also investing in marketing and branding efforts to raise awareness about the benefits of their products are differentiate themselves from other competitors. By pursuing these growth strategies, market players aim to foster sustainable growth, gain a competitive edge, and meet market demands.
Key Companies Profiled
- Robur Corporation
- Trane, Inc.
- Carrier Corporation
- LG Electronics, Inc.
- Thermax Limited
- Shuangliang Eco-Energy Systems Co. Ltd.
- Kawasaki Thermal Engineering Co., Ltd.
- Hyundai Climate Control Co. Ltd
- Yazaki Corporation
- World Energy
- BROAD Group
- EAW Energieanlagenbau GmbH
- Colibri BV
- Johnson Controls
- Hitachi Air Conditioning
- Helioclim
- MultiChill Technologies Inc.
- Kirloskar Pneumatic Company Ltd.
- Century Corporation
| Report Attribute | Details | |
| Value Projection (2033) | USD 2.39 Billion | |
| Growth Rate (2023-2033) | 4.7% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 160 Tables | |
| No. of Figures | 131 Figures | |
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In 2023, the United States holds a notable 13.8% of the global market share for absorption chillers. The country possesses a diverse industrial landscape, encompassing manufacturing, technology, and services, generating a substantial demand for cooling solutions across both industrial and non-industrial sectors. Absorption chillers are a preferred choice for these applications due to their alignment with energy efficiency and environmental sustainability objectives highly emphasized in the US market.
The government actively incentivizes and regulates the utilization of energy-efficient cooling systems, including absorption chillers, further propelling their adoption. Consequently, the United States stands at the forefront in embracing advanced and sustainable cooling technologies, securing a prominent position in the absorption chillers industry.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the absorption chiller market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals essential insights based on power source (direct-fired, non-industrial, water-driven), application (non-industrial, industrial [chemicals, food & beverages, petroleum, power, pulp & paper, other industries]), absorber type (lithium bromide, ammonia), and technology (single stage, double stage), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
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