Global Absorption Chillers Market to Reach $910.7 Million by 2027
Amid the COVID-19 crisis, the global market for Absorption Chillers estimated at US$757.2 Million in the year 2020, is projected to reach a revised size of US$910.7 Million by 2027, growing at a CAGR of 2.7% over the period 2020-2027.
The U.S. Market is Estimated at $204.7 Million, While China is Forecast to Grow at 5% CAGR
The Absorption Chillers market in the U.S. is estimated at US$204.7 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$183 Million by the year 2027 trailing a CAGR of 5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.7% and 2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR.
Select Competitors (Total 29 Featured):
Amid the COVID-19 crisis, the global market for Absorption Chillers estimated at US$757.2 Million in the year 2020, is projected to reach a revised size of US$910.7 Million by 2027, growing at a CAGR of 2.7% over the period 2020-2027.
The U.S. Market is Estimated at $204.7 Million, While China is Forecast to Grow at 5% CAGR
The Absorption Chillers market in the U.S. is estimated at US$204.7 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$183 Million by the year 2027 trailing a CAGR of 5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.7% and 2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR.
Select Competitors (Total 29 Featured):
- Carrier Corporation
- Century Corporation
- CNIM Group
- Colibri-bv
- EAW Energieanlagenbau GmbH
- Ebara Refrigeration Equipment & Systems Co., Ltd.
- Hitachi Appliances Inc.
- Johnson Controls
- LG Electronics
- Robur SpA
- Shuangliang Eco-Energy Systems Co., Ltd.
- Thermax Limited
- Trane Inc.
- Yazaki Energy Systems Inc.
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I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Absorption Chillers: Providing Eco-friendly and Useful Cooling through Re-use of Low Temperature Waste Energy
- Recent Market Activity
- The Urgent Need to Replace Compressor-Based Cooling Systems Drive Widespread Adoption
- Absorption Chillers Superiority over Traditional Compression Chillers
- Market Fortunes Intrinsically Tied to the Overall Chillers Market Dynamics
- Global Market Outlook
- Asia-Pacific Continues to Dominate the Global Market, Also Offers Significant Growth Opportunities
- Continued Recovery in Global GDP & Manufacturing PMI Signals Optimistic Outlook
- Despite Slowdown in Economic Growth, China Continues to Dominate Global Sales of Absorption Chillers
- Impact of Covid-19 and a Looming Global Recession
- Broad Air Conditioning Co., Ltd. (China)
- Carrier Corporation (USA)
- Century Corporation (Korea)
- CNIM Group (France)
- Colibri-bv (The Netherlands)
- EAW Energieanlagenbau GmbH (Germany)
- Ebara Refrigeration Equipment & Systems Co., Ltd. (Japan)
- Hitachi Appliances, Inc. (Japan)
- Johnson Controls International Plc (Ireland)
- LG Electronics (Korea)
- Shuangliang Eco-Energy Systems Co., Ltd. (China)
- Robur S.p.A. (Italy)
- Thermax Limited (India)
- Thermax Inc. (USA)
- Trane Inc. (USA)
- Worldenergy Absorption Chillers Europe Ltd. (Ireland/Korea)
- Yazaki Energy Systems Inc. (USA)
- Focus on Achieving Energy Efficiencies Make Absorption Chillers the Perfect Candidate for CHP/Cogeneration Systems
- Lower Operational Costs and Better Power Reliability Spur Demand for Absorption Chiller Based CHP in Data Centers
- Growth Drivers
- Growth Restraints
- Steady Demand from Various End-use Applications Drive Healthy Market Growth for Absorption Chillers
- Sophisticated Technologies for Absorption Chillers Improve Maintainability, Efficiency, and Flexibility
- Absorption Chillers Provide a ‘Green’ Strategy for Various Industries
- Growing Adoption of Trigeneration and Quattrogeneration Technologies Benefit Market Expansion
- Lithium Bromide Absorption Chillers: Preferred Cooling Solution for Trigeneration Systems
- Rise in Electricity Usage for Industrial, Commercial, and Residential Cooling Drives Demand for the Energy-Efficient Absorption Chillers
- Environmental Concerns Drive Business Case for Absorption Chillers
- Kyoto Protocol Implementation Augurs Well for Solar & Waste Heat Powered Chillers
- Indirect Fired Absorption Chillers: The Best Bet for Environmental Cause
- Favorable Government Initiatives & Regulatory Measures Lends Traction to Market Adoption
- Surging Energy Consumption Propels Demand for Absorption Chillers
- Focus on Reducing Energy Costs Bodes Well for Absorption Chillers
- Urbanization: A Mega Trend Spurring Demand for Cooling Solutions
- Industry Promotional & Marketing Efforts Benefit the Market
- Demonstration Projects: A Launch Pad for Absorption Chillers
- Training and Marketing Initiatives to Foster Awareness Levels
- Other initiatives
- Key Concerns & Challenges Hampering Market Prospects for Absorption Chillers
- Stiff Competition from Popular Chiller Categories
- Robust Increase in Sales of Centrifugal Chillers
- Lack of Awareness
- High Cost
- Less Efficient in Comparison with Mechanical Chillers
- Low Thermal Efficiency of Single Effect Systems
- Requirement of Higher Pump Energy
- Necessitates Larger Cooling Tower
- Risks Due to Air Leaks
- Crystallization
- High Costs of Manufacturing
- Other Concerns
- INNOVATIONS & ADVANCEMENTS
- Two-Step E/A Technology Enhance Performance of Single Effect and Double Effect Absorption Chillers
- Smart Chillers: A Key Enabler of Connected Buildings
- Biomass-Powered Thermochiller
- Small Size Ammonia Water Absorption Chillers with Higher COP
- Water-Cooled Technology Lowers Operational Costs
- Triple-Effect Absorption Chillers: An Upcoming Technology
- Modular Micro-Channel Chillers Provide Significant Energy Savings
- Compact Absorption Chillers
- Table 1: World Current & Future Analysis for Absorption Chillers by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2020 through 2027 and % CAGR
- Table 2: World 7-Year Perspective for Absorption Chillers by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2020 & 2027
- UNITED STATES
- Table 3: USA Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- CANADA
- Table 4: Canada Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- JAPAN
- Table 5: Japan Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- CHINA
- Table 6: China Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- EUROPE
- Table 7: Europe Current & Future Analysis for Absorption Chillers by Geographic Region - France, Germany, Italy, UK, Spain, Russia and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2020 through 2027 and % CAGR
- Table 8: Europe 7-Year Perspective for Absorption Chillers by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK, Spain, Russia and Rest of Europe Markets for Years 2020 & 2027
- FRANCE
- Table 9: France Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- GERMANY
- Table 10: Germany Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- ITALY
- Table 11: Italy Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- UNITED KINGDOM
- Table 12: UK Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- SPAIN
- Table 13: Spain Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- RUSSIA
- Table 14: Russia Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- REST OF EUROPE
- Table 15: Rest of Europe Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- ASIA-PACIFIC
- Table 16: Asia-Pacific Current & Future Analysis for Absorption Chillers by Geographic Region - Australia, India, South Korea and Rest of Asia-Pacific Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2020 through 2027 and % CAGR
- Table 17: Asia-Pacific 7-Year Perspective for Absorption Chillers by Geographic Region - Percentage Breakdown of Value Sales for Australia, India, South Korea and Rest of Asia-Pacific Markets for Years 2020 & 2027
- AUSTRALIA
- Table 18: Australia Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- INDIA
- Table 19: India Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- SOUTH KOREA
- Table 20: South Korea Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- REST OF ASIA-PACIFIC
- Table 21: Rest of Asia-Pacific Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- LATIN AMERICA
- Table 22: Latin America Current & Future Analysis for Absorption Chillers by Geographic Region - Argentina, Brazil, Mexico and Rest of Latin America Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2020 through 2027 and % CAGR
- Table 23: Latin America 7-Year Perspective for Absorption Chillers by Geographic Region - Percentage Breakdown of Value Sales for Argentina, Brazil, Mexico and Rest of Latin America Markets for Years 2020 & 2027
- ARGENTINA
- Table 24: Argentina Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- BRAZIL
- Table 25: Brazil Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- MEXICO
- Table 26: Mexico Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- REST OF LATIN AMERICA
- Table 27: Rest of Latin America Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- MIDDLE EAST
- Table 28: Middle East Current & Future Analysis for Absorption Chillers by Geographic Region - Iran, Israel, Saudi Arabia, UAE and Rest of Middle East Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2020 through 2027 and % CAGR
- Table 29: Middle East 7-Year Perspective for Absorption Chillers by Geographic Region - Percentage Breakdown of Value Sales for Iran, Israel, Saudi Arabia, UAE and Rest of Middle East Markets for Years 2020 & 2027
- IRAN
- Table 30: Iran Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- ISRAEL
- Table 31: Israel Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- SAUDI ARABIA
- Table 32: Saudi Arabia Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- UNITED ARAB EMIRATES
- Table 33: UAE Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- REST OF MIDDLE EAST
- Table 34: Rest of Middle East Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- AFRICA
- Table 35: Africa Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2020 through 2027 and % CAGR
- Total Companies Profiled: 29
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