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Absorption Chillers: Global Strategic Business Report

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    Report

  • 267 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 1882071

Global Absorption Chillers Market to Reach $1.7 Billion by 2030

The global market for Absorption Chillers estimated at US$1.4 Billion in the year 2022, is projected to reach a revised size of US$1.7 Billion by 2030, growing at a CAGR of 2.6% over the analysis period 2022-2030. HVAC, one of the segments analyzed in the report, is projected to record 2.2% CAGR and reach US$1 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Industrial segment is readjusted to a revised 3.1% CAGR for the next 8-year period.

The U.S. Market is Estimated at $381 Million, While China is Forecast to Grow at 5.2% CAGR

The Absorption Chillers market in the U.S. is estimated at US$381 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$333.3 Million by the year 2030 trailing a CAGR of 5.2% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.2% and 1.5% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 0.8% 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.

What's New?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Table of Contents

I. METHODOLOGYII. 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
  • Absorption Chillers - Global Key Competitors Percentage Market Share in 2022 (E)
  • Impact of Covid-19 and a Looming Global Recession
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
  • 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)
3. MARKET TRENDS & DRIVERS
  • 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
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Recent Past, 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 2022 through 2030 and % CAGR
  • Table 2: World 8-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 2023 & 2030
  • Table 3: World Recent Past, 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 2022 through 2030 and % CAGR
  • Table 4: World 8-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 for Years 2023 & 2030
  • Table 5: World Recent Past, Current & Future Analysis for HVAC 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 2022 through 2030 and % CAGR
  • Table 6: World 8-Year Perspective for HVAC by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2023 & 2030
  • Table 7: World Recent Past, Current & Future Analysis for Industrial 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 2022 through 2030 and % CAGR
  • Table 8: World 8-Year Perspective for Industrial by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2023 & 2030
  • Table 9: World Absorption Chillers Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
III. MARKET ANALYSIS
UNITED STATES
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • Table 10: USA Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 11: USA 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 12: USA Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 13: USA 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
CANADA
  • Table 14: Canada Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 15: Canada 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 16: Canada Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 17: Canada 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
JAPAN
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
  • Table 18: Japan Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 19: Japan 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 20: Japan Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 21: Japan 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
CHINA
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • Table 22: China Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 23: China 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 24: China Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 25: China 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
EUROPE
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • Table 26: Europe Recent Past, 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 2022 through 2030 and % CAGR
  • Table 27: Europe 8-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 2023 & 2030
  • Table 28: Europe Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 29: Europe 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 30: Europe Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 31: Europe 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
FRANCE
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
  • Table 32: France Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 33: France 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 34: France Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 35: France 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
GERMANY
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
  • Table 36: Germany Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 37: Germany 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 38: Germany Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 39: Germany 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
ITALY
  • Table 40: Italy Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 41: Italy 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 42: Italy Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 43: Italy 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
UNITED KINGDOM
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
  • Table 44: UK Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 45: UK 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 46: UK Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 47: UK 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
SPAIN
  • Table 48: Spain Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 49: Spain 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 50: Spain Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 51: Spain 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
RUSSIA
  • Table 52: Russia Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 53: Russia 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 54: Russia Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 55: Russia 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
REST OF EUROPE
  • Table 56: Rest of Europe Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 57: Rest of Europe 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 58: Rest of Europe Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 59: Rest of Europe 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
ASIA-PACIFIC
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • Table 60: Asia-Pacific Recent Past, 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 2022 through 2030 and % CAGR
  • Table 61: Asia-Pacific 8-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 2023 & 2030
  • Table 62: Asia-Pacific Recent Past, Current & Future Analysis for Absorption Chillers by Segment - Absorption Chillers - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 63: Asia-Pacific 8-Year Perspective for Absorption Chillers by Segment - Percentage Breakdown of Value Sales for Absorption Chillers for the Years 2023 & 2030
  • Table 64: Asia-Pacific Recent Past, Current & Future Analysis for Absorption Chillers by Application - HVAC and Industrial - Independent Analysis of Annual Sales in US$ Thousand for the Years 2022 through 2030 and % CAGR
  • Table 65: Asia-Pacific 8-Year Perspective for Absorption Chillers by Application - Percentage Breakdown of Value Sales for HVAC and Industrial for the Years 2023 & 2030
AUSTRALIA
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
INDIA
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EAST
AFRICA
  • Absorption Chillers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
IV. COMPETITION

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • 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.

Table Information