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Absorption Chillers Market By Refrigerant Type, By Energy Source, By Application, By End-User Industry: Global Opportunity Analysis and Industry Forecast, 2018-2031

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    Report

  • 352 Pages
  • January 2023
  • Region: Global
  • Allied Market Research
  • ID: 5751066
An absorption chiller is an industrial-sized machinery used for providing chilled air or water for industrial, commercial, and residential applications. When installed, absorption chiller is responsible for maintaining a cold temperature in a space such as living space, and cold storages, as well as for cooling processes in industries.

Key factors driving the growth of the absorption chillers market include increasing demand from industrial & IT sectors, increasing number of institutional and commercial buildings, and increasing Demand for Fuel & Electricity. The rise in global population and urbanization is driving demand for fuel and electricity, for domestic commercial, and industrial use, which in turn is driving the growth of the energy sector. Petrochemical industries use high temperatures to separate constituents of crude oil. During this process a vast amount of energy is released unused in the form of hot water, flue gases, used steam, and others. To make efficient use of this energy, which would otherwise be left unused, industries make use of absorption chillers which use hot water, flue gases, and used steam as its primary energy source. The absorption chillers produce cooling for air conditioning, as well as process cooling. Moreover, to meet the rising demand for energy, public and private entities are building petrochemical processing plants and power plants. For instance, in March 2022, Aramco along with North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group planned to develop a petroleum refinery with 300,000 bpd capacity. Furthermore, Kineticor Resources Corp. is developing and constructing a gas fired power plant in Edson, Alberta, Canada. This project is estimated to be completed in 2023 at a cost of $1.5 billion. Such factors drive growth of the absorption chillers market.

Absorption chillers are superior to other compressor-based chillers in many respects, including sustainability and eco-friendliness. An absorption chiller requires a heat source to function which can be extracted by recycling hot process water, hot air, steam, sun, or direct flame; thereby, preventing expensive electricity bills. Since it does not require electricity, it is highly suitable for places facing frequent power cuts. Moreover, a majority of the gases used in refrigerants incorporated in other types of chillers are hydrofluorocarbons (HFCs), which are infamous for causing greenhouse effects and are highly polluting in nature. It is estimated that around 25% of these refrigerants gets leaked annually. Contrarily, unlike other chillers, absorption chiller does not use highly toxic and environment degrading refrigerant, instead it uses a mixture of water and lithium bromide or ammonia, making it more environment friendly. Moreover, it has very few moving components, owing to the lack of compressors with electric motors; thus, it has a silent and more reliable operation. Such advantageous features of absorption chillers are expected to drive lucrative growth opportunities for the market growth.

The absorption chillers market is segmented on the basis of refrigerant type, energy source, application, end-user industry, and region. By refrigerant type, it is bifurcated into ammonia, and lithium bromide. By energy source the market is classified into steam heated, hot water treated, and others. By application the market is classified into food and beverages, oil and gas, chemicals, and others. By end-user industry, it is classified into residential, commercial, and industrial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the study include Carrier Global Corporation, Century Corporation, EAW Energieanlagenbau GmbH, Yazaki Corporation (Yazaki Energy Systems, Inc.), World Energy Co., Ltd., Kirloskar Group, Styne Group, Hitachi Ltd., Thermax Limited, LG Electronics Inc., Johnson Controls International plc, Shuangliang Eco-Energy Systems Company Ltd., BROAD U.S.A. INC., Bry-Air (Asia) Pvt. Ltd., Shinsung Engineering, EBARA THERMAL, SYSTEMS (THAILAND) CO., LTD., Heinen and Hopman, Trane, Kawasaki Thermal Engineering Co., Ltd., and AGO AG Energie + Anlagen. The players in the market have been actively engaged in the adoption of various Strategies to remain competitive and gain an advantage over the competitors in the market.

Key Market Insights

By refrigerant type, the lithium bromide segment was the highest revenue contributor to the market and is estimated to reach $2,215.8 million by 2031. Moreover, the same segment is estimated to be the fastest-growing segment during the forecast period.

By source of energy, the hot water treated segment dominated the global market. However, the others segment is expected to be the fastest growing segment with a CAGR of 5.4% during the forecast period.

By application, the chemical segment was the highest revenue contributor to the market in 2021, and the food and beverages segment is expected to grow with a CAGR of 5.4% during the forecast period
Based on end-user industry, the industrial segment was the highest revenue contributor to the market in 2021, and the commercial segment is expected to grow with a CAGR of 5.0% during the forecast period.

Based on region, Asia-Pacific garnered the largest revenue share in 2021, and LAMEA is anticipated to grow at the highest CAGR of 5.2% during the forecast period.

Key Market Segments

By Refrigerant Type

  • Ammonia
  • Lithium Bromide

By Energy Source

  • Hot Water Treated
  • Steam Heated

By Application

  • Food and Beverages
  • Oil and Gas
  • Chemical

By End-user Industry
  • Residential
  • Commercial
  • Industrial

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • UK
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE
  • Argentina
  • Egypt
  • Rest of LAMEA

Key Market Players

  • Century Corporation
  • World Energy Co., Ltd.
  • Kirloskar Group
  • Styne Group
  • Hitachi Ltd.
  • LG Electronics Inc.
  • Yazaki Corporation (Yazaki Energy Systems, Inc.)
  • EAW Energieanlagenbau GmbH
  • Thermax Limited
  • Johnson Controls International plc
  • Shuangliang Eco-Energy Systems Company Ltd.
  • BROAD U.S.A. INC.
  • Bry-Air (Asia) Pvt. Ltd.
  • Shinsung Engineering
  • EBARA THERMAL SYSTEMS (THAILAND) CO., LTD.
  • Heinen and Hopman
  • Trane
  • Kawasaki Thermal Engineering Co., Ltd.
  • AGO AG Energie + Anlagen
  • Carrier Global Corporation

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
3.3.1. Moderate bargaining power of suppliers
3.3.2. Moderate bargaining power of buyers
3.3.3. Moderate threat of substitutes
3.3.4. Moderate threat of new entrants
3.3.5. Moderate intensity of rivalry
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. Increasing demand from industrial and IT sectors
3.4.1.2. Increasing number of institutional and commercial buildings
3.4.1.3. Increasing demand for fuel & electricity
3.4.2. Restraints
3.4.2.1. High initial and maintenance cost
3.4.3. Opportunities
3.4.3.1. Rising popularity of sustainable and eco-friendly chillers.
3.5. COVID-19 Impact Analysis on the market

CHAPTER 4: ABSORPTION CHILLERS MARKET, BY REFRIGERANT TYPE
4.1. Overview
4.1.1. Market size and forecast
4.2. Ammonia
4.2.1. Key market trends, growth factors and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis by country
4.3. Lithium Bromide
4.3.1. Key market trends, growth factors and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis by country

CHAPTER 5: ABSORPTION CHILLERS MARKET, BY ENERGY SOURCE
5.1. Overview
5.1.1. Market size and forecast
5.2. Hot Water Treated
5.2.1. Key market trends, growth factors and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis by country
5.3. Steam Heated
5.3.1. Key market trends, growth factors and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis by country
5.4. Others
5.4.1. Key market trends, growth factors and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market share analysis by country

CHAPTER 6: ABSORPTION CHILLERS MARKET, BY APPLICATION
6.1. Overview
6.1.1. Market size and forecast
6.2. Food and Beverages
6.2.1. Key market trends, growth factors and opportunities
6.2.2. Market size and forecast, by region
6.2.3. Market share analysis by country
6.3. Oil and Gas
6.3.1. Key market trends, growth factors and opportunities
6.3.2. Market size and forecast, by region
6.3.3. Market share analysis by country
6.4. Chemical
6.4.1. Key market trends, growth factors and opportunities
6.4.2. Market size and forecast, by region
6.4.3. Market share analysis by country
6.5. Others
6.5.1. Key market trends, growth factors and opportunities
6.5.2. Market size and forecast, by region
6.5.3. Market share analysis by country

CHAPTER 7: ABSORPTION CHILLERS MARKET, BY END-USER INDUSTRY
7.1. Overview
7.1.1. Market size and forecast
7.2. Residential
7.2.1. Key market trends, growth factors and opportunities
7.2.2. Market size and forecast, by region
7.2.3. Market share analysis by country
7.3. Commercial
7.3.1. Key market trends, growth factors and opportunities
7.3.2. Market size and forecast, by region
7.3.3. Market share analysis by country
7.4. Industrial
7.4.1. Key market trends, growth factors and opportunities
7.4.2. Market size and forecast, by region
7.4.3. Market share analysis by country

CHAPTER 8: ABSORPTION CHILLERS MARKET, BY REGION
8.1. Overview
8.1.1. Market size and forecast By Region
8.2. North America
8.2.1. Key trends and opportunities
8.2.2. Market size and forecast, by Refrigerant Type
8.2.3. Market size and forecast, by Energy Source
8.2.4. Market size and forecast, by Application
8.2.5. Market size and forecast, by End-user Industry
8.2.6. Market size and forecast, by country
8.2.6.1. U.S.
8.2.6.1.1. Key market trends, growth factors and opportunities
8.2.6.1.2. Market size and forecast, by Refrigerant Type
8.2.6.1.3. Market size and forecast, by Energy Source
8.2.6.1.4. Market size and forecast, by Application
8.2.6.1.5. Market size and forecast, by End-user Industry
8.2.6.2. Canada
8.2.6.2.1. Key market trends, growth factors and opportunities
8.2.6.2.2. Market size and forecast, by Refrigerant Type
8.2.6.2.3. Market size and forecast, by Energy Source
8.2.6.2.4. Market size and forecast, by Application
8.2.6.2.5. Market size and forecast, by End-user Industry
8.2.6.3. Mexico
8.2.6.3.1. Key market trends, growth factors and opportunities
8.2.6.3.2. Market size and forecast, by Refrigerant Type
8.2.6.3.3. Market size and forecast, by Energy Source
8.2.6.3.4. Market size and forecast, by Application
8.2.6.3.5. Market size and forecast, by End-user Industry
8.3. Europe
8.3.1. Key trends and opportunities
8.3.2. Market size and forecast, by Refrigerant Type
8.3.3. Market size and forecast, by Energy Source
8.3.4. Market size and forecast, by Application
8.3.5. Market size and forecast, by End-user Industry
8.3.6. Market size and forecast, by country
8.3.6.1. Germany
8.3.6.1.1. Key market trends, growth factors and opportunities
8.3.6.1.2. Market size and forecast, by Refrigerant Type
8.3.6.1.3. Market size and forecast, by Energy Source
8.3.6.1.4. Market size and forecast, by Application
8.3.6.1.5. Market size and forecast, by End-user Industry
8.3.6.2. France
8.3.6.2.1. Key market trends, growth factors and opportunities
8.3.6.2.2. Market size and forecast, by Refrigerant Type
8.3.6.2.3. Market size and forecast, by Energy Source
8.3.6.2.4. Market size and forecast, by Application
8.3.6.2.5. Market size and forecast, by End-user Industry
8.3.6.3. UK
8.3.6.3.1. Key market trends, growth factors and opportunities
8.3.6.3.2. Market size and forecast, by Refrigerant Type
8.3.6.3.3. Market size and forecast, by Energy Source
8.3.6.3.4. Market size and forecast, by Application
8.3.6.3.5. Market size and forecast, by End-user Industry
8.3.6.4. Italy
8.3.6.4.1. Key market trends, growth factors and opportunities
8.3.6.4.2. Market size and forecast, by Refrigerant Type
8.3.6.4.3. Market size and forecast, by Energy Source
8.3.6.4.4. Market size and forecast, by Application
8.3.6.4.5. Market size and forecast, by End-user Industry
8.3.6.5. Rest of Europe
8.3.6.5.1. Key market trends, growth factors and opportunities
8.3.6.5.2. Market size and forecast, by Refrigerant Type
8.3.6.5.3. Market size and forecast, by Energy Source
8.3.6.5.4. Market size and forecast, by Application
8.3.6.5.5. Market size and forecast, by End-user Industry
8.4. Asia-Pacific
8.4.1. Key trends and opportunities
8.4.2. Market size and forecast, by Refrigerant Type
8.4.3. Market size and forecast, by Energy Source
8.4.4. Market size and forecast, by Application
8.4.5. Market size and forecast, by End-user Industry
8.4.6. Market size and forecast, by country
8.4.6.1. China
8.4.6.1.1. Key market trends, growth factors and opportunities
8.4.6.1.2. Market size and forecast, by Refrigerant Type
8.4.6.1.3. Market size and forecast, by Energy Source
8.4.6.1.4. Market size and forecast, by Application
8.4.6.1.5. Market size and forecast, by End-user Industry
8.4.6.2. India
8.4.6.2.1. Key market trends, growth factors and opportunities
8.4.6.2.2. Market size and forecast, by Refrigerant Type
8.4.6.2.3. Market size and forecast, by Energy Source
8.4.6.2.4. Market size and forecast, by Application
8.4.6.2.5. Market size and forecast, by End-user Industry
8.4.6.3. Japan
8.4.6.3.1. Key market trends, growth factors and opportunities
8.4.6.3.2. Market size and forecast, by Refrigerant Type
8.4.6.3.3. Market size and forecast, by Energy Source
8.4.6.3.4. Market size and forecast, by Application
8.4.6.3.5. Market size and forecast, by End-user Industry
8.4.6.4. South Korea
8.4.6.4.1. Key market trends, growth factors and opportunities
8.4.6.4.2. Market size and forecast, by Refrigerant Type
8.4.6.4.3. Market size and forecast, by Energy Source
8.4.6.4.4. Market size and forecast, by Application
8.4.6.4.5. Market size and forecast, by End-user Industry
8.4.6.5. Rest of Asia-Pacific
8.4.6.5.1. Key market trends, growth factors and opportunities
8.4.6.5.2. Market size and forecast, by Refrigerant Type
8.4.6.5.3. Market size and forecast, by Energy Source
8.4.6.5.4. Market size and forecast, by Application
8.4.6.5.5. Market size and forecast, by End-user Industry
8.5. LAMEA
8.5.1. Key trends and opportunities
8.5.2. Market size and forecast, by Refrigerant Type
8.5.3. Market size and forecast, by Energy Source
8.5.4. Market size and forecast, by Application
8.5.5. Market size and forecast, by End-user Industry
8.5.6. Market size and forecast, by country
8.5.6.1. Brazil
8.5.6.1.1. Key market trends, growth factors and opportunities
8.5.6.1.2. Market size and forecast, by Refrigerant Type
8.5.6.1.3. Market size and forecast, by Energy Source
8.5.6.1.4. Market size and forecast, by Application
8.5.6.1.5. Market size and forecast, by End-user Industry
8.5.6.2. South Africa
8.5.6.2.1. Key market trends, growth factors and opportunities
8.5.6.2.2. Market size and forecast, by Refrigerant Type
8.5.6.2.3. Market size and forecast, by Energy Source
8.5.6.2.4. Market size and forecast, by Application
8.5.6.2.5. Market size and forecast, by End-user Industry
8.5.6.3. Saudi Arabia
8.5.6.3.1. Key market trends, growth factors and opportunities
8.5.6.3.2. Market size and forecast, by Refrigerant Type
8.5.6.3.3. Market size and forecast, by Energy Source
8.5.6.3.4. Market size and forecast, by Application
8.5.6.3.5. Market size and forecast, by End-user Industry
8.5.6.4. UAE
8.5.6.4.1. Key market trends, growth factors and opportunities
8.5.6.4.2. Market size and forecast, by Refrigerant Type
8.5.6.4.3. Market size and forecast, by Energy Source
8.5.6.4.4. Market size and forecast, by Application
8.5.6.4.5. Market size and forecast, by End-user Industry
8.5.6.5. Argentina
8.5.6.5.1. Key market trends, growth factors and opportunities
8.5.6.5.2. Market size and forecast, by Refrigerant Type
8.5.6.5.3. Market size and forecast, by Energy Source
8.5.6.5.4. Market size and forecast, by Application
8.5.6.5.5. Market size and forecast, by End-user Industry
8.5.6.6. Egypt
8.5.6.6.1. Key market trends, growth factors and opportunities
8.5.6.6.2. Market size and forecast, by Refrigerant Type
8.5.6.6.3. Market size and forecast, by Energy Source
8.5.6.6.4. Market size and forecast, by Application
8.5.6.6.5. Market size and forecast, by End-user Industry
8.5.6.7. Rest of LAMEA
8.5.6.7.1. Key market trends, growth factors and opportunities
8.5.6.7.2. Market size and forecast, by Refrigerant Type
8.5.6.7.3. Market size and forecast, by Energy Source
8.5.6.7.4. Market size and forecast, by Application
8.5.6.7.5. Market size and forecast, by End-user Industry

CHAPTER 9: COMPETITIVE LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product Mapping of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Top player positioning, 2018

CHAPTER 10: COMPANY PROFILES
10.1. Carrier Global Corporation
10.1.1. Company overview
10.1.2. Key Executives
10.1.3. Company snapshot
10.1.4. Operating business segments
10.1.5. Product portfolio
10.1.6. Business performance
10.2. Century Corporation
10.2.1. Company overview
10.2.2. Key Executives
10.2.3. Company snapshot
10.2.4. Operating business segments
10.2.5. Product portfolio
10.3. EAW Energieanlagenbau GmbH
10.3.1. Company overview
10.3.2. Key Executives
10.3.3. Company snapshot
10.3.4. Operating business segments
10.3.5. Product portfolio
10.4. Yazaki Corporation (Yazaki Energy Systems, Inc.)
10.4.1. Company overview
10.4.2. Key Executives
10.4.3. Company snapshot
10.4.4. Operating business segments
10.4.5. Product portfolio
10.4.6. Business performance
10.5. World Energy Co., Ltd.
10.5.1. Company overview
10.5.2. Key Executives
10.5.3. Company snapshot
10.5.4. Operating business segments
10.5.5. Product portfolio
10.6. Kirloskar Group
10.6.1. Company overview
10.6.2. Key Executives
10.6.3. Company snapshot
10.6.4. Operating business segments
10.6.5. Product portfolio
10.6.6. Business performance
10.7. Styne Group
10.7.1. Company overview
10.7.2. Key Executives
10.7.3. Company snapshot
10.7.4. Operating business segments
10.7.5. Product portfolio
10.8. Hitachi Ltd.
10.8.1. Company overview
10.8.2. Key Executives
10.8.3. Company snapshot
10.8.4. Operating business segments
10.8.5. Product portfolio
10.8.6. Business performance
10.9. Thermax Limited
10.9.1. Company overview
10.9.2. Key Executives
10.9.3. Company snapshot
10.9.4. Operating business segments
10.9.5. Product portfolio
10.9.6. Business performance
10.10. LG Electronics Inc.
10.10.1. Company overview
10.10.2. Key Executives
10.10.3. Company snapshot
10.10.4. Operating business segments
10.10.5. Product portfolio
10.10.6. Business performance
10.11. Johnson Controls International plc
10.11.1. Company overview
10.11.2. Key Executives
10.11.3. Company snapshot
10.11.4. Operating business segments
10.11.5. Product portfolio
10.11.6. Business performance
10.12. Shuangliang Eco-Energy Systems Company Ltd.
10.12.1. Company overview
10.12.2. Key Executives
10.12.3. Company snapshot
10.12.4. Operating business segments
10.12.5. Product portfolio
10.13. BROAD U.S.A. INC.
10.13.1. Company overview
10.13.2. Key Executives
10.13.3. Company snapshot
10.13.4. Operating business segments
10.13.5. Product portfolio
10.14. Bry-Air (Asia) Pvt. Ltd.
10.14.1. Company overview
10.14.2. Key Executives
10.14.3. Company snapshot
10.14.4. Operating business segments
10.14.5. Product portfolio
10.15. Shinsung Engineering
10.15.1. Company overview
10.15.2. Key Executives
10.15.3. Company snapshot
10.15.4. Operating business segments
10.15.5. Product portfolio
10.16. EBARA THERMAL SYSTEMS (THAILAND) CO., LTD.
10.16.1. Company overview
10.16.2. Key Executives
10.16.3. Company snapshot
10.16.4. Operating business segments
10.16.5. Product portfolio
10.16.6. Business performance
10.17. Heinen and Hopman
10.17.1. Company overview
10.17.2. Key Executives
10.17.3. Company snapshot
10.17.4. Operating business segments
10.17.5. Product portfolio
10.18. Trane
10.18.1. Company overview
10.18.2. Key Executives
10.18.3. Company snapshot
10.18.4. Operating business segments
10.18.5. Product portfolio
10.18.6. Business performance
10.19. Kawasaki Thermal Engineering Co., Ltd.
10.19.1. Company overview
10.19.2. Key Executives
10.19.3. Company snapshot
10.19.4. Operating business segments
10.19.5. Product portfolio
10.19.6. Business performance
10.20. AGO AG Energie + Anlagen
10.20.1. Company overview
10.20.2. Key Executives
10.20.3. Company snapshot
10.20.4. Operating business segments
10.20.5. Product portfolio

List of Tables
Table 01. Global Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 02. Absorption Chillers Market for Ammonia, by Region, 2018-2031 (Revenue, $Million)
Table 03. Absorption Chillers Market for Lithium Bromide, by Region, 2018-2031 (Revenue, $Million)
Table 04. Global Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 05. Absorption Chillers Market for Hot Water Treated, by Region, 2018-2031 (Revenue, $Million)
Table 06. Absorption Chillers Market for Steam Heated, by Region, 2018-2031 (Revenue, $Million)
Table 07. Absorption Chillers Market for Others, by Region, 2018-2031 (Revenue, $Million)
Table 08. Global Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 09. Absorption Chillers Market for Food and Beverages, by Region, 2018-2031 (Revenue, $Million)
Table 10. Absorption Chillers Market for Oil and Gas, by Region, 2018-2031 (Revenue, $Million)
Table 11. Absorption Chillers Market for Chemical, by Region, 2018-2031 (Revenue, $Million)
Table 12. Absorption Chillers Market for Others, by Region, 2018-2031 (Revenue, $Million)
Table 13. Global Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 14. Absorption Chillers Market for Residential, by Region, 2018-2031 (Revenue, $Million)
Table 15. Absorption Chillers Market for Commercial, by Region, 2018-2031 (Revenue, $Million)
Table 16. Absorption Chillers Market for Industrial, by Region, 2018-2031 (Revenue, $Million)
Table 17. Absorption Chillers Market, by Region, 2018-2031 (Revenue, $Million)
Table 18. North America Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 19. North America Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 20. North America Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 21. North America Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 22. North America Absorption Chillers Market, by Country, 2018-2031 (Revenue, $Million)
Table 23. U.S. Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 24. U.S. Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 25. U.S. Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 26. U.S. Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 27. Canada Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 28. Canada Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 29. Canada Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 30. Canada Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 31. Mexico Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 32. Mexico Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 33. Mexico Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 34. Mexico Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 35. Europe Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 36. Europe Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 37. Europe Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 38. Europe Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 39. Europe Absorption Chillers Market, by Country, 2018-2031 (Revenue, $Million)
Table 40. Germany Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 41. Germany Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 42. Germany Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 43. Germany Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 44. France Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 45. France Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 46. France Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 47. France Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 48. UK Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 49. UK Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 50. UK Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 51. UK Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 52. Italy Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 53. Italy Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 54. Italy Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 55. Italy Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 56. Rest of Europe Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 57. Rest of Europe Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 58. Rest of Europe Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 59. Rest of Europe Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 60. Asia-Pacific Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 61. Asia-Pacific Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 62. Asia-Pacific Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 63. Asia-Pacific Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 64. Asia-Pacific Absorption Chillers Market, by Country, 2018-2031 (Revenue, $Million)
Table 65. China Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 66. China Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 67. China Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 68. China Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 69. India Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 70. India Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 71. India Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 72. India Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 73. Japan Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 74. Japan Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 75. Japan Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 76. Japan Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 77. South Korea Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 78. South Korea Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 79. South Korea Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 80. South Korea Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 81. Rest of Asia-Pacific Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 82. Rest of Asia-Pacific Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 83. Rest of Asia-Pacific Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 84. Rest of Asia-Pacific Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 85. LAMEA Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 86. LAMEA Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 87. LAMEA Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 88. LAMEA Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 89. LAMEA Absorption Chillers Market, by Country, 2018-2031 (Revenue, $Million)
Table 90. Brazil Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 91. Brazil Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 92. Brazil Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 93. Brazil Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 94. South Africa Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 95. South Africa Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 96. South Africa Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 97. South Africa Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 98. Saudi Arabia Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 99. Saudi Arabia Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 100. Saudi Arabia Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 101. Saudi Arabia Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 102. UAE Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 103. UAE Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 104. UAE Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 105. UAE Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 106. Argentina Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 107. Argentina Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 108. Argentina Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 109. Argentina Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 110. Egypt Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 111. Egypt Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 112. Egypt Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 113. Egypt Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 114. Rest of LAMEA Absorption Chillers Market, by Refrigerant Type, 2018-2031 (Revenue, $Million)
Table 115. Rest of LAMEA Absorption Chillers Market, by Energy Source, 2018-2031 (Revenue, $Million)
Table 116. Rest of LAMEA Absorption Chillers Market, by Application, 2018-2031 (Revenue, $Million)
Table 117. Rest of LAMEA Absorption Chillers Market, by End-user Industry, 2018-2031 (Revenue, $Million)
Table 118. Carrier Global Corporation: Key Executives
Table 119. Carrier Global Corporation: Company Snapshot
Table 120. Carrier Global Corporation: Product Segments
Table 121. Carrier Global Corporation: Product Portfolio
Table 122. Century Corporation: Key Executives
Table 123. Century Corporation: Company Snapshot
Table 124. Century Corporation: Product Segments
Table 125. Century Corporation: Product Portfolio
Table 126. Eaw Energieanlagenbau GmbH: Key Executives
Table 127. Eaw Energieanlagenbau GmbH: Company Snapshot
Table 128. Eaw Energieanlagenbau GmbH: Product Segments
Table 129. Eaw Energieanlagenbau GmbH: Product Portfolio
Table 130. Yazaki Corporation (Yazaki Energy Systems, Inc.): Key Executives
Table 131. Yazaki Corporation (Yazaki Energy Systems, Inc.): Company Snapshot
Table 132. Yazaki Corporation (Yazaki Energy Systems, Inc.): Product Segments
Table 133. Yazaki Corporation (Yazaki Energy Systems, Inc.): Product Portfolio
Table 134. World Energy Co. Ltd.: Key Executives
Table 135. World Energy Co. Ltd.: Company Snapshot
Table 136. World Energy Co. Ltd.: Product Segments
Table 137. World Energy Co. Ltd.: Product Portfolio
Table 138. Kirloskar Group: Key Executives
Table 139. Kirloskar Group: Company Snapshot
Table 140. Kirloskar Group: Product Segments
Table 141. Kirloskar Group: Product Portfolio
Table 142. Styne Group: Key Executives
Table 143. Styne Group: Company Snapshot
Table 144. Styne Group: Product Segments
Table 145. Styne Group: Product Portfolio
Table 146. Hitachi Ltd.: Key Executives
Table 147. Hitachi Ltd.: Company Snapshot
Table 148. Hitachi Ltd.: Product Segments
Table 149. Hitachi Ltd.: Service Segments
Table 150. Hitachi Ltd.: Product Portfolio
Table 151. Thermax Limited: Key Executives
Table 152. Thermax Limited: Company Snapshot
Table 153. Thermax Limited: Product Segments
Table 154. Thermax Limited: Product Portfolio
Table 155. Lg Electronics Inc.: Key Executives
Table 156. Lg Electronics Inc.: Company Snapshot
Table 157. Lg Electronics Inc.: Product Segments
Table 158. Lg Electronics Inc.: Product Portfolio
Table 159. Johnson Controls International PLC: Key Executives
Table 160. Johnson Controls International PLC: Company Snapshot
Table 161. Johnson Controls International PLC: Product Segments
Table 162. Johnson Controls International PLC: Product Portfolio
Table 163. Shuangliang Eco-Energy Systems Company Ltd.: Key Executives
Table 164. Shuangliang Eco-Energy Systems Company Ltd.: Company Snapshot
Table 165. Shuangliang Eco-Energy Systems Company Ltd.: Product Segments
Table 166. Shuangliang Eco-Energy Systems Company Ltd.: Product Portfolio
Table 167. Broad U.SA Inc.: Key Executives
Table 168. Broad U.SA Inc.: Company Snapshot
Table 169. Broad U.SA Inc.: Product Segments
Table 170. Broad U.SA Inc.: Product Portfolio
Table 171. Bry-Air (Asia) Pvt. Ltd.: Key Executives
Table 172. Bry-Air (Asia) Pvt. Ltd.: Company Snapshot
Table 173. Bry-Air (Asia) Pvt. Ltd.: Product Segments
Table 174. Bry-Air (Asia) Pvt. Ltd.: Product Portfolio
Table 175. Shinsung Engineering: Key Executives
Table 176. Shinsung Engineering: Company Snapshot
Table 177. Shinsung Engineering: Product Segments
Table 178. Shinsung Engineering: Product Portfolio
Table 179. Ebara Thermal Systems (Thailand) Co. Ltd.: Key Executives
Table 180. Ebara Thermal Systems (Thailand) Co. Ltd.: Company Snapshot
Table 181. Ebara Thermal Systems (Thailand) Co. Ltd.: Product Segments
Table 182. Ebara Thermal Systems (Thailand) Co. Ltd.: Product Portfolio
Table 183. Heinen and Hopman: Key Executives
Table 184. Heinen and Hopman: Company Snapshot
Table 185. Heinen and Hopman: Product Segments
Table 186. Heinen and Hopman: Product Portfolio
Table 187. Trane: Key Executives
Table 188. Trane: Company Snapshot
Table 189. Trane: Product Segments
Table 190. Trane: Product Portfolio
Table 191. Kawasaki Thermal Engineering Co. Ltd.: Key Executives
Table 192. Kawasaki Thermal Engineering Co. Ltd.: Company Snapshot
Table 193. Kawasaki Thermal Engineering Co. Ltd.: Product Segments
Table 194. Kawasaki Thermal Engineering Co. Ltd.: Product Portfolio
Table 195. Ago AG Energie + Anlagen: Key Executives
Table 196. Ago AG Energie + Anlagen: Company Snapshot
Table 197. Ago AG Energie + Anlagen: Service Segments
Table 198. Ago AG Energie + Anlagen: Product Portfolio

List of Figures
Figure 01. Absorption Chillers Market, 2018-2031
Figure 02. Segmentation of Absorption Chillers Market, 2018-2031
Figure 03. Top Investment Pockets in Absorption Chillers Market (2022-2031)
Figure 04. Moderate Bargaining Power of Suppliers
Figure 05. Moderate Bargaining Power of Buyers
Figure 06. Moderate Threat of Substitutes
Figure 07. Moderate Threat of New Entrants
Figure 08. Moderate Intensity of Rivalry
Figure 09. Drivers, Restraints and Opportunities: Globalabsorption Chillers Market
Figure 10. Absorption Chillers Market, by Refrigerant Type, 2018(%)
Figure 11. Comparative Share Analysis of Absorption Chillers Market for Ammonia, by Country 2018-2031(%)
Figure 12. Comparative Share Analysis of Absorption Chillers Market for Lithium Bromide, by Country 2018-2031(%)
Figure 13. Absorption Chillers Market, by Energy Source, 2018(%)
Figure 14. Comparative Share Analysis of Absorption Chillers Market for Hot Water Treated, by Country 2018-2031(%)
Figure 15. Comparative Share Analysis of Absorption Chillers Market for Steam Heated, by Country 2018-2031(%)
Figure 16. Comparative Share Analysis of Absorption Chillers Market for Others, by Country 2018-2031(%)
Figure 17. Absorption Chillers Market, by Application, 2018(%)
Figure 18. Comparative Share Analysis of Absorption Chillers Market for Food and Beverages, by Country 2018-2031(%)
Figure 19. Comparative Share Analysis of Absorption Chillers Market for Oil and Gas, by Country 2018-2031(%)
Figure 20. Comparative Share Analysis of Absorption Chillers Market for Chemical, by Country 2018-2031(%)
Figure 21. Comparative Share Analysis of Absorption Chillers Market for Others, by Country 2018-2031(%)
Figure 22. Absorption Chillers Market, by End-user Industry, 2018(%)
Figure 23. Comparative Share Analysis of Absorption Chillers Market for Residential, by Country 2018-2031(%)
Figure 24. Comparative Share Analysis of Absorption Chillers Market for Commercial, by Country 2018-2031(%)
Figure 25. Comparative Share Analysis of Absorption Chillers Market for Industrial, by Country 2018-2031(%)
Figure 26. Absorption Chillers Market by Region, 2018
Figure 27. U.S. Absorption Chillers Market, 2018-2031 ($Million)
Figure 28. Canada Absorption Chillers Market, 2018-2031 ($Million)
Figure 29. Mexico Absorption Chillers Market, 2018-2031 ($Million)
Figure 30. Germany Absorption Chillers Market, 2018-2031 ($Million)
Figure 31. France Absorption Chillers Market, 2018-2031 ($Million)
Figure 32. UK Absorption Chillers Market, 2018-2031 ($Million)
Figure 33. Italy Absorption Chillers Market, 2018-2031 ($Million)
Figure 34. Rest of Europe Absorption Chillers Market, 2018-2031 ($Million)
Figure 35. China Absorption Chillers Market, 2018-2031 ($Million)
Figure 36. India Absorption Chillers Market, 2018-2031 ($Million)
Figure 37. Japan Absorption Chillers Market, 2018-2031 ($Million)
Figure 38. South Korea Absorption Chillers Market, 2018-2031 ($Million)
Figure 39. Rest of Asia-Pacific Absorption Chillers Market, 2018-2031 ($Million)
Figure 40. Brazil Absorption Chillers Market, 2018-2031 ($Million)
Figure 41. South Africa Absorption Chillers Market, 2018-2031 ($Million)
Figure 42. Saudi Arabia Absorption Chillers Market, 2018-2031 ($Million)
Figure 43. UAE Absorption Chillers Market, 2018-2031 ($Million)
Figure 44. Argentina Absorption Chillers Market, 2018-2031 ($Million)
Figure 45. Egypt Absorption Chillers Market, 2018-2031 ($Million)
Figure 46. Rest of LAMEA Absorption Chillers Market, 2018-2031 ($Million)
Figure 47. Top Winning Strategies, by Year
Figure 48. Top Winning Strategies, by Development
Figure 49. Top Winning Strategies, by Company
Figure 50. Product Mapping of Top 10 Players
Figure 51. Competitive Dashboard
Figure 52. Competitive Heatmap: Absorption Chillers Market
Figure 53. Top Player Positioning, 2018
Figure 54. Carrier Global Corporation: Net Revenue, 2019-2021 ($Million)
Figure 55. Carrier Global Corporation: Research & Development Expenditure, 2019-2021
Figure 56. Carrier Global Corporation: Revenue Share by Segment, 2021 (%)
Figure 57. Carrier Global Corporation: Revenue Share by Region, 2021 (%)
Figure 58. Yazaki Corporation (Yazaki Energy Systems, Inc.): Net Sales, 2020-2022 ($Million)
Figure 59. Yazaki Corporation (Yazaki Energy Systems, Inc.): Revenue Share by Region, 2022 (%)
Figure 60. Kirloskar Group: Net Sales, 2019-2021 ($Million)
Figure 61. Kirloskar Group: Revenue Share by Segment, 2021 (%)
Figure 62. Hitachi Ltd.: Net Sales, 2019-2021 ($Million)
Figure 63. Hitachi Ltd.: Research & Development Expenditure, 2019-2021
Figure 64. Hitachi Ltd.: Revenue Share by Segment, 2021 (%)
Figure 65. Hitachi Ltd.: Revenue Share by Region, 2021 (%)
Figure 66. Thermax Limited: Net Sales, 2019-2021 ($Million)
Figure 67. Thermax Limited: Revenue Share by Segment, 2021 (%)
Figure 68. Thermax Limited: Revenue Share by Region, 2021 (%)
Figure 69. Lg Electronics Inc.: Net Revenue, 2019-2021 ($Million)
Figure 70. Lg Electronics Inc.: Research & Development Expenditure, 2019-2021
Figure 71. Lg Electronics Inc.: Revenue Share by Segment, 2021 (%)
Figure 72. Johnson Controls International PLC: Net Sales, 2019-2021 ($Million)
Figure 73. Johnson Controls International PLC: Research & Development Expenditure, 2019-2021
Figure 74. Johnson Controls International PLC: Revenue Share by Segment, 2021 (%)
Figure 75. Ebara Thermal Systems (Thailand) Co. Ltd.: Net Revenue, 2019-2021 ($Million)
Figure 76. Ebara Thermal Systems (Thailand) Co. Ltd.: Revenue Share by Segment, 2021 (%)
Figure 77. Ebara Thermal Systems (Thailand) Co. Ltd.: Revenue Share by Region, 2021 (%)
Figure 78. Trane: Net Revenue, 2019-2021 ($Million)
Figure 79. Trane: Revenue Share by Segment, 2021 (%)
Figure 80. Kawasaki Thermal Engineering Co. Ltd.: Net Revenue, 2020-2022 ($Million)
Figure 81. Kawasaki Thermal Engineering Co. Ltd.: Revenue Share by Region, 2021 (%)
Figure 82. Kawasaki Thermal Engineering Co. Ltd.: Revenue Share by Segment, 2021 (%)

Executive Summary

According to the report titled, 'Absorption Chillers Market,' the absorption chillers market was valued at $1,485.9 million in 2021, which stood at 1,385.3 million in 2018, and is projected to reach $2,263.7 million by 2031, registering a CAGR of 4.2% from 2022 to 2031. An absorption chiller is an industrial-sized machinery used for providing chilled air or water for industrial, commercial, and residential applications. When installed, absorption chiller is responsible for maintaining a cold temperature in a space such as living space, and cold storages, as well as for cooling processes in industries.

Key factors driving the growth of the absorption chillers market include increasing demand from industrial & IT sectors, increasing number of institutional and commercial buildings, and increasing Demand for Fuel & Electricity. The rise in global population and urbanization is driving demand for fuel and electricity, for domestic commercial, and industrial use, which in turn is driving the growth of the energy sector. Petrochemical industries use high temperatures to separate constituents of crude oil. During this process a vast amount of energy is released unused in the form of hot water, flue gases, used steam, and others. To make efficient use of this energy, which would otherwise be left unused, industries make use of absorption chillers which use hot water, flue gases, and used steam as its primary energy source. The absorption chillers produce cooling for air conditioning, as well as process cooling. Moreover, to meet the rising demand for energy, public and private entities are building petrochemical processing plants and power plants. For instance, in March 2022, Aramco along with North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group planned to develop a petroleum refinery with 300,000 bpd capacity. Furthermore, Kineticor Resources Corp. is developing and constructing a gas fired power plant in Edson, Alberta, Canada. This project is estimated to be completed in 2023 at a cost of $1.5 billion. Such factors drive growth of the absorption chillers market.

Absorption chillers are superior to other compressor-based chillers in many respects, including sustainability and eco-friendliness. An absorption chiller requires a heat source to function which can be extracted by recycling hot process water, hot air, steam, sun, or direct flame; thereby, preventing expensive electricity bills. Since it does not require electricity, it is highly suitable for places facing frequent power cuts. Moreover, a majority of the gases used in refrigerants incorporated in other types of chillers are hydrofluorocarbons (HFCs), which are infamous for causing greenhouse effects and are highly polluting in nature. It is estimated that around 25% of these refrigerants gets leaked annually. Contrarily, unlike other chillers, absorption chiller does not use highly toxic and environment degrading refrigerant, instead it uses a mixture of water and lithium bromide or ammonia, making it more environment friendly. Moreover, it has very few moving components, owing to the lack of compressors with electric motors; thus, it has a silent and more reliable operation. Such advantageous features of absorption chillers are expected to drive lucrative growth opportunities for the market growth.

The absorption chillers market is segmented on the basis of refrigerant type, energy source, application, end-user industry, and region. By refrigerant type, it is bifurcated into ammonia, and lithium bromide. By energy source the market is classified into steam heated, hot water treated, and others. By application the market is classified into food and beverages, oil and gas, chemicals, and others. By end-user industry, it is classified into residential, commercial, and industrial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the study include Carrier Global Corporation, Century Corporation, EAW Energieanlagenbau GmbH, Yazaki Corporation (Yazaki Energy Systems, Inc.), World Energy Co., Ltd., Kirloskar Group, Styne Group, Hitachi Ltd., Thermax Limited, LG Electronics Inc., Johnson Controls International plc, Shuangliang Eco-Energy Systems Company Ltd., BROAD U.S.A. INC., Bry-Air (Asia) Pvt. Ltd., Shinsung Engineering, EBARA THERMAL, SYSTEMS (THAILAND) CO., LTD., Heinen and Hopman, Trane, Kawasaki Thermal Engineering Co., Ltd., and AGO AG Energie + Anlagen. The players in the market have been actively engaged in the adoption of various Strategies to remain competitive and gain an advantage over the competitors in the market.

Key Market Insights

By refrigerant type, the lithium bromide segment was the highest revenue contributor to the market and is estimated to reach $2,215.8 million by 2031. Moreover, the same segment is estimated to be the fastest-growing segment during the forecast period.

By source of energy, the hot water treated segment dominated the global market. However, the others segment is expected to be the fastest growing segment with a CAGR of 5.4% during the forecast period.

By application, the chemical segment was the highest revenue contributor to the market in 2021, and the food and beverages segment is expected to grow with a CAGR of 5.4% during the forecast period
Based on end-user industry, the industrial segment was the highest revenue contributor to the market in 2021, and the commercial segment is expected to grow with a CAGR of 5.0% during the forecast period.

Based on region, Asia-Pacific garnered the largest revenue share in 2021, and LAMEA is anticipated to grow at the highest CAGR of 5.2% during the forecast period.

Companies Mentioned

  • Century Corporation
  • World Energy Co., Ltd.
  • Kirloskar Group
  • Styne Group
  • Hitachi Ltd.
  • LG Electronics Inc.
  • Yazaki Corporation (Yazaki Energy Systems, Inc.)
  • EAW Energieanlagenbau GmbH
  • Thermax Limited
  • Johnson Controls International plc
  • Shuangliang Eco-Energy Systems Company Ltd.
  • BROAD U.S.A. INC.
  • Bry-Air (Asia) Pvt. Ltd.
  • Shinsung Engineering
  • EBARA THERMAL SYSTEMS (THAILAND) CO., LTD.
  • Heinen and Hopman
  • Trane
  • Kawasaki Thermal Engineering Co., Ltd.
  • AGO AG Energie + Anlagen
  • Carrier Global Corporation

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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