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Global Absorption Chillers Market Size, Share & Industry Trends Analysis Report By Application, By End User, By Refrigerant Type, By Energy Source, By Regional Outlook and Forecast, 2022 - 2028

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    Report

  • 238 Pages
  • February 2023
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5752737
The Global Absorption Chillers Market size is expected to reach $1.9 billion by 2028, rising at a market growth of 4.5% CAGR during the forecast period.

An absorption chiller is a machinery utilized in the industrial, commercial, and residential sectors for air conditioning, refrigeration, and cooling in industrial settings. An absorption chiller operates on vapor absorption technology, in which heat from hot water, steam, and others from different industrial and non-industrial sources transport the refrigerant around the chiller’s circuit. Also, direct-fired absorption chillers in the market utilize direct flames generated from oil or gas to introduce energy to the system.



Absorption chillers, unlike conventional chillers, utilize the collection of waste heat from other equipment or processes to conduct a thermodynamic process that allows water to be chilled and distributed for HVAC (Heating, ventilation, and air conditioning) requirements. In place of conventional refrigerants, water is generally mixed with either lithium bromide or ammonia. It has broader usage in low-grade heating.

The absorption chillers use a concentrated salt solution to make water chilled. An absorption chiller comprises four key parts: generators, absorption, evaporators, and condensers. It allows the use of variable heat sources, which contain a gas burner and recovering waste heat in the form of low-pressure steam or hot water or steam or boiler-generated hot water.

They can deliver significant cooling capacity to a facility without contributing to the peak electric demand because they are free of electric compressors. The primary consideration that must be made when considering the applicability of such a chiller is that they need a significant and constant flow of waste heat to function. Industrial manufacturing facilities usually require absorption chiller but other institutions like big hospital complexes, large hotels, or university campuses.

COVID-19 Impact Analysis

The absorption chillers market is likely to increase with the lifting of the restriction imposed by the government. Numerous sectors are anticipated to rebound quickly post-COVID-19 due to the vast number of applications they serve. Due to pandemic-related logistics problems, many organizations considered localizing more manufacturing for their customers and themselves. This deglobalization is driven by the new automation of technologies that increase wages by enhancing efficiency. Hence, the market for absorption chillers is likely to resume its business and see growth after the ease in restrictions due to the pandemic.

Market Growth Factors

The growing food & beverages sector

The rapidly increasing urbanization and the disposable income of the people have increased the popularity of fast foods and packaged foods. The population shift from rural to urban living is a major factor that further changes people's consumption habits. The constantly increasing number of people leaving their homes to work increases the consumption of packaged food products in many regions. Hence, the constant growth of the food & beverages sector will increase the usage of the absorption chillers for food processes and facility cooling, propelling the expansion of the absorption chillers market.

Low consumption of power

The power consumption of the electrically driven centrifugal chiller and a boiler installed as an HVAC system is higher than the direct-fired electric power absorption chiller. The direct fired double effect absorption chillers consume significantly less electric power, which is only around 6-7% of the power consumed by the electric power consumption of the centrifugal chiller. Hence, the lower power usage by the absorption chiller is expected to surge its adoption in different industry verticals and drive market growth.



Market Restraining Factors

High implementation cost and strict regulations

The fluorinated gas laws are a primary factor impacting the broader adoption of absorption chillers as condensers and evaporator coils. Many organizations are working to implement major changes in the fluorinated gas regulations to decrease hydrofluorocarbon emissions (HFCs). The utilization of HFCs is restricted in many applications. Only if the system in issue fulfills the eco-design requirements are HFC refrigerants authorized. The high initial cost and the strict regulations related to fluorinated gas and HFCs are expected to hamper the growth of the absorption chillers market.

Refrigerant Type Outlook

Based on refrigerant type, the absorption chillers market is segmented into ammonia and lithium bromide. The lithium bromide segment dominated the absorption chillers market with maximum revenue share in 2021. This is because lithium bromide is non-toxic, reliable, pollution free, odorless, non-toxic, and meets environmental protection requirements. In addition, the type is more commonly utilized as it uses water as the refrigerant. The primary usage of lithium bromide is to provide chilled water for process and space cooling. These factors will aid in the expansion of the segment during the forecasted period.

Energy Source Outlook

On the basis of energy source, the absorption chillers market is divided into hot water treated, steam heated and others. The steam-heated segment procured a substantial revenue share in the absorption chillers market in 2021. The growth is attributed to the fact that this source is highly eco-friendly. This type aids in reducing the operating cost for the company and allows the company avoids the need for an air conditioner. Also, the potential to monetize the heat by selling it to nearby facilities will further aid the company in having extra earnings. These features are expected to propel the market growth in the projected period.

Application Outlook

By application, the absorption chillers market is classified into food & beverages, oil & gas, chemical and others. The chemical segment registered the highest revenue share in the absorption chillers market in 2021. This is because these industries use absorption chillers for air conditioning as well as for the cooling process. Majorly, the absorption chillers harness energy from wasted heat such as steam or hot water. Also, it has an ideal temperature range which is beneficial for air conditioning equipment in the chemical industry. Hence, the usage by the chemical industry for cooling equipment and other purposes is expected to drive market growth in the projected period.

End-user Outlook

Based on the end user, the absorption chillers market is bifurcated into residential, commercial and industrial. The commercial segment recorded a prominent revenue share in the absorption chillers market in 2021. This is due to their usage to maintain a constant temperature in commercial buildings like public buildings, hospitals, educational offices, and offices, etc. They are even used in data centers for keeping an ideal temperature and air purity to reduce equipment failure and downtime. Also, the number of commercial buildings is increasing due to the rising urbanization and population.

Regional Outlook

Region-wise, the absorption chillers market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region generated the highest revenue share in the absorption chillers market in 2021. The growth is attributed to the growth of numerous end-use industries in developing nations. Many manufacturers are investing in the region to establish their production plants and enhance their market presence. Also, many regional governments are introducing schemes for developing the industrial sector, which will further increase the utilization of absorption chillers and thereby boost the market growth in the region.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LG Electronics (LG Corporation), Carrier Global Corporation, Thermax Limited, Hitachi, Ltd., Trane Technologies PLC, Johnson Controls International PLC, World Energy Co., Ltd., EAW Energieanlagenbau GmbH (WEGRA Anlagenbau GmbH), Yazaki Corporation, and Styne Group.

Scope of the Study

By Application

  • Chemical
  • Oil & Gas
  • Food & Beverages
  • Others

By End-user

  • Industrial
  • Commercial
  • Residential

By Refrigerant Type

  • Lithium Bromide
  • Ammonia

By Energy Source

  • Hot Water Treated
  • Steam Heated
  • Others

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • LG Electronics (LG Corporation)
  • Carrier Global Corporation
  • Thermax Limited
  • Hitachi, Ltd.
  • Trane Technologies PLC
  • Johnson Controls International PLC
  • World Energy Co., Ltd.
  • EAW Energieanlagenbau GmbH (WEGRA Anlagenbau GmbH)
  • Yazaki Corporation
  • Styne Group

Unique Offerings

  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Absorption Chillers Market, by Application
1.4.2 Global Absorption Chillers Market, by End User
1.4.3 Global Absorption Chillers Market, by Refrigerant Type
1.4.4 Global Absorption Chillers Market, by Energy Source
1.4.5 Global Absorption Chillers Market, by Geography
1.5 Methodology for the research

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition & scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Global Absorption Chillers Market by Application
3.1 Global Chemical Market by Region
3.2 Global Oil & Gas Market by Region
3.3 Global Food & Beverages Market by Region
3.4 Global Others Market by Region

Chapter 4. Global Absorption Chillers Market by End User
4.1 Global Industrial Market by Region
4.2 Global Commercial Market by Region
4.3 Global Residential Market by Region

Chapter 5. Global Absorption Chillers Market by Refrigerant Type
5.1 Global Lithium Bromide Market by Region
5.2 Global Ammonia Market by Region

Chapter 6. Global Absorption Chillers Market by Energy Source
6.1 Global Hot Water Treated Market by Region
6.2 Global Steam Heated Market by Region
6.3 Global Others Market by Region

Chapter 7. Global Absorption Chillers Market by Region
7.1 North America Absorption Chillers Market
7.1.1 North America Absorption Chillers Market by Application
7.1.1.1 North America Chemical Market by Country
7.1.1.2 North America Oil & Gas Market by Country
7.1.1.3 North America Food & Beverages Market by Country
7.1.1.4 North America Others Market by Country
7.1.2 North America Absorption Chillers Market by End User
7.1.2.1 North America Industrial Market by Country
7.1.2.2 North America Commercial Market by Country
7.1.2.3 North America Residential Market by Country
7.1.3 North America Absorption Chillers Market by Refrigerant Type
7.1.3.1 North America Lithium Bromide Market by Country
7.1.3.2 North America Ammonia Market by Country
7.1.4 North America Absorption Chillers Market by Energy Source
7.1.4.1 North America Hot Water Treated Market by Country
7.1.4.2 North America Steam Heated Market by Country
7.1.4.3 North America Others Market by Country
7.1.5 North America Absorption Chillers Market by Country
7.1.5.1 US Absorption Chillers Market
7.1.5.1.1 US Absorption Chillers Market by Application
7.1.5.1.2 US Absorption Chillers Market by End User
7.1.5.1.3 US Absorption Chillers Market by Refrigerant Type
7.1.5.1.4 US Absorption Chillers Market by Energy Source
7.1.5.2 Canada Absorption Chillers Market
7.1.5.2.1 Canada Absorption Chillers Market by Application
7.1.5.2.2 Canada Absorption Chillers Market by End User
7.1.5.2.3 Canada Absorption Chillers Market by Refrigerant Type
7.1.5.2.4 Canada Absorption Chillers Market by Energy Source
7.1.5.3 Mexico Absorption Chillers Market
7.1.5.3.1 Mexico Absorption Chillers Market by Application
7.1.5.3.2 Mexico Absorption Chillers Market by End User
7.1.5.3.3 Mexico Absorption Chillers Market by Refrigerant Type
7.1.5.3.4 Mexico Absorption Chillers Market by Energy Source
7.1.5.4 Rest of North America Absorption Chillers Market
7.1.5.4.1 Rest of North America Absorption Chillers Market by Application
7.1.5.4.2 Rest of North America Absorption Chillers Market by End User
7.1.5.4.3 Rest of North America Absorption Chillers Market by Refrigerant Type
7.1.5.4.4 Rest of North America Absorption Chillers Market by Energy Source
7.2 Europe Absorption Chillers Market
7.2.1 Europe Absorption Chillers Market by Application
7.2.1.1 Europe Chemical Market by Country
7.2.1.2 Europe Oil & Gas Market by Country
7.2.1.3 Europe Food & Beverages Market by Country
7.2.1.4 Europe Others Market by Country
7.2.2 Europe Absorption Chillers Market by End User
7.2.2.1 Europe Industrial Market by Country
7.2.2.2 Europe Commercial Market by Country
7.2.2.3 Europe Residential Market by Country
7.2.3 Europe Absorption Chillers Market by Refrigerant Type
7.2.3.1 Europe Lithium Bromide Market by Country
7.2.3.2 Europe Ammonia Market by Country
7.2.4 Europe Absorption Chillers Market by Energy Source
7.2.4.1 Europe Hot Water Treated Market by Country
7.2.4.2 Europe Steam Heated Market by Country
7.2.4.3 Europe Others Market by Country
7.2.5 Europe Absorption Chillers Market by Country
7.2.5.1 Germany Absorption Chillers Market
7.2.5.1.1 Germany Absorption Chillers Market by Application
7.2.5.1.2 Germany Absorption Chillers Market by End User
7.2.5.1.3 Germany Absorption Chillers Market by Refrigerant Type
7.2.5.1.4 Germany Absorption Chillers Market by Energy Source
7.2.5.2 UK Absorption Chillers Market
7.2.5.2.1 UK Absorption Chillers Market by Application
7.2.5.2.2 UK Absorption Chillers Market by End User
7.2.5.2.3 UK Absorption Chillers Market by Refrigerant Type
7.2.5.2.4 UK Absorption Chillers Market by Energy Source
7.2.5.3 France Absorption Chillers Market
7.2.5.3.1 France Absorption Chillers Market by Application
7.2.5.3.2 France Absorption Chillers Market by End User
7.2.5.3.3 France Absorption Chillers Market by Refrigerant Type
7.2.5.3.4 France Absorption Chillers Market by Energy Source
7.2.5.4 Russia Absorption Chillers Market
7.2.5.4.1 Russia Absorption Chillers Market by Application
7.2.5.4.2 Russia Absorption Chillers Market by End User
7.2.5.4.3 Russia Absorption Chillers Market by Refrigerant Type
7.2.5.4.4 Russia Absorption Chillers Market by Energy Source
7.2.5.5 Spain Absorption Chillers Market
7.2.5.5.1 Spain Absorption Chillers Market by Application
7.2.5.5.2 Spain Absorption Chillers Market by End User
7.2.5.5.3 Spain Absorption Chillers Market by Refrigerant Type
7.2.5.5.4 Spain Absorption Chillers Market by Energy Source
7.2.5.6 Italy Absorption Chillers Market
7.2.5.6.1 Italy Absorption Chillers Market by Application
7.2.5.6.2 Italy Absorption Chillers Market by End User
7.2.5.6.3 Italy Absorption Chillers Market by Refrigerant Type
7.2.5.6.4 Italy Absorption Chillers Market by Energy Source
7.2.5.7 Rest of Europe Absorption Chillers Market
7.2.5.7.1 Rest of Europe Absorption Chillers Market by Application
7.2.5.7.2 Rest of Europe Absorption Chillers Market by End User
7.2.5.7.3 Rest of Europe Absorption Chillers Market by Refrigerant Type
7.2.5.7.4 Rest of Europe Absorption Chillers Market by Energy Source
7.3 Asia Pacific Absorption Chillers Market
7.3.1 Asia Pacific Absorption Chillers Market by Application
7.3.1.1 Asia Pacific Chemical Market by Country
7.3.1.2 Asia Pacific Oil & Gas Market by Country
7.3.1.3 Asia Pacific Food & Beverages Market by Country
7.3.1.4 Asia Pacific Others Market by Country
7.3.2 Asia Pacific Absorption Chillers Market by End User
7.3.2.1 Asia Pacific Industrial Market by Country
7.3.2.2 Asia Pacific Commercial Market by Country
7.3.2.3 Asia Pacific Residential Market by Country
7.3.3 Asia Pacific Absorption Chillers Market by Refrigerant Type
7.3.3.1 Asia Pacific Lithium Bromide Market by Country
7.3.3.2 Asia Pacific Ammonia Market by Country
7.3.4 Asia Pacific Absorption Chillers Market by Energy Source
7.3.4.1 Asia Pacific Hot Water Treated Market by Country
7.3.4.2 Asia Pacific Steam Heated Market by Country
7.3.4.3 Asia Pacific Others Market by Country
7.3.5 Asia Pacific Absorption Chillers Market by Country
7.3.5.1 China Absorption Chillers Market
7.3.5.1.1 China Absorption Chillers Market by Application
7.3.5.1.2 China Absorption Chillers Market by End User
7.3.5.1.3 China Absorption Chillers Market by Refrigerant Type
7.3.5.1.4 China Absorption Chillers Market by Energy Source
7.3.5.2 Japan Absorption Chillers Market
7.3.5.2.1 Japan Absorption Chillers Market by Application
7.3.5.2.2 Japan Absorption Chillers Market by End User
7.3.5.2.3 Japan Absorption Chillers Market by Refrigerant Type
7.3.5.2.4 Japan Absorption Chillers Market by Energy Source
7.3.5.3 India Absorption Chillers Market
7.3.5.3.1 India Absorption Chillers Market by Application
7.3.5.3.2 India Absorption Chillers Market by End User
7.3.5.3.3 India Absorption Chillers Market by Refrigerant Type
7.3.5.3.4 India Absorption Chillers Market by Energy Source
7.3.5.4 South Korea Absorption Chillers Market
7.3.5.4.1 South Korea Absorption Chillers Market by Application
7.3.5.4.2 South Korea Absorption Chillers Market by End User
7.3.5.4.3 South Korea Absorption Chillers Market by Refrigerant Type
7.3.5.4.4 South Korea Absorption Chillers Market by Energy Source
7.3.5.5 Singapore Absorption Chillers Market
7.3.5.5.1 Singapore Absorption Chillers Market by Application
7.3.5.5.2 Singapore Absorption Chillers Market by End User
7.3.5.5.3 Singapore Absorption Chillers Market by Refrigerant Type
7.3.5.5.4 Singapore Absorption Chillers Market by Energy Source
7.3.5.6 Malaysia Absorption Chillers Market
7.3.5.6.1 Malaysia Absorption Chillers Market by Application
7.3.5.6.2 Malaysia Absorption Chillers Market by End User
7.3.5.6.3 Malaysia Absorption Chillers Market by Refrigerant Type
7.3.5.6.4 Malaysia Absorption Chillers Market by Energy Source
7.3.5.7 Rest of Asia Pacific Absorption Chillers Market
7.3.5.7.1 Rest of Asia Pacific Absorption Chillers Market by Application
7.3.5.7.2 Rest of Asia Pacific Absorption Chillers Market by End User
7.3.5.7.3 Rest of Asia Pacific Absorption Chillers Market by Refrigerant Type
7.3.5.7.4 Rest of Asia Pacific Absorption Chillers Market by Energy Source
7.4 LAMEA Absorption Chillers Market
7.4.1 LAMEA Absorption Chillers Market by Application
7.4.1.1 LAMEA Chemical Market by Country
7.4.1.2 LAMEA Oil & Gas Market by Country
7.4.1.3 LAMEA Food & Beverages Market by Country
7.4.1.4 LAMEA Others Market by Country
7.4.2 LAMEA Absorption Chillers Market by End User
7.4.2.1 LAMEA Industrial Market by Country
7.4.2.2 LAMEA Commercial Market by Country
7.4.2.3 LAMEA Residential Market by Country
7.4.3 LAMEA Absorption Chillers Market by Refrigerant Type
7.4.3.1 LAMEA Lithium Bromide Market by Country
7.4.3.2 LAMEA Ammonia Market by Country
7.4.4 LAMEA Absorption Chillers Market by Energy Source
7.4.4.1 LAMEA Hot Water Treated Market by Country
7.4.4.2 LAMEA Steam Heated Market by Country
7.4.4.3 LAMEA Others Market by Country
7.4.5 LAMEA Absorption Chillers Market by Country
7.4.5.1 Brazil Absorption Chillers Market
7.4.5.1.1 Brazil Absorption Chillers Market by Application
7.4.5.1.2 Brazil Absorption Chillers Market by End User
7.4.5.1.3 Brazil Absorption Chillers Market by Refrigerant Type
7.4.5.1.4 Brazil Absorption Chillers Market by Energy Source
7.4.5.2 Argentina Absorption Chillers Market
7.4.5.2.1 Argentina Absorption Chillers Market by Application
7.4.5.2.2 Argentina Absorption Chillers Market by End User
7.4.5.2.3 Argentina Absorption Chillers Market by Refrigerant Type
7.4.5.2.4 Argentina Absorption Chillers Market by Energy Source
7.4.5.3 UAE Absorption Chillers Market
7.4.5.3.1 UAE Absorption Chillers Market by Application
7.4.5.3.2 UAE Absorption Chillers Market by End User
7.4.5.3.3 UAE Absorption Chillers Market by Refrigerant Type
7.4.5.3.4 UAE Absorption Chillers Market by Energy Source
7.4.5.4 Saudi Arabia Absorption Chillers Market
7.4.5.4.1 Saudi Arabia Absorption Chillers Market by Application
7.4.5.4.2 Saudi Arabia Absorption Chillers Market by End User
7.4.5.4.3 Saudi Arabia Absorption Chillers Market by Refrigerant Type
7.4.5.4.4 Saudi Arabia Absorption Chillers Market by Energy Source
7.4.5.5 South Africa Absorption Chillers Market
7.4.5.5.1 South Africa Absorption Chillers Market by Application
7.4.5.5.2 South Africa Absorption Chillers Market by End User
7.4.5.5.3 South Africa Absorption Chillers Market by Refrigerant Type
7.4.5.5.4 South Africa Absorption Chillers Market by Energy Source
7.4.5.6 Nigeria Absorption Chillers Market
7.4.5.6.1 Nigeria Absorption Chillers Market by Application
7.4.5.6.2 Nigeria Absorption Chillers Market by End User
7.4.5.6.3 Nigeria Absorption Chillers Market by Refrigerant Type
7.4.5.6.4 Nigeria Absorption Chillers Market by Energy Source
7.4.5.7 Rest of LAMEA Absorption Chillers Market
7.4.5.7.1 Rest of LAMEA Absorption Chillers Market by Application
7.4.5.7.2 Rest of LAMEA Absorption Chillers Market by End User
7.4.5.7.3 Rest of LAMEA Absorption Chillers Market by Refrigerant Type
7.4.5.7.4 Rest of LAMEA Absorption Chillers Market by Energy Source

Chapter 8. Company Profiles
8.1 LG Electronics (LG Corporation)
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional & Segmental Analysis
8.1.4 Research & Development Expenses
8.1.5 SWOT Analysis
8.2 Carrier Global Corporation
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments:
8.2.5.1 Product Launches and Product Expansions:
8.3 Thermax Limited
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expenses
8.4 Hitachi, Ltd.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expenses
8.5 Trane Technologies PLC
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Regional Analysis
8.5.4 Research & Development Expense
8.6 Johnson Controls International PLC
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental & Regional Analysis
8.6.4 Research & Development Expenses
8.7 World Energy Co., Ltd.
8.7.1 Company Overview
8.8 EAW Energieanlagenbau GmbH (WEGRA Anlagenbau GmbH)
8.8.1 Company Overview
8.9 Yazaki Corporation
8.9.1 Company Overview
8.10. Styne Group
8.10.1 Company Overview

Companies Mentioned

  • LG Electronics (LG Corporation)
  • Carrier Global Corporation
  • Thermax Limited
  • Hitachi, Ltd.
  • Trane Technologies PLC
  • Johnson Controls International PLC
  • World Energy Co., Ltd.
  • EAW Energieanlagenbau GmbH (WEGRA Anlagenbau GmbH)
  • Yazaki Corporation
  • Styne Group

Methodology

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