Global Absorption Chillers Market Report 2021: Market to Reach $910.7 Million by 2027 - Environmental Concerns Drive Business Case for Absorption Chillers

Dublin, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The "Absorption Chillers - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Absorption Chillers Market to Reach $910.7 Million by 2027

Amid the COVID-19 crisis, the global market for Absorption Chillers estimated at US$757.2 Million in the year 2020, is projected to reach a revised size of US$910.7 Million by 2027, growing at a CAGR of 2.7% over the period 2020-2027.

The U.S. Market is Estimated at $204.7 Million, While China is Forecast to Grow at 5% CAGR

The Absorption Chillers market in the U.S. is estimated at US$204.7 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$183 Million by the year 2027 trailing a CAGR of 5% over the analysis period 2020 to 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.7% and 2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Absorption Chillers: Providing Eco-friendly and Useful Cooling through Re-use of Low Temperature Waste Energy

• Recent Market Activity

• The Urgent Need to Replace Compressor-Based Cooling Systems Drive Widespread Adoption

• Absorption Chillers Superiority over Traditional Compression Chillers

• Market Fortunes Intrinsically Tied to the Overall Chillers Market Dynamics

• Global Market Outlook

• Asia-Pacific Continues to Dominate the Global Market, Also Offers Significant Growth Opportunities

• Continued Recovery in Global GDP & Manufacturing PMI Signals Optimistic Outlook

• Despite Slowdown in Economic Growth, China Continues to Dominate Global Sales of Absorption Chillers

• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS (Total 29 Featured)

• 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

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/8g75jl

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