Absorption Chiller Market to Record a Sluggish CAGR of 6.3% by 2025

Absorption Chiller Market to Record a Sluggish CAGR of 6.3% by 2025

The demand for global absorption chillers market expanded from 11.875 units in 2015 to 12,203 units in 2016. Absorption chillers are energy-efficient thermally driven devices, using sorbent solution or liquid refrigerant as a source for provision of cooling to buildings. Use of absorption chillers is beneficial as they do not use the chlorofluorocarbons (CFCs) which causes ozone depletion. Huge installation costs and absence of technical knowledge concerning absorption chillers maintenance are key points restraining the demand for global absorption chillers market.

Based on application, Chemical segment is estimated to hold its position as largest application segment. The food & beverage segment is estimated to reflect a robust CAGR during 2016 to 2024. Demand growth for combined heat & power systems (CHP) for the purpose of annual energy operation cost reduction has boosted the food & beverage to become the lucrative segment in the global market for absorption chillers.

Reusing recycled waste energy (steam & hot water), as a substituting source for the creation of chilled water, helps in reduction of electricity consumption. This minimizes the power generation impact on environment, thus fuelling the demand growth of absorption chillers.

Global absorption chillers market is categorised into double-stage and single-stage. Single-stage systems comprise of a generator and single condenser. Double-stage systems use two generators and two condensers which boils off more refrigerants from absorbent solution. Primarily, the market revenue for single-stage absorption chillers is estimated to grow owing to demand growth of waste heat recovery systems for overall energy cost reduction.

Owing to lower coefficient of performance (COP) and advancements & enhancements in absorption chillers like triple-stage systems, single-stage systems are estimated to witness sluggish growth during the forecast period.

Region-wise, the global absorption chillers market is categorised into Europe, Latin America, Middle East & Africa (MEA), Asia Pacific (APAC) and North America. Increasing production of district cooling systems is a factor fuelling the growth of absorption chillers market in MEA. This region is estimated to witness a significant CAGR during the forecast period. In 2014, 75.5 million sq. ft. of district cooling capacity were installed in Middle East, as per International District Energy Association. MEA’s demand for consumption of district cooling applications is estimated to increase at 16% CAGR in the upcoming five years. Asia Pacific is expected to remain a dominant region in the global absorption chillers market, and is expected to witness 6.4% CAGR over the forecast period.

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