Product Code: A01232
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
By Energy Source
- Hot Water Treated
- Steam Heated
- Others
By Application
- Food and Beverages
- Oil and Gas
- Chemical
- Others
By End-user Industry
- Residential
- Commercial
- Industrial
By Region
- North America
- 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
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