The Absorption Chillers Market is being driven by Growing use of absorption chillers across various industries
The Absorption Chillers Market is expected to grow at a CAGR of 4.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 727.6 million. In the global business landscape, energy consumption for heating, cooling, and climate control in buildings and industries is a substantial expense. The EU, for instance, accounts for approximately half of its energy consumption through heating and cooling applications, with absorption chillers serving as a viable solution to minimize energy expenditure and lower operational costs in this sector. Absorption chillers are essential tools for businesses seeking energy efficiency and cost savings in their thermal management systems.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.1% |
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Market growth 2024-2028 |
USD 727.6 million |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
3.88 |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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In the context of urbanization and industrial development in both developed and developing nations, the demand for efficient and eco-friendly cooling solutions has surged. Absorption chillers have emerged as a viable alternative to traditional refrigeration systems, particularly in the petrochemical industry and power generation sectors. These systems utilize waste heat from gas or liquid sources, such as natural gas or wastewater, to generate mechanical energy for the cooling process. Absorption chillers do not rely on ozone-depleting CFCs or liquid refrigerants, instead employing sorbent solutions and steam or hot water as the heat source. The market for absorption chillers is driven by the increasing electricity rates and the need to reduce greenhouse gas emissions. Absorption refrigeration systems offer energy savings and a lower carbon footprint compared to mechanical vapor compression refrigeration systems.
In the industrial sector, Absorption Chillers are a crucial component for various applications, including energy, chemicals and petrochemicals, pulp and paper, and processed food and beverages industries. The market size for Absorption Chillers is determined by the combined revenue generated by manufacturers. Factors driving growth in this market include expanding industrial output leading to capacity expansions in process and discrete industries, particularly in developing countries. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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