Absorption Chillers Market Size to grow by USD 727.6 million between 2024-2028
According to a research report “ Absorption Chillers Market” by Application (Industrial, HVAC) Type (Lithium bromide, Ammonia) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 727.6 million, at a CAGR of 4.1% during the forecast period. Absorption chillers hold a pivotal role in HVAC and R systems, providing significant advantages over traditional chillers. These benefits include integration with CHP generation and district cooling infrastructure, reduced noise levels, and enhanced efficiency, leading to cost savings and environmental compliance for industrial users. Absorption chillers, utilizing water as refrigerant and lithium bromide as absorbent, eliminate the need for ozone-depleting refrigerants, further bolstering their appeal in the market..
Browse market data tables, figures, and in-depth TOC on “Absorption Chillers Market” by Application (Industrial, HVAC) Type (Lithium bromide, Ammonia) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Application, the Industrial segment is projected to dominate the market size in 2024
In the business realm, the Absorption Chillers Market signifies significant growth, driven by increasing industrialization and the demand for energy-efficient cooling solutions. These systems, utilizing thermal energy, offer cost savings and reduced environmental impact compared to traditional refrigeration methods. Key players in this sector include Trane Technologies, Emerson, and Carrier, who continue to innovate and expand their product offerings to meet market demands.
By Type, Lithium bromide segment is expected to hold the largest market size for the year 2024
In the business realm, the Absorption Chillers Market signifies significant growth, driven by increasing industrialization and the demand for energy-efficient cooling solutions. These systems, utilizing thermal energy, offer cost savings and reduced environmental impact compared to traditional refrigeration methods. Key players in this sector include Trane Technologies, Emerson, and Carrier, who continue to innovate and expand their product offerings to meet market demands.
APAC is forecasted to hold the largest market size by region in 2024
In the business realm, the Absorption Chillers Market signifies significant growth, driven by increasing industrialization and the demand for energy-efficient cooling solutions. These systems, utilizing thermal energy, offer cost savings and reduced environmental impact compared to traditional refrigeration methods. Key players in this sector include Trane Technologies, Emerson, and Carrier, who continue to innovate and expand their product offerings to meet market demands.
The Absorption Chillers Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
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.
Market Research Overview
The Absorption Chillers Market encompasses the production, sales, and installation of absorption chillers used in various industries for cooling processes. Absorption chillers, including commercial absorption chillers and industrial absorption chillers, are essential in sectors such as Data Centres, Food Processing in the Frozen Food Industry, and the Petroleum and Petrochemical Industries. These chillers operate using different energy sources, including turbines, solar-powered absorption chillers, and waste heat from industrial processes. F-gas laws and environmental standards mandate the transition from ozone-depleting CFCs to non-ozone-depleting refrigerants like Lithium Bromide and Ammonia. The HVAC sector, including commercial buildings and industrial facilities, demands sustainable cooling solutions to reduce greenhouse gas emissions and mitigate the environmental impact. Power shortages and increasing electricity rates necessitate energy efficiency regulations and the adoption of renewable energy sources like solar thermal energy and cogeneration systems. Absorption refrigeration systems, which use mechanical energy from a heat source to produce refrigerant vapor, offer energy efficiency and heat recovery benefits. District cooling systems and low-grade heat sources further contribute to the market growth.
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