Absorption Chillers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Absorption chillers are refrigerators that derive energy from a preexisting heat source. Hence, absorption chillers help reduce the overall consumption of power, helping economize the power efficiency dynamics of a system. The rising awareness about the importance of conserving energy, and the government support to initiatives encouraging energy conservation is thus likely to be a key driver for the global absorption chillers market.
The pharmaceuticals industry is likely to become a leading application segment for the global absorption chillers in the coming years. This is due to the consistent need for chilled equipment to store pharmaceutical solutions. The pharmaceuticals industry is likely to receive significant investment for technological improvement in the coming years due to their direct impact on the ability of medical practitioners to help more patients more comprehensively. This is likely to be a key driver for the global absorption chillers market in the coming years.
The oil and gas industry is also likely to remain a leading consumer in the global absorption chillers due to the rising need for offshore oil exploration and extraction projects. Offshore rigs often lack connectivity to the main power grid and thus need to utilize the onboard power efficiently. Absorption chillers are thus ideally suited for application in the industry. Due to this factor, the global absorption chillers market could witness significant activity in West African, Latin American, and North European countries in the coming years, as nations in these regions are likely to be active in the offshore petroleum exploration sector.
The rising importance of consuming waste energy is driving the deployment of absorption chillers across various end-user industries. The oil and gas industry is one of the major end users of these chillers. Therefore, the increasing exploration and production activities in the oil and gas industry is fuelling the global market for absorption chillers. The burgeoning demand for robust chilling facilities across pharmaceutical and chemical industries is also paving way for the growth of the market. The increasing reliance on liquefied natural gas (LNG) is another factor providing a fillip to the global market.
The report is an outcome of in-depth research and exhaustive coverage of every aspect of the global absorption chillers market and its affiliated industries. It provides a comprehensive overview of the dynamics of the market. It offers essential insights into the regional segmentation of the market for a better understanding. It includes a detailed description of the competitive landscape and also profiles the key players in the market along with their business strategies and latest developments.
The rising awareness about energy-efficient products is promoting the deployment of absorption chillers market. However, due to the high-end technology requirement of these chillers, their set-up cost is high, which is limiting their widespread adoption. This factor is exacerbated by the availability of low-cost conventional chilling equipment, whose demand is still strong across various industries. Moreover, the high risk of deterioration and damage associated with these chillers is hindering the growth of the market.
Nevertheless, the manufacturers will be able to see light at the end of the tunnel with the continuous advancements that will mitigate these technical issues. Furthermore, the increasing demand for absorption chillers from the commercial sector and data centers is likely to augur well for the market in the coming years.
The key regions studied in the report are North America, Asia Pacific, Europe, and Rest of the World. The growth of the North America and Europe regions will be facilitated by the presence of developed end user infrastructure. The increasing demand for absorption chillers from the food and beverages industry is also bolstering the growth of these regions. The Asia Pacific market is augmented by the rising capacities of geothermal, nuclear, and solar power plants. The improving economic conditions and expansion of commercial sector are providing a significant boost to the growth of the region.
Players in the global absorption chillers market require highly skilled labor, advanced technology, and complex production facility to stay relevant. The highly capital intensive nature of the market is creating a significant barrier to the entry of new players. Some of the key absorption chiller manufacturers are Thermax Ltd, Johnson Controls Inc, Kirloskar Pneumatic Company Limited, Yazaki Energy Systems Inc., Kawasaki Trading Co. Ltd., Broad U.S.A. Inc., Hitachi Ltd., Simons Green Energy, Clarke Energy, Ebara Refrigeration Equipment & Systems Co Ltd, Solair, Voltas, Ltd., and Shuangliang Eco-Energy Systems Company Ltd.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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