Absorption Chillers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

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Absorption Chillers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

Status : March, 2023 | Chemical & Materials

Report Digest


Global Absorption Chillers Market: Snapshot

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.

Global Absorption Chillers Market: Overview 

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. 

Global Absorption Chillers Market: Restraints and Opportunities 

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. 

Global Absorption Chillers Market: Geographical Segmentation 

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. 

Global Absorption Chillers Market: Competitive Landscape 

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.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

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Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?