Absorption Chiller market by Technology (Single Stage and Double Stage), by Absorber Type (Lithium Bromide and Ammonia), by Application (Non-industrial and Industrial), by Power Source (Direct Fired, Indirect Fired, and Water Driven) and by Geography - Global Trends and Forecast to 2025

  • Published On : Mar 2018 |
  • Pages : 250 Pages |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Absorption Chillers Market

The global absorption chillers market was valued at US$ 1.36 Billion in 2016 and is expected to increase to US$ 2.18 Billion by 2025, registering a CAGR of 5.30% over the forecast period. Absorption chillers are cooling gadgets that function on heat rather than mechanical power. Absorption chillers consume a small quantity of fuel as compared to different refrigeration devices; however, the overall cooling performance is also considerably lower. Absorption chillers use waste heat energy as a derivative in gas turbines, commercial centers, and resorts for refrigeration and cooling purposes. Owing to their low operational costs, these are extensively used in educational institutes, hospitals, and mini vans.

Absorption Chillers Market Key Driving Factors

Major factors expected to drive growth of the global absorption chillers market are the benefits offered by these over conventional chillers. These chillers have low maintenance and operational cost, low noise level, and enhanced efficiency. Therefore, adoption of these chillers is increasing owing to the aforementioned factors. Absorption chillers emits very low levels of harmful gas and other pollutants, making it environmentally-friendly as compared to conventional refrigerants.

Absorption Chillers Market Restraint

Major factor expected to restraint growth of the absorption chillers market is the risk associated with oxidization and damage to the entire refrigerator in case of air leakage from the main panel. Moreover, high cost of absorption chillers is another factor that is expected to hamper growth of the global market over the forecast period.

Absorption Chillers Market Segment

Non-industrial segment is expected to exhibit the highest CAGR in terms of volume as well as value, during the forecast period. Non-industrial segment was valued at US$ 197.3 Million in 2016. However, growth of this segment is attributed to high demand of absorption chillers from the industrial segment especially from the food & beverages industry. This is owing high adoption of combined heat & power (CHP) systems in this segment. For instance, Thermax’s 500 TR absorption chiller is used in the production of Frito Lay. Potato has 75% water content and upon frying it gets converted into low pressure vapor. Absorption chillers are responsible for absorbing the vapor to provide air-conditioning. Therefore, industrial segment is expected to exhibit high growth rate of 6.11% over the forecast period.

 

Absorption Chillers Market

Source: Coherent Market Insights Analysis, 2017

 

Asia Pacific Market Accounted for the Largest Share in 2016

On the basis of region, the global absorption chillers market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The market in North America is expected to exhibit the highest CAGR during the forecast period. North America market accounted about 19.19% share of global absorption chiller market and expected to grow at a CAGR of 5.88% over the forecast period. This growth is attributed to high adoption of absorption chillers in food processing and petroleum industries, in this region. For instance, according to Coherent Market Insights, around 360,000 gas-fired absorption units with capacities below 7.5 kW have been developed by players in Europe and North America using ammonia-water cycle for various industrial applications.

Asia Pacific, Middle East and Africa are expected to offer substantial growth opportunities to absorption chillers manufacturers during the forecast period. Middle East is a lucrative market for absorption chillers due to high natural gas availability in the region. The market in Middle East is expected to account for 19.86% share in global absorption chiller market by 2025. The growth in this region is attributed to high demand of absorption chillers for natural gas production. Absorption chillers contain a burner that runs on natural gas or another fuel to produce the heat required for the absorption process. These absorption chillers absorb the vapor that is produced by natural gas or other fuels, and converts it into electricity. Absorption chillers are in high demand, where the cost of consumption of electricity is high or there is a shortage of electricity. For example, according to the Oil & Gas Journal report, Middle East houses one of the world’s largest concentrations of natural gas. Moreover, since 2000 the natural gas production rate in Middle East has increased from 207.5bcm to 568.2bcm, which is relatively high growth rate for any region.

Key companies

Major players operating in the global absorption chillers market include Broad Air Conditioning Co. Ltd., Carrier Corporation, EAW Energieanlagenbau GmbH, Hyundai Climate Control Co., Ltd., Robur Corporation, Trane Inc., Yazaki Corporation, Johnson Controls, Inc., Thermal Engineering Co., Ltd., Shuangliang  Eco-Energy Systems Co., Ltd., and Thermax Inc.

An absorption chiller or a refrigerator is considered as a substitute for compressor chillers. These type of chillers operate on heat instead of mechanical power. An absorption chiller uses a thermo-chemical process, which is energy efficient and cost-effective as compared to conventional chillers, which rely on mechanical energy. Heat sources used for an absorption chiller include, fossil-fueled flame, waste heat, solar energy, and others.

Market Dynamics

Growth of the global absorption chiller market is attributed to increasing demand for renewable energy sources across industrial, commercial and domestic applications. Furthermore, increasing amount of waste heat in various industries has urged manufacturers to adopt absorption chillers. Moreover, advantages of absorption chillers such as low noise, lower maintenance & operational costs, and improved efficiency has increased its adoption. Other factors driving the market growth include, constant fluctuations in electricity prices and rising demand for environment-friendly refrigerators. However, technical flaws in absorption chillers in case of air leakage and high investments costs are factors expected to hamper the market growth.

Key features of the study:

  • This report provides in-depth analysis of absorption chiller market size (US$ Million), and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2017– 2025), considering 2016 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players
  • It profiles leading players in the global absorption chiller market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, key developments, strategies, and future plans
  • Companies covered as part of this study include Broad Air Conditioning Co. Ltd., Carrier Corporation, EAW Energieanlagenbau GmbH, Hyundai Climate Control, Co., Ltd., Robur Corporation, Trane Inc., Yazaki Corporation, Johnson Controls, Inc., Kawasaki Thermal Engineering Co., Ltd., Shuangliang  Eco-Energy Systems Co., Ltd., and Thermax Inc.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launches, product upgrades, market expansion, and marketing tactics
  • The global absorption chiller market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision making through the various strategy matrices used in analyzing the global absorption chiller market

Detailed Segmentation:

  • Global Absorption Chiller Market, By Technology:
    • Single Stage
    • Double Stage
  • Global Absorption Chiller Market, By Absorber Type:
    • Lithium Bromide
    • Ammonia
  • Global Absorption Chiller Market, By Application:
    • Non-industrial
    • Industrial
      • Chemicals
      •  Food & beverage
      •  Other Industries
      •  Petroleum
      •  Power
      •  Pulp & Paper
  • Global Absorption Chiller Market, By Power Source:
    • Direct Fired
    • Indirect Fired
    • Water Driven
  • Global Absorption Chiller Market, By Geography:
    • North America
      • By Technology:
        • Single Stage
        • Double Stage
      • By Absorber Type:
        • Lithium Bromide
        • Ammonia
      • By Application:
        • Non-industrial
        • Industrial
          • Chemicals
          •  Food & beverage
          •  Other Industries
          •  Petroleum
          •  Power
          •  Pulp & Paper
      • By Power Source:
        • Direct Fired
        • Indirect Fired
        • Water Driven
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Technology:
        • Single Stage
        • Double Stage
      • By Absorber Type:
        • Lithium Bromide
        • Ammonia
      • By Application:
        • Non-industrial
        • Industrial
          • Chemicals
          •  Food & beverage
          •  Other Industries
          •  Petroleum
          •  Power
          •  Pulp & Paper
      • By Power Source:
        • Direct Fired
        • Indirect Fired
        • Water Driven
      • By Country:
        • Germany
        • UK
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Technology:
        • Single Stage
        • Double Stage
      • By Absorber Type:
        • Lithium Bromide
        • Ammonia
      • By Application:
        • Non-industrial
        • Industrial
          • Chemicals
          •  Food & beverage
          •  Other Industries
          •  Petroleum
          •  Power
          •  Pulp & Paper
      • By Power Source:
        • Direct Fired
        • Indirect Fired
        • Water Driven
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Latin America
      • By Technology:
        • Single Stage
        • Double Stage
      • By Absorber Type:
        • Lithium Bromide
        • Ammonia
      • By Application:
        • Non-industrial
        • Industrial
          • Chemicals
          •  Food & beverage
          •  Other Industries
          •  Petroleum
          •  Power
          •  Pulp & Paper
      • By Power Source:
        • Direct Fired
        • Indirect Fired
        • Water Driven
      • By Country:
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East
      • By Technology:
        • Single Stage
        • Double Stage
      • By Absorber Type:
        • Lithium Bromide
        • Ammonia
      • By Application:
        • Non-industrial
        • Industrial
          • Chemicals
          •  Food & beverage
          •  Other Industries
          •  Petroleum
          •  Power
          •  Pulp & Paper
      • By Power Source:
        • Direct Fired
        • Indirect Fired
        • Water Driven
      • By Country:
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • By Technology:
        • Single Stage
        • Double Stage
      • By Absorber Type:
        • Lithium Bromide
        • Ammonia
      • By Application:
        • Non-industrial
        • Industrial
          • Chemicals
          •  Food & beverage
          •  Other Industries
          •  Petroleum
          •  Power
          •  Pulp & Paper
      • By Power Source:
        • Direct Fired
        • Indirect Fired
        • Water Driven
      • By Country:
        • Northern Africa
        • Central Africa
        • South Africa
  • Company Profiles
    • Broad Air Conditioning Co. Ltd.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments/ Updates
    • Carrier Corporation
    • EAW Energieanlagenbau GmbH
    • Hyundai Climate Control Co., Ltd.
    • Robur Corporation
    • Trane Inc.
    • Yazaki Corporation
    • Johnson Controls, Inc.
    • Kawasaki Thermal Engineering Co., Ltd.
    • Shuangliang Eco-Energy Systems Co., Ltd.
    • Thermax Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet By Technology
      • Market Snippet By Absorber Type
      • Market Snippet By Application
      • Market Snippet By Source Power
      • Market Snippet By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New Product Approvals/Launch
  4. Global Absorption Chiller Market, By Technology, 2015 - 2025 (USD Million)
    • Introduction
      • Market Share Analysis, 2016 and 2025 (%)
      • Segment Trends
    • Single Stage
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (USD Million)
    • Double Stage
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (USD Million)
  5. Global Absorption Chiller Market, By Absorber Type, 2015 - 2025 (USD Million)
    • Introduction
      • Market Share Analysis, 2016 and 2025 (%)
      • Segment Trends
    • Lithium Bromide
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (USD Million)
    • Ammonia
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (USD Million)
  6. Global Absorption Chiller Market, By Application, 2015 - 2025 (USD Million)
    • Introduction
      • Market Share Analysis, 2016 and 2025 (%)
      • Segment Trends
    • Non-Industrial
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (USD Million)
    • Industrial
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (USD Million)
        • Chemicals
        • Food & beverage
        • Other Industries
        • Petroleum
        • Power
        • Pulp & Paper
  7. Global Absorption Chiller Market, By Power Source, 2015 - 2025 (USD Million)
    • Introduction
      • Market Share Analysis, 2016 and 2025 (%)
      • Segment Trends
    • Direct Fired
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (USD Million)
    • Indirect Fired
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (USD Million)
    • Water Driven
      • Introduction
      • Market Size and Forecast, 2015 - 2025, (USD Million)
  8. Global Absorption Chiller Market, By Regions, 2015 - 2025 (USD Million)
    • Introduction
    • Market Share Analysis, By Region, 2016 and 2025 (%)
    • North America
      • By Segment
        • Market Size and Forecast, By Technology, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Absorber Type, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Application, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Power Source, 2015 - 2025 (USD Million)
      • By Country
        • U.S.
        • Canada
    • Europe
      • By Segment
        • Market Size and Forecast, By Technology, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Absorber Type, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Application, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Power Source, 2015 - 2025 (USD Million)
      • By Country
        • Germany
        • UK
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Segment
        • Market Size and Forecast, By Technology, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Absorber Type, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Application, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Power Source, 2015 - 2025 (USD Million)
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest Of Asia Pacific
    • Latin America
      • By Segment
        • Market Size and Forecast, By Technology, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Absorber Type, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Application, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Power Source, 2015 - 2025 (USD Million)
      • By Country
        • Brazil
        • Mexico
        • Rest Of Latin America
    • Africa
      • By Segment
        • Market Size and Forecast, By Technology, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Absorber Type, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Application, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Power Source, 2015 - 2025 (USD Million)
      • By Country
        • South Africa
        • Central Africa
        • North Africa
    • Middle East
      • By Segment
        • Market Size and Forecast, By Technology, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Absorber Type, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Application, 2015 - 2025 (USD Million)
        • Market Size and Forecast, By Power Source, 2015 - 2025 (USD Million)
      • By Country
        • GCC
        • Israel
        • Rest Of Middle East
  9. Competitive Landscape
    • Company Profiles
      • Broad Air Conditioning Co. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Carrier Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • EAW Energieanlagenbau GmbH
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Hyundai Climate Control Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Robur Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Trane Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Yazaki Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Johnson Controls, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Kawasaki Thermal Engineering Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Shuangliang Eco-Energy Systems Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Thermax Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
    • Analyst Views
  10. Section
    • References
    • Research Methodology
    • About us and Sales Contact
    • Available Customizations
      • Global Refrigerated Road Transport Market

*Browse all the market data tables and figures on "Absorption Chiller Market- Global forecast to 2025”.

Research Methodology

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  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


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  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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