23-Dec-2020 | Facts and Factors
Findings from Facts and Factors report “Absorption Chillers Market By Type of Refrigerant (Ammonia, Lithium Bromide), Source of Energy (Gas Fired, Steam Heated, Direct Fired, Hot Water Heated), By Application ( Commercial, Residential, Industrial ) and By Region Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global absorption chiller market in 2019 was approximately USD 6,290 million. The market is expected to grow at a CAGR of 6.3% and is anticipated to reach around USD 9,640 million by 2026.
The Global Absorption Chillers Device Market Is Powered By Economic Development, Technological Advancement, Rising Demand from Chemical and Petrochemical Industry.
The absorption chiller is the refrigeration syestemwhich uses a heat source to provide the energy needed to drive the cooling process. In this system two different fluids as refrigerant and as coolant. These two fluids have high affinity for each other. For example. In a water-lithium bromide vapour absorption refrigeration system, water is used as the refrigerant while lithium bromide (Li Br) is used as the absorbent. In the absorber, the lithium bromide absorbs the water refrigerant, creating a solution of water and lithium bromide. The refrigerant changes the phase from liquid to vapour and circulates the system. Generally, heat from the waste drives the cooling process. The high affinity of the refrigerant for the absorbent (usually lithium bromide or ammonia) causes the refrigerant to boil at a lower temperature and pressure than it normally would and transfers heat from one place to another.
Browse the full “Absorption Chillers Market By Type of Refrigerant (Ammonia, Lithium Bromide), Source of Energy (Gas Fired, Steam Heated, Direct Fired, Hot Water Heated), By Application ( Commercial, Residential, Industrial ) and By Region Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/absorption-chillers-market
Absorption chiller technology has evolved tremendously in the recent past. Absorption chillers are used across the globe where natural gas or waste heat source are available. Increased ability to use waste heat source and water as refrigerant has made absorption chiller one of the most viable option for industrial and commercial purposes. In many situations, the business case for absorption chillers is surprisingly strong due to the stable/low cost of natural gas, rising cost of electricity, or grid congestion, and focus on natural refrigerants. As absorption chillers are driven by low-cost waste heat is reduces the operational cost of chillers. These equipments with added innovation have turned out very flexible This property has enabled numerous uses of absorption chiller from cruise vessals, air cooling operations, oil refinery or petrochemical plants. There is a misconception regarding the crystallization of lithium bromide solution. Modrn Absorption chillers are designed with PLC control which enables the chiller to stay away from the zone of crystallization
Top Market Players
Some of the leading and top companies in the absorption chiller market are Century Corporation, Shuangliang Eco-Energy Systems, Johnson Controls, Thermax, Broad Air Conditioning, Yazaki Energy Systems, and Carrier Corporation. Other prominent industry players are Hitachi Appliances, EAW Energieanlagenbau, LG Air Conditioning, Robur Group, Shuangliang Eco-Energy Systems, and Trane.
The demand for absorption chillers is expected to be driven by the rising demand for cooling systems in industrial applications. These cost-effective cooling systems are efficient and require less maintenance as compared to others. Proliferating uses of chillers in chemical and petrochemical industry are the major drivers of the absorption chillers market. Day by day there is an escalation in the cost of electricity as the demand for energy is increasing as compared to its supply. Therefore the use of economical alternative sources becomes advisable in such a scenario. Moreover, major industrial players are nudging themselves towards a green economy and supporting the movement of sustainable development. Absorption chillers are environment friendly as compared to other technology owing to lesser emission of toxic gases. Increasing stringent regulations by the regulating agencies have also fuelled the demand for absorption chillers. However, higher installation costs and lack of awareness about absorption chillers are restraining factor on the growth of the market.
In terms of geography, the APAC region will show considerable growth in the market owing to increased investment in alternative sources of energy like solar, geothermal, and nuclear energy. Europe will continue to register a high growth rate in the forecast period due to the high demand from the residential and construction industry in HVAC systems.
The taxonomy of the Absorption Chillers Market by its scope and segmentation is as follows:
Global Absorption Chillers Market: Type of Refrigerant Analysis
Global Absorption Chillers Market: Source of Energy Analysis
Global Absorption Chillers Market: Application Analysis
Global Absorption Chillers Market: Regional Segmentation Analysis
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