Absorption Chillers Market Enclose the Latest Innovation Technology, Detailed Insights, Regional Manufacturers Analysis and Demand Forecast 2021-2027

 

The absorption chiller is frequently employed in low-grade heat refrigeration. To create chilled water, absorption chillers use heat and a concentrated salt solution (lithium bromide). Generators, condensers, evaporators, and absorbers are the four basic components of an absorption chiller. The use of a variable heat source, such as a gas burner and recovering waste heat in the form of hot water or low-pressure steam, or boiler-generated hot water or steam, is possible with an absorption chiller.

From 2020 to 2027, the global absorption chiller market is expected to increase at a CAGR of 4.09 percent, from USD 1.37 billion in 2019 to USD 1.87 billion in 2027.

Due to the increased adoption of environmental safety measures by industrialists and end-users as a result of stringent government norms and policies, demand for solar-powered absorption chillers has risen across a wide range of industries, including petroleum and chemical, food and beverage, geothermal, solar, and many others. Furthermore, as the world's population and urbanisation grows, so does the demand for air conditioning and refrigeration, which is a major driver of the absorption chiller market. However, compared to conventional electric and mechanical chillers, absorption chillers have higher installation and running costs, which could limit market growth in the future.

The absorption chiller market is divided into two types: ammonia and lithium bromide. In 2019, Lithium Bromide had the biggest market share. Absorption systems based on lithium bromide are utilised in a variety of air conditioning applications. These systems are helpful for applications that demand a temperature greater than 32 degrees Fahrenheit.

On the basis of application, the Global Absorption Chillers Market has been divided into Food Storage and Air Conditioning. Air Conditioning accounted for the biggest market share in 2019. The major source of energy for absorption chillers is high-temperature heat. These chillers can provide both heating and chilling at the same time.

The absorption chiller market is divided into two types of end-users: domestic and commercial. In 2019, commercial accounted for the greatest portion of the market. Absorption chillers are a potential alternative for commercial applications because they can use thermal energy sources and use water as the refrigerant. Air conditioning, refrigeration, and process fluid cooling are all provided by absorption chillers in commercial buildings.

Thermax Ltd., Johnson Controls–Hitachi Air Conditioning, Carrier Global Corporation, Yazaki Corporation, Century Corporation, and Others are some of the main competitors in the global absorption chiller market.