The absorption chillers market has been forecast to hit an industry value of $921.8 million by 2018, driven by the growing focus on energy conservation, environmental protection, and robust demand from developing countries.
An absorption chiller is an environmentally friendly air conditioning system that uses water as a refrigerant and gas or oil as fuel.
One of the most prominent technologies gaining impetus globally is the absorption cooling technology that uses absorption chillers to provide cooling using natural solar and thermal sources of energy.
Although usage of these chillers is comparatively a recent phenomenon, the technology in fact, has been in existence since the early 19th century. Since then the market for these chillers has expanded, as greater number of end-users opt for absorption chillers to reduce their dependency on electric power and save energy, thereby reducing overall costs.
Over the years, the demand for cooling systems has witnessed an incremental rise in many parts of the world, not only for comfort cooling purposes but also for process cooling in industrial applications. With rising consumer demand, the electrically driven compressor cooling equipment market has witnessed exponential growth over the last few years.
In contrast to the European and US markets where centrifugal and positive displacement chillers occupy a dominant position, absorption chillers drive demand in the Asian chillers market, particularly in Japan, China and Korea, which account for a significant 75% of the global market.
Although absorption chillers are emerging as a lucrative segment in the chillers industry in many countries, they are still in the initial phases of market adoption in many developing countries. Despite being environment friendly and powered by rejected heat, making them more appealing compared to vapour compression chillers, the segment still encounters impediments in the form of high cost, relatively low efficiency and poor consumer awareness.
Nevertheless, growth in the global construction industry, government initiatives, rising consumer awareness, phasing out of harmful refrigerants and the widening footprint of companies in various regional markets among other factors, are likely to augment demand for these chillers in the long run.
For more information on the absorption chillers market, see the latest research: Absorption Chillers Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.