Absorption Chillers Market By Refrigerant Type, By Energy Source, By Application, By End-user Industry : Global Opportunity Analysis and Industry Forecast, 2018-2031

Description

List of Tables

An absorption chiller is an industrial-sized machinery used for providing chilled air or water for industrial, commercial, and residential applications. When installed, absorption chiller is responsible for maintaining a cold temperature in a space such as living space, and cold storages, as well as for cooling processes in industries.

Key factors driving the growth of the absorption chillers market include increasing demand from industrial & IT sectors, increasing number of institutional and commercial buildings, and increasing Demand for Fuel & Electricity. The rise in global population and urbanization is driving demand for fuel and electricity, for domestic commercial, and industrial use, which in turn is driving the growth of the energy sector. Petrochemical industries use high temperatures to separate constituents of crude oil. During this process a vast amount of energy is released unused in the form of hot water, flue gases, used steam, and others. To make efficient use of this energy, which would otherwise be left unused, industries make use of absorption chillers which use hot water, flue gases, and used steam as its primary energy source. The absorption chillers produce cooling for air conditioning, as well as process cooling. Moreover, to meet the rising demand for energy, public and private entities are building petrochemical processing plants and power plants. For instance, in March 2022, Aramco along with North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group planned to develop a petroleum refinery with 300,000 bpd capacity. Furthermore, Kineticor Resources Corp. is developing and constructing a gas fired power plant in Edson, Alberta, Canada. This project is estimated to be completed in 2023 at a cost of $1.5 billion. Such factors drive growth of the absorption chillers market.

Absorption chillers are superior to other compressor-based chillers in many respects, including sustainability and eco-friendliness. An absorption chiller requires a heat source to function which can be extracted by recycling hot process water, hot air, steam, sun, or direct flame; thereby, preventing expensive electricity bills. Since it does not require electricity, it is highly suitable for places facing frequent power cuts. Moreover, a majority of the gases used in refrigerants incorporated in other types of chillers are hydrofluorocarbons (HFCs), which are infamous for causing greenhouse effects and are highly polluting in nature. It is estimated that around 25% of these refrigerants gets leaked annually. Contrarily, unlike other chillers, absorption chiller does not use highly toxic and environment degrading refrigerant, instead it uses a mixture of water and lithium bromide or ammonia, making it more environment friendly. Moreover, it has very few moving components, owing to the lack of compressors with electric motors; thus, it has a silent and more reliable operation. Such advantageous features of absorption chillers are expected to drive lucrative growth opportunities for the market growth.

The absorption chillers market is segmented on the basis of refrigerant type, energy source, application, end-user industry, and region. By refrigerant type, it is bifurcated into ammonia, and lithium bromide. By energy source the market is classified into steam heated, hot water treated, and others. By application the market is classified into food and beverages, oil and gas, chemicals, and others. By end-user industry, it is classified into residential, commercial, and industrial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the study include: Carrier Global Corporation, Century Corporation, EAW Energieanlagenbau GmbH, Yazaki Corporation (Yazaki Energy Systems, Inc.), World Energy Co., Ltd., Kirloskar Group, Styne Group, Hitachi Ltd., Thermax Limited, LG Electronics Inc., Johnson Controls International plc, Shuangliang Eco-Energy Systems Company Ltd., BROAD U.S.A. INC., Bry-Air (Asia) Pvt. Ltd., Shinsung Engineering, EBARA THERMAL, SYSTEMS (THAILAND) CO., LTD., Heinen and Hopman, Trane, Kawasaki Thermal Engineering Co., Ltd., and AGO AG Energie + Anlagen. The players in the market have been actively engaged in the adoption of various strategies to remain competitive and gain an advantage over the competitors in the market.

Key Market Insights

By refrigerant type, the lithium bromide segment was the highest revenue contributor to the market and is estimated to reach $2,215.8 million by 2031. Moreover, the same segment is estimated to be the fastest-growing segment during the forecast period.

By source of energy, the hot water treated segment dominated the global market. However, the others segment is expected to be the fastest growing segment with a CAGR of 5.4% during the forecast period.

By application, the chemical segment was the highest revenue contributor to the market in 2021, and the food and beverages segment is expected to grow with a CAGR of 5.4% during the forecast period

Based on end-user industry, the industrial segment was the highest revenue contributor to the market in 2021, and the commercial segment is expected to grow with a CAGR of 5.0% during the forecast period.
Based on region, Asia-Pacific garnered the largest revenue share in 2021, and LAMEA is anticipated to grow at the highest CAGR of 5.2% during the forecast period.

Key Market Segments

By Refrigerant Type

Ammonia
Lithium Bromide

By Energy Source

Hot Water Treated
Steam Heated
Others

By Application

Food and Beverages
Oil and Gas
Chemical
Others

By End-user Industry

Residential
Commercial
Industrial

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Egypt
- Rest of LAMEA

Key Market Players

Century Corporation
World Energy Co., Ltd.
Kirloskar Group
Styne Group
Hitachi Ltd.
LG Electronics Inc.
Yazaki Corporation (Yazaki Energy Systems, Inc.)
EAW Energieanlagenbau GmbH
Thermax Limited
Johnson Controls International plc
Shuangliang Eco-Energy Systems Company Ltd.
BROAD U.S.A. INC.
Bry-Air (Asia) Pvt. Ltd.
Shinsung Engineering
EBARA THERMAL SYSTEMS (THAILAND) CO., LTD.
Heinen and Hopman
Trane
Kawasaki Thermal Engineering Co., Ltd.
AGO AG Energie + Anlagen
Carrier Global Corporation

Product Code: A01232

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
- 3.3.1. Moderate bargaining power of suppliers
- 3.3.2. Moderate bargaining power of buyers
- 3.3.3. Moderate threat of substitutes
- 3.3.4. Moderate threat of new entrants
- 3.3.5. Moderate intensity of rivalry
3.4. Market dynamics
- 3.4.1. Drivers
  - 3.4.1.1. Increasing demand from industrial and IT sectors
  - 3.4.1.2. Increasing number of institutional and commercial buildings
  - 3.4.1.3. Increasing demand for fuel & electricity
- 3.4.2. Restraints
  - 3.4.2.1. High initial and maintenance cost
- 3.4.3. Opportunities
  - 3.4.3.1. Rising popularity of sustainable and eco-friendly chillers.
3.5. COVID-19 Impact Analysis on the market

CHAPTER 4: ABSORPTION CHILLERS MARKET, BY REFRIGERANT TYPE

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Ammonia
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Lithium Bromide
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country

CHAPTER 5: ABSORPTION CHILLERS MARKET, BY ENERGY SOURCE

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Hot Water Treated
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Steam Heated
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. Others
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country

CHAPTER 6: ABSORPTION CHILLERS MARKET, BY APPLICATION

6.1. Overview
- 6.1.1. Market size and forecast
6.2. Food and Beverages
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
6.3. Oil and Gas
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
6.4. Chemical
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
6.5. Others
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country

CHAPTER 7: ABSORPTION CHILLERS MARKET, BY END-USER INDUSTRY

7.1. Overview
- 7.1.1. Market size and forecast
7.2. Residential
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by region
- 7.2.3. Market share analysis by country
7.3. Commercial
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by region
- 7.3.3. Market share analysis by country
7.4. Industrial
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by region
- 7.4.3. Market share analysis by country

CHAPTER 8: ABSORPTION CHILLERS MARKET, BY REGION

8.1. Overview
- 8.1.1. Market size and forecast By Region
8.2. North America
- 8.2.1. Key trends and opportunities
- 8.2.2. Market size and forecast, by Refrigerant Type
- 8.2.3. Market size and forecast, by Energy Source
- 8.2.4. Market size and forecast, by Application
- 8.2.5. Market size and forecast, by End-user Industry
- 8.2.6. Market size and forecast, by country
  - 8.2.6.1. U.S.
  - 8.2.6.1.1. Key market trends, growth factors and opportunities
  - 8.2.6.1.2. Market size and forecast, by Refrigerant Type
  - 8.2.6.1.3. Market size and forecast, by Energy Source
  - 8.2.6.1.4. Market size and forecast, by Application
  - 8.2.6.1.5. Market size and forecast, by End-user Industry
  - 8.2.6.2. Canada
  - 8.2.6.2.1. Key market trends, growth factors and opportunities
  - 8.2.6.2.2. Market size and forecast, by Refrigerant Type
  - 8.2.6.2.3. Market size and forecast, by Energy Source
  - 8.2.6.2.4. Market size and forecast, by Application
  - 8.2.6.2.5. Market size and forecast, by End-user Industry
  - 8.2.6.3. Mexico
  - 8.2.6.3.1. Key market trends, growth factors and opportunities
  - 8.2.6.3.2. Market size and forecast, by Refrigerant Type
  - 8.2.6.3.3. Market size and forecast, by Energy Source
  - 8.2.6.3.4. Market size and forecast, by Application
  - 8.2.6.3.5. Market size and forecast, by End-user Industry
8.3. Europe
- 8.3.1. Key trends and opportunities
- 8.3.2. Market size and forecast, by Refrigerant Type
- 8.3.3. Market size and forecast, by Energy Source
- 8.3.4. Market size and forecast, by Application
- 8.3.5. Market size and forecast, by End-user Industry
- 8.3.6. Market size and forecast, by country
  - 8.3.6.1. Germany
  - 8.3.6.1.1. Key market trends, growth factors and opportunities
  - 8.3.6.1.2. Market size and forecast, by Refrigerant Type
  - 8.3.6.1.3. Market size and forecast, by Energy Source
  - 8.3.6.1.4. Market size and forecast, by Application
  - 8.3.6.1.5. Market size and forecast, by End-user Industry
  - 8.3.6.2. France
  - 8.3.6.2.1. Key market trends, growth factors and opportunities
  - 8.3.6.2.2. Market size and forecast, by Refrigerant Type
  - 8.3.6.2.3. Market size and forecast, by Energy Source
  - 8.3.6.2.4. Market size and forecast, by Application
  - 8.3.6.2.5. Market size and forecast, by End-user Industry
  - 8.3.6.3. UK
  - 8.3.6.3.1. Key market trends, growth factors and opportunities
  - 8.3.6.3.2. Market size and forecast, by Refrigerant Type
  - 8.3.6.3.3. Market size and forecast, by Energy Source
  - 8.3.6.3.4. Market size and forecast, by Application
  - 8.3.6.3.5. Market size and forecast, by End-user Industry
  - 8.3.6.4. Italy
  - 8.3.6.4.1. Key market trends, growth factors and opportunities
  - 8.3.6.4.2. Market size and forecast, by Refrigerant Type
  - 8.3.6.4.3. Market size and forecast, by Energy Source
  - 8.3.6.4.4. Market size and forecast, by Application
  - 8.3.6.4.5. Market size and forecast, by End-user Industry
  - 8.3.6.5. Rest of Europe
  - 8.3.6.5.1. Key market trends, growth factors and opportunities
  - 8.3.6.5.2. Market size and forecast, by Refrigerant Type
  - 8.3.6.5.3. Market size and forecast, by Energy Source
  - 8.3.6.5.4. Market size and forecast, by Application
  - 8.3.6.5.5. Market size and forecast, by End-user Industry
8.4. Asia-Pacific
- 8.4.1. Key trends and opportunities
- 8.4.2. Market size and forecast, by Refrigerant Type
- 8.4.3. Market size and forecast, by Energy Source
- 8.4.4. Market size and forecast, by Application
- 8.4.5. Market size and forecast, by End-user Industry
- 8.4.6. Market size and forecast, by country
  - 8.4.6.1. China
  - 8.4.6.1.1. Key market trends, growth factors and opportunities
  - 8.4.6.1.2. Market size and forecast, by Refrigerant Type
  - 8.4.6.1.3. Market size and forecast, by Energy Source
  - 8.4.6.1.4. Market size and forecast, by Application
  - 8.4.6.1.5. Market size and forecast, by End-user Industry
  - 8.4.6.2. India
  - 8.4.6.2.1. Key market trends, growth factors and opportunities
  - 8.4.6.2.2. Market size and forecast, by Refrigerant Type
  - 8.4.6.2.3. Market size and forecast, by Energy Source
  - 8.4.6.2.4. Market size and forecast, by Application
  - 8.4.6.2.5. Market size and forecast, by End-user Industry
  - 8.4.6.3. Japan
  - 8.4.6.3.1. Key market trends, growth factors and opportunities
  - 8.4.6.3.2. Market size and forecast, by Refrigerant Type
  - 8.4.6.3.3. Market size and forecast, by Energy Source
  - 8.4.6.3.4. Market size and forecast, by Application
  - 8.4.6.3.5. Market size and forecast, by End-user Industry
  - 8.4.6.4. South Korea
  - 8.4.6.4.1. Key market trends, growth factors and opportunities
  - 8.4.6.4.2. Market size and forecast, by Refrigerant Type
  - 8.4.6.4.3. Market size and forecast, by Energy Source
  - 8.4.6.4.4. Market size and forecast, by Application
  - 8.4.6.4.5. Market size and forecast, by End-user Industry
  - 8.4.6.5. Rest of Asia-Pacific
  - 8.4.6.5.1. Key market trends, growth factors and opportunities
  - 8.4.6.5.2. Market size and forecast, by Refrigerant Type
  - 8.4.6.5.3. Market size and forecast, by Energy Source
  - 8.4.6.5.4. Market size and forecast, by Application
  - 8.4.6.5.5. Market size and forecast, by End-user Industry
8.5. LAMEA
- 8.5.1. Key trends and opportunities
- 8.5.2. Market size and forecast, by Refrigerant Type
- 8.5.3. Market size and forecast, by Energy Source
- 8.5.4. Market size and forecast, by Application
- 8.5.5. Market size and forecast, by End-user Industry
- 8.5.6. Market size and forecast, by country
  - 8.5.6.1. Brazil
  - 8.5.6.1.1. Key market trends, growth factors and opportunities
  - 8.5.6.1.2. Market size and forecast, by Refrigerant Type
  - 8.5.6.1.3. Market size and forecast, by Energy Source
  - 8.5.6.1.4. Market size and forecast, by Application
  - 8.5.6.1.5. Market size and forecast, by End-user Industry
  - 8.5.6.2. South Africa
  - 8.5.6.2.1. Key market trends, growth factors and opportunities
  - 8.5.6.2.2. Market size and forecast, by Refrigerant Type
  - 8.5.6.2.3. Market size and forecast, by Energy Source
  - 8.5.6.2.4. Market size and forecast, by Application
  - 8.5.6.2.5. Market size and forecast, by End-user Industry
  - 8.5.6.3. Saudi Arabia
  - 8.5.6.3.1. Key market trends, growth factors and opportunities
  - 8.5.6.3.2. Market size and forecast, by Refrigerant Type
  - 8.5.6.3.3. Market size and forecast, by Energy Source
  - 8.5.6.3.4. Market size and forecast, by Application
  - 8.5.6.3.5. Market size and forecast, by End-user Industry
  - 8.5.6.4. UAE
  - 8.5.6.4.1. Key market trends, growth factors and opportunities
  - 8.5.6.4.2. Market size and forecast, by Refrigerant Type
  - 8.5.6.4.3. Market size and forecast, by Energy Source
  - 8.5.6.4.4. Market size and forecast, by Application
  - 8.5.6.4.5. Market size and forecast, by End-user Industry
  - 8.5.6.5. Argentina
  - 8.5.6.5.1. Key market trends, growth factors and opportunities
  - 8.5.6.5.2. Market size and forecast, by Refrigerant Type
  - 8.5.6.5.3. Market size and forecast, by Energy Source
  - 8.5.6.5.4. Market size and forecast, by Application
  - 8.5.6.5.5. Market size and forecast, by End-user Industry
  - 8.5.6.6. Egypt
  - 8.5.6.6.1. Key market trends, growth factors and opportunities
  - 8.5.6.6.2. Market size and forecast, by Refrigerant Type
  - 8.5.6.6.3. Market size and forecast, by Energy Source
  - 8.5.6.6.4. Market size and forecast, by Application
  - 8.5.6.6.5. Market size and forecast, by End-user Industry
  - 8.5.6.7. Rest of LAMEA
  - 8.5.6.7.1. Key market trends, growth factors and opportunities
  - 8.5.6.7.2. Market size and forecast, by Refrigerant Type
  - 8.5.6.7.3. Market size and forecast, by Energy Source
  - 8.5.6.7.4. Market size and forecast, by Application
  - 8.5.6.7.5. Market size and forecast, by End-user Industry

CHAPTER 9: COMPETITIVE LANDSCAPE

9.1. Introduction
9.2. Top winning strategies
9.3. Product Mapping of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Top player positioning, 2018

CHAPTER 10: COMPANY PROFILES

10.1. Carrier Global Corporation
- 10.1.1. Company overview
- 10.1.2. Key Executives
- 10.1.3. Company snapshot
- 10.1.4. Operating business segments
- 10.1.5. Product portfolio
- 10.1.6. Business performance
10.2. Century Corporation
- 10.2.1. Company overview
- 10.2.2. Key Executives
- 10.2.3. Company snapshot
- 10.2.4. Operating business segments
- 10.2.5. Product portfolio
10.3. EAW Energieanlagenbau GmbH
- 10.3.1. Company overview
- 10.3.2. Key Executives
- 10.3.3. Company snapshot
- 10.3.4. Operating business segments
- 10.3.5. Product portfolio
10.4. Yazaki Corporation (Yazaki Energy Systems, Inc.)
- 10.4.1. Company overview
- 10.4.2. Key Executives
- 10.4.3. Company snapshot
- 10.4.4. Operating business segments
- 10.4.5. Product portfolio
- 10.4.6. Business performance
10.5. World Energy Co., Ltd.
- 10.5.1. Company overview
- 10.5.2. Key Executives
- 10.5.3. Company snapshot
- 10.5.4. Operating business segments
- 10.5.5. Product portfolio
10.6. Kirloskar Group
- 10.6.1. Company overview
- 10.6.2. Key Executives
- 10.6.3. Company snapshot
- 10.6.4. Operating business segments
- 10.6.5. Product portfolio
- 10.6.6. Business performance
10.7. Styne Group
- 10.7.1. Company overview
- 10.7.2. Key Executives
- 10.7.3. Company snapshot
- 10.7.4. Operating business segments
- 10.7.5. Product portfolio
10.8. Hitachi Ltd.
- 10.8.1. Company overview
- 10.8.2. Key Executives
- 10.8.3. Company snapshot
- 10.8.4. Operating business segments
- 10.8.5. Product portfolio
- 10.8.6. Business performance
10.9. Thermax Limited
- 10.9.1. Company overview
- 10.9.2. Key Executives
- 10.9.3. Company snapshot
- 10.9.4. Operating business segments
- 10.9.5. Product portfolio
- 10.9.6. Business performance
10.10. LG Electronics Inc.
- 10.10.1. Company overview
- 10.10.2. Key Executives
- 10.10.3. Company snapshot
- 10.10.4. Operating business segments
- 10.10.5. Product portfolio
- 10.10.6. Business performance
10.11. Johnson Controls International plc
- 10.11.1. Company overview
- 10.11.2. Key Executives
- 10.11.3. Company snapshot
- 10.11.4. Operating business segments
- 10.11.5. Product portfolio
- 10.11.6. Business performance
10.12. Shuangliang Eco-Energy Systems Company Ltd.
- 10.12.1. Company overview
- 10.12.2. Key Executives
- 10.12.3. Company snapshot
- 10.12.4. Operating business segments
- 10.12.5. Product portfolio
10.13. BROAD U.S.A. INC.
- 10.13.1. Company overview
- 10.13.2. Key Executives
- 10.13.3. Company snapshot
- 10.13.4. Operating business segments
- 10.13.5. Product portfolio
10.14. Bry-Air (Asia) Pvt. Ltd.
- 10.14.1. Company overview
- 10.14.2. Key Executives
- 10.14.3. Company snapshot
- 10.14.4. Operating business segments
- 10.14.5. Product portfolio
10.15. Shinsung Engineering
- 10.15.1. Company overview
- 10.15.2. Key Executives
- 10.15.3. Company snapshot
- 10.15.4. Operating business segments
- 10.15.5. Product portfolio
10.16. EBARA THERMAL SYSTEMS (THAILAND) CO., LTD.
- 10.16.1. Company overview
- 10.16.2. Key Executives
- 10.16.3. Company snapshot
- 10.16.4. Operating business segments
- 10.16.5. Product portfolio
- 10.16.6. Business performance
10.17. Heinen and Hopman
- 10.17.1. Company overview
- 10.17.2. Key Executives
- 10.17.3. Company snapshot
- 10.17.4. Operating business segments
- 10.17.5. Product portfolio
10.18. Trane
- 10.18.1. Company overview
- 10.18.2. Key Executives
- 10.18.3. Company snapshot
- 10.18.4. Operating business segments
- 10.18.5. Product portfolio
- 10.18.6. Business performance
10.19. Kawasaki Thermal Engineering Co., Ltd.
- 10.19.1. Company overview
- 10.19.2. Key Executives
- 10.19.3. Company snapshot
- 10.19.4. Operating business segments
- 10.19.5. Product portfolio
- 10.19.6. Business performance
10.20. AGO AG Energie + Anlagen
- 10.20.1. Company overview
- 10.20.2. Key Executives
- 10.20.3. Company snapshot
- 10.20.4. Operating business segments
- 10.20.5. Product portfolio