PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371895
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371895
Absorption Cooling Device Market Forecasts to 2030 - Global Analysis By Product Type, End User and By Geography
According to Stratistics MRC, the Global Absorption Cooling Device Market is expected to grow at a CAGR of 6.7% during the forecast period. The absorption refrigeration industry, which creates cooling effects by combining heat and a particular absorption fluid, is known as the absorption cooling device market. It has uses in a number of industries, including refrigeration, air conditioning, and industrial operations. Absorption cooling systems provide a number of benefits, including being suitable for isolated locations with limited access to electricity, using less electricity than traditional compression refrigeration, and being environmentally friendly due to their reliance on heat as an energy source. They may also be used to capture waste heat, which makes them economical and energy-efficient cooling options for a variety of environments.
According to research by the International Institute of Refrigeration (IIR), about 3 billion air- conditioning, heat pump and refrigeration systems exist worldwide.
Market Dynamics:
Driver:
Improvement of energy efficiency
When compared to conventional cooling systems, absorption cooling devices use less energy, which results in significant cost savings. They also support load-shifting techniques, which let users use electricity during off-peak hours and cut their electricity costs. Moreover, absorption cooling is a preferred option for sustainable construction and retrofit projects where energy efficiency and environmental impact are important factors because it is in line with green building standards.
Restraint:
Insufficient cooling capacity
The cooling capacities of absorption cooling systems are frequently lower than those of their compression counterparts. Applications that demand high cooling loads, like sizable commercial buildings or industrial facilities, may find it difficult to work around this restriction. However, to meet the cooling demand, multiple absorption chillers might be required, increasing the initial investment and installation space needs.
Opportunity:
Energy effectiveness and financial savings
Energy efficiency and cost savings are greatly enhanced by absorption cooling systems. Organizations and individuals are actively looking for methods to cut operating expenses as energy prices rise. Additionally, these objectives can be accomplished with the aid of absorption cooling, which offers more effective cooling while utilizing waste heat or inexpensive energy sources during off-peak hours. The cost of the initial investment may be offset by the long-term energy savings.
Threat:
Competition from traditional systems
Competition from established and frequently used traditional compression-based cooling systems is one of the main threats to absorption cooling. These conventional systems are frequently less expensive up front and might be preferred in markets where initial investment is the main factor. Moreover, absorption cooling needs to consistently show off its superior energy efficiency and environmental advantages to overcome this threat.
COVID-19 Impact:
Since the COVID-19 pandemic disrupted supply chains, delayed projects, and created economic uncertainty, it had a significant negative impact on the market for absorption cooling devices. This included investments made by the commercial and industrial sectors in energy-efficient cooling solutions. The pandemics after effects slowed down the market's growth in the short term, but absorption cooling technologies' long-term prospects are still bright due to their favourable environmental effects. However, as the world recovers and places more emphasis on sustainability, the market is anticipated to rebound with a focus on energy-efficient and environmentally friendly cooling solutions.
The Electric Chiller segment is expected to be the largest during the forecast period
In the market for absorption cooling devices, the electric chiller segment is anticipated to hold the largest share. Due to their effectiveness and simplicity of integration with existing infrastructure, electric chillers are frequently used for cooling applications in a variety of commercial settings. Moreover, they are a popular option for cooling systems because of their popularity and reputation for dependability in providing precise temperature control.
The Industrial segment is expected to have the highest CAGR during the forecast period
In the market for absorption cooling devices, the industrial sector is anticipated to grow at the highest CAGR during the forecast period. This was primarily brought on by growing industrialization, the expansion of manufacturing facilities, and an increase in the demand for cooling solutions in industries like food processing, chemicals, and data centers. Additionally, this market's expansion was driven by the demand for effective and dependable cooling systems to maintain ideal operating conditions in industrial facilities and processes.
Region with largest share:
The region expected to hold the largest market share for absorption cooling devices is North America, particularly the United States. Furthermore, this dominance was fuelled by elements like the region's strong emphasis on energy efficiency, government incentives for sustainable cooling technologies, and the adoption of absorption cooling devices in various commercial and industrial applications.
Region with highest CAGR:
The market for absorption cooling devices was growing at the highest CAGR in the Asia-Pacific region, which includes nations like China and India. Numerous factors, including escalating industrialization, a rise in the demand for energy-efficient cooling options, and government initiatives to support sustainable technologies, were cited as the causes of this quick growth. Moreover, the adoption of absorption cooling technology was being driven by the region's focus on lowering carbon emissions and improving energy efficiency in the commercial and industrial sectors.
Key players in the market:
Some of the key players in Absorption Cooling Device Market include: Carrier Corporation, Thermax, LG Air Conditioning, Johnson Controls, Century Corporation, Broad Air Conditioning, Trane, Hitachi Appliances, Robur Group, EAW Energieanlagenbau, Yazaki Energy Systems and Shuangliang Eco-Energy Systems.
Key Developments:
In October 2023, LG Energy Solution and Toyota Motor North America, Inc. (Toyota) today announced that they have signed a supply agreement for lithium-ion battery modules to be used in Toyota battery electric vehicles (BEVs) that will be assembled in the United States. Under the contract, LG Energy Solution will supply automotive battery modules at an annual capacity of 20GWh starting from 2025. The battery modules, consisting of high-nickel NCMA pouch-type cells, will be manufactured in LG Energy Solution's Michigan facility.
In July 2023, Johnson Controls, a global leader for smart, healthy, and sustainable buildings announces an agreement with Constellation, the nation's largest producer of carbon-free energy, to support the development of two new solar plants and match the power needs of four major Johnson Controls manufacturing and research and development facilities.
In March 2023, Thermax announced the partnership with Fortescue Future Industries. A Memorandum of Understanding (MoU) has been signed by Fortescue Future Industries (FFI), an Australian green energy and green technology company, and Thermax Limited, a leading provider of energy and environmental solutions, to investigate green hydrogen projects, including new manufacturing facilities, in India.
Product Types Covered:
- Free Cooling
- Absorption Cooling
- Electric Chiller
- Double Absorption Refrigerating Device
- Three Effect Absorption Refrigerating Device
- Other Product Types
End Users Covered:
- Commercial
- Residential
- Industrial
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Absorption Cooling Device Market, By Product Type
- 5.1 Introduction
- 5.2 Free Cooling
- 5.3 Absorption Cooling
- 5.4 Electric Chiller
- 5.5 Double Absorption Refrigerating Device
- 5.6 Three Effect Absorption Refrigerating Device
- 5.7 Other Product Types
6 Global Absorption Cooling Device Market, By End User
- 6.1 Introduction
- 6.2 Commercial
- 6.3 Residential
- 6.4 Industrial
- 6.5 Other End Users
7 Global Absorption Cooling Device Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 Carrier Corporation
- 9.2 Thermax
- 9.3 LG Air Conditioning
- 9.4 Johnson Controls
- 9.5 Century Corporation
- 9.6 Broad Air Conditioning
- 9.7 Trane
- 9.8 Hitachi Appliances
- 9.9 Robur Group
- 9.10 EAW Energieanlagenbau
- 9.11 Yazaki Energy Systems
- 9.12 Shuangliang Eco-Energy Systems
List of Tables
- Table 1 Global Absorption Cooling Device Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Absorption Cooling Device Market Outlook, By Product Type (2021-2030) ($MN)
- Table 3 Global Absorption Cooling Device Market Outlook, By Free Cooling (2021-2030) ($MN)
- Table 4 Global Absorption Cooling Device Market Outlook, By Absorption Cooling (2021-2030) ($MN)
- Table 5 Global Absorption Cooling Device Market Outlook, By Electric Chiller (2021-2030) ($MN)
- Table 6 Global Absorption Cooling Device Market Outlook, By Double Absorption Refrigerating Device (2021-2030) ($MN)
- Table 7 Global Absorption Cooling Device Market Outlook, By Three Effect Absorption Refrigerating Device (2021-2030) ($MN)
- Table 8 Global Absorption Cooling Device Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 9 Global Absorption Cooling Device Market Outlook, By End User (2021-2030) ($MN)
- Table 10 Global Absorption Cooling Device Market Outlook, By Commercial (2021-2030) ($MN)
- Table 11 Global Absorption Cooling Device Market Outlook, By Residential (2021-2030) ($MN)
- Table 12 Global Absorption Cooling Device Market Outlook, By Industrial (2021-2030) ($MN)
- Table 13 Global Absorption Cooling Device Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 14 North America Absorption Cooling Device Market Outlook, By Country (2021-2030) ($MN)
- Table 15 North America Absorption Cooling Device Market Outlook, By Product Type (2021-2030) ($MN)
- Table 16 North America Absorption Cooling Device Market Outlook, By Free Cooling (2021-2030) ($MN)
- Table 17 North America Absorption Cooling Device Market Outlook, By Absorption Cooling (2021-2030) ($MN)
- Table 18 North America Absorption Cooling Device Market Outlook, By Electric Chiller (2021-2030) ($MN)
- Table 19 North America Absorption Cooling Device Market Outlook, By Double Absorption Refrigerating Device (2021-2030) ($MN)
- Table 20 North America Absorption Cooling Device Market Outlook, By Three Effect Absorption Refrigerating Device (2021-2030) ($MN)
- Table 21 North America Absorption Cooling Device Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 22 North America Absorption Cooling Device Market Outlook, By End User (2021-2030) ($MN)
- Table 23 North America Absorption Cooling Device Market Outlook, By Commercial (2021-2030) ($MN)
- Table 24 North America Absorption Cooling Device Market Outlook, By Residential (2021-2030) ($MN)
- Table 25 North America Absorption Cooling Device Market Outlook, By Industrial (2021-2030) ($MN)
- Table 26 North America Absorption Cooling Device Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 27 Europe Absorption Cooling Device Market Outlook, By Country (2021-2030) ($MN)
- Table 28 Europe Absorption Cooling Device Market Outlook, By Product Type (2021-2030) ($MN)
- Table 29 Europe Absorption Cooling Device Market Outlook, By Free Cooling (2021-2030) ($MN)
- Table 30 Europe Absorption Cooling Device Market Outlook, By Absorption Cooling (2021-2030) ($MN)
- Table 31 Europe Absorption Cooling Device Market Outlook, By Electric Chiller (2021-2030) ($MN)
- Table 32 Europe Absorption Cooling Device Market Outlook, By Double Absorption Refrigerating Device (2021-2030) ($MN)
- Table 33 Europe Absorption Cooling Device Market Outlook, By Three Effect Absorption Refrigerating Device (2021-2030) ($MN)
- Table 34 Europe Absorption Cooling Device Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 35 Europe Absorption Cooling Device Market Outlook, By End User (2021-2030) ($MN)
- Table 36 Europe Absorption Cooling Device Market Outlook, By Commercial (2021-2030) ($MN)
- Table 37 Europe Absorption Cooling Device Market Outlook, By Residential (2021-2030) ($MN)
- Table 38 Europe Absorption Cooling Device Market Outlook, By Industrial (2021-2030) ($MN)
- Table 39 Europe Absorption Cooling Device Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 40 Asia Pacific Absorption Cooling Device Market Outlook, By Country (2021-2030) ($MN)
- Table 41 Asia Pacific Absorption Cooling Device Market Outlook, By Product Type (2021-2030) ($MN)
- Table 42 Asia Pacific Absorption Cooling Device Market Outlook, By Free Cooling (2021-2030) ($MN)
- Table 43 Asia Pacific Absorption Cooling Device Market Outlook, By Absorption Cooling (2021-2030) ($MN)
- Table 44 Asia Pacific Absorption Cooling Device Market Outlook, By Electric Chiller (2021-2030) ($MN)
- Table 45 Asia Pacific Absorption Cooling Device Market Outlook, By Double Absorption Refrigerating Device (2021-2030) ($MN)
- Table 46 Asia Pacific Absorption Cooling Device Market Outlook, By Three Effect Absorption Refrigerating Device (2021-2030) ($MN)
- Table 47 Asia Pacific Absorption Cooling Device Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 48 Asia Pacific Absorption Cooling Device Market Outlook, By End User (2021-2030) ($MN)
- Table 49 Asia Pacific Absorption Cooling Device Market Outlook, By Commercial (2021-2030) ($MN)
- Table 50 Asia Pacific Absorption Cooling Device Market Outlook, By Residential (2021-2030) ($MN)
- Table 51 Asia Pacific Absorption Cooling Device Market Outlook, By Industrial (2021-2030) ($MN)
- Table 52 Asia Pacific Absorption Cooling Device Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 53 South America Absorption Cooling Device Market Outlook, By Country (2021-2030) ($MN)
- Table 54 South America Absorption Cooling Device Market Outlook, By Product Type (2021-2030) ($MN)
- Table 55 South America Absorption Cooling Device Market Outlook, By Free Cooling (2021-2030) ($MN)
- Table 56 South America Absorption Cooling Device Market Outlook, By Absorption Cooling (2021-2030) ($MN)
- Table 57 South America Absorption Cooling Device Market Outlook, By Electric Chiller (2021-2030) ($MN)
- Table 58 South America Absorption Cooling Device Market Outlook, By Double Absorption Refrigerating Device (2021-2030) ($MN)
- Table 59 South America Absorption Cooling Device Market Outlook, By Three Effect Absorption Refrigerating Device (2021-2030) ($MN)
- Table 60 South America Absorption Cooling Device Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 61 South America Absorption Cooling Device Market Outlook, By End User (2021-2030) ($MN)
- Table 62 South America Absorption Cooling Device Market Outlook, By Commercial (2021-2030) ($MN)
- Table 63 South America Absorption Cooling Device Market Outlook, By Residential (2021-2030) ($MN)
- Table 64 South America Absorption Cooling Device Market Outlook, By Industrial (2021-2030) ($MN)
- Table 65 South America Absorption Cooling Device Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 66 Middle East & Africa Absorption Cooling Device Market Outlook, By Country (2021-2030) ($MN)
- Table 67 Middle East & Africa Absorption Cooling Device Market Outlook, By Product Type (2021-2030) ($MN)
- Table 68 Middle East & Africa Absorption Cooling Device Market Outlook, By Free Cooling (2021-2030) ($MN)
- Table 69 Middle East & Africa Absorption Cooling Device Market Outlook, By Absorption Cooling (2021-2030) ($MN)
- Table 70 Middle East & Africa Absorption Cooling Device Market Outlook, By Electric Chiller (2021-2030) ($MN)
- Table 71 Middle East & Africa Absorption Cooling Device Market Outlook, By Double Absorption Refrigerating Device (2021-2030) ($MN)
- Table 72 Middle East & Africa Absorption Cooling Device Market Outlook, By Three Effect Absorption Refrigerating Device (2021-2030) ($MN)
- Table 73 Middle East & Africa Absorption Cooling Device Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 74 Middle East & Africa Absorption Cooling Device Market Outlook, By End User (2021-2030) ($MN)
- Table 75 Middle East & Africa Absorption Cooling Device Market Outlook, By Commercial (2021-2030) ($MN)
- Table 76 Middle East & Africa Absorption Cooling Device Market Outlook, By Residential (2021-2030) ($MN)
- Table 77 Middle East & Africa Absorption Cooling Device Market Outlook, By Industrial (2021-2030) ($MN)
- Table 78 Middle East & Africa Absorption Cooling Device Market Outlook, By Other End Users (2021-2030) ($MN)
