Global Absorption Chiller Market Insights and Trends
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Global Absorption Chiller Market Insights
According to a recently updated research report released by Fact.MR, the global absorption chiller market is projected at a value of US$ 1.69 billion in 2024 and has been forecasted to expand at a CAGR of 4.6% from 2024 to 2034.
Market Demand and Applications
Absorption chillers are popularly used in industries such as chemicals, food & beverages, petroleum, power, and pulp & paper, as well as data centers and commercial buildings, to regulate temperature and ensure efficient operations, creating a burgeoning demand for the product. The market is increasing mainly due to the ever-growing demand for affordable cooling options. Absorption chillers are favored due to their low maintenance and operating costs, quiet operation, and several other benefits.
Environmental Impact
The petrochemical industry is expected to account for significant market growth over the coming years. Absorption chillers are more environment-friendly than traditional vapor compressors due to lower pollutant and hazardous gas emissions, which bodes well for companies that need to adhere to strict government regulations.
Key Market Growth Segments
Absorption chillers are widely used across various industries, including food & beverage, pharmaceuticals, power, petrochemicals, and metal fabrication. High-temperature processes in power plants and petrochemicals necessitate cooling, which increases the demand for industrial chillers, including absorption chillers.
Revenue Projections
Worldwide sales of absorption chillers are forecasted to reach US$ 2.64 billion by 2034. Revenue from sales of commercial absorption chillers is estimated to reach US$ 1.48 billion by 2034.
Leadership in the Absorption Chiller Market
Manufacturers of absorption chillers are encouraged to invest in developing countries due to lucrative opportunities for the manufacturing sector as a whole, according to a Fact.MR analyst.
Leading Market Players
Key players driving innovation in the absorption chiller market include Robur Corporation, Trane, Inc., Carrier Corporation, LG Electronics, Inc., Thermax Limited, Shuangliang Eco-Energy Systems Co. Ltd., and many others.
Market Focus and Future Trends
The United States represents a key market for absorption chiller manufacturers due to its adherence to high energy efficiency and environmental sustainability standards. The market has been projected to expand at a CAGR of 4.4% over the next ten years.
Additional Insights
Fact.MR presents an unbiased analysis of the absorption chiller market, covering various aspects like power source, absorber type, technology, and end use across major global regions.
Frequently Asked Questions
What is the projected market value of absorption chillers by 2034?
The market value is projected to reach US$ 2.64 billion by 2034.
What factors are driving the demand for absorption chillers?
Increasing demand for affordable cooling options and low environmental impact compared to traditional cooling systems are key drivers.
Which industries are the largest users of absorption chillers?
Industries such as food & beverage, pharmaceuticals, and petrochemicals are among the largest users.
What CAGR is expected for the absorption chiller market from 2024 to 2034?
The market is expected to expand at a CAGR of 4.6% during this period.
Who are the key players in the absorption chiller market?
Notable companies include Robur Corporation, Trane, Inc., Carrier Corporation, and LG Electronics, Inc.
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