Global Market Study on Absorption Chillers: Increasing Demand for Renewable Energy Based Air-conditioning Systems to Drive Growth during Forecast Period


  • Published On : Jun-2016 |
  • Pages : 189 Pages |
  • Format :

This report offers forecast and analysis on the absorption chillers market at global and regional levels. In this study 2015 has been considered the base year and we offer forecast from 2016 to 2024 in terms of volume (units) and revenue (US$ Mn). Global consumption and demand of absorption chillers by absorber type, by technology, and by each application at the regional level has been studied thoroughly and included in this research study. It includes drivers and restraints in the global absorption chillers market along with their impact on demand during the forecast period. The report also offers insights on the opportunities available at global and regional levels. This report serves the purpose of helping report reader and decision makers with current supply data and cost analysis as well as how production methods are changing as per consumer requirements. Absorption Chillers manufacturers and suppliers can design production as well as sales and marketing strategies according to the geographic demand  and target customers across each region.

In order to provide users with a comprehensive view of the market, we have included detailed market trends and listed company players with unique selling propositions. This section of the report serves the purpose of helping the reader and decision makers gain an understanding of current product offering of market players and existing trends in the market by product type.

Application segmentation includes current and estimated demand for absorption chillers for non-industrial and industrial segments. Industrial segment further includes chemical, food & beverages, petroleum, power, pulp & paper, and other industries. The market number for the base year 2015 and potential demand for absorption chillers across different industries have been provided in order to help companies in various industries to identify and prioritize actions across broad product lines.   

Market numbers have been estimated on the basis of average demand and consumption analysis by each application segment and technology segment. Market size and forecast for each absorber type segment has been provided in the context of global and regional markets. Market dynamics prevalent in China, North America, Europe, and the Middle East have been taken into account for estimating growth of the global absorption chillers market. Market estimates for this study have been based on volume, with revenue being derived from regional pricing trends. 

The absorption chillers market has been analyzed based on the basis of expected demand. Market data for each segment is based on demand volume and corresponding revenue. Pricing analysis across regions is done on the basis of the weighted average model. This model takes prices obtained through primary quotes from various regional suppliers, distributors, and regional producers based on manufacturers’ feedback and application requirement prices at different product levels into consideration. Weights at different product levels have been applied considering adoption rate across each application segment. 

Further, market revenue is estimated across each country based on a number of units installed annually and regional average price. All market numbers have been derived on the basis of demand for absorption chillers in various applications in different regions. All existing key end-use industries have been considered and potential applications have been estimated on the basis of secondary sources and feedback by primary respondents. Regional consumption patterns have been considered while estimating the market for various end-users industries of absorption chillers in different regions. 

PMR have used the top-down approach to estimate the global absorption chillers market, split by regions. The global application segment and technology split of the market have been derived using the bottom-up approach, which is cumulative of each region’s demand. Regional demand is the summation of sub-regions and countries within a region. Market share of companies has been derived on the basis of revenues reported by key manufacturers. The forecast has been provided, based on constant currency rates.

Several primary and secondary sources were consulted during the course of the study. Secondary sources include USGS, OneSource, Factiva, Hoover’s, ASHRAE Journals, JARN (a global HVAC&R publication), company annual reports, and publications among many others.

The report provides a detailed competitive outlook including market shares and company profiles of key participants operating in the global market. Key players in the global absorption chillers market include Broad Air Conditioning Co. Ltd., Carrier Corporation, EAW Energieanlagenbau GmbH, Hyundai Climate Control Co., Ltd., Johnson Controls, Kawasaki Thermal Eng. Co. Ltd., Robur Group, Shuangliang Eco-Energy Systems Co. Ltd., Thermax Inc., Trane Inc., and Yazaki Corporation. Company profiles include attributes such as company overview, SWOT analysis, financial overview, business strategy, and recent developments.

The market has been segmented as below:

Absorption Chillers Market – Application Type

  • Non-industrial
  • Industrial
    • Chemicals
    • Food & beverages
    • Petroleum
    • Power
    • Pulp & Paper
    • Other Industries

Absorption Chillers Market – Technology

  • Single-stage
  • Double-stage

Absorption Chillers Market – Absorber Type

  • Lithium bromide
  • Ammonia

Absorption Chillers Market – Regional Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Spain
    • Italy
    • Eastern Europe
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • ASEAN
    • India
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • Northern Africa
    • South Africa
    • Rest of MEA

Absorption chillers are thermally-driven chillers, which use a liquid refrigerant or sorbent solution and a heat source to provide cooling to buildings. These chillers use less energy than conventional equipment such as electrical chillers, but also cool buildings and industrial equipment without the use of ozone-depleting chlorofluorocarbons (CFCs). Commercially available absorption chiller systems are classified as single-stage and two-stage systems.

Single-stage systems employ a single condenser and generator. The thermal efficiency of single-stage absorption chillers is low, which hampers their cost competitiveness with conventional electrical chillers. Single-stage absorption chillers have Coefficient of Performance (COP) of around 0.6–0.8 out of an ideal 1. Double-stage absorption chillers differ from single-stage ones in that there are two condensers and two generators to allow more refrigerants to boil-off from the absorbent solution.

By application, food & beverage sub-segment in the industrial application segment is expected to register a significant CAGR during the forecast period. Moreover, food & beverage sub-segment is expected to be them most lucrative end-use industry segment in global absorption chillers market owing to increasing demand for CHP (combined heat & power) systems mainly due to reduction in annual energy cost of operation. Recycling waste energy, hot water & steam and reusing it as a secondary source to create chilled water for comfort conditioning or process cooling leading to reduction in electricity consumption minimizing the environmental impact of power generation is primarily increasing the adoption of absorption chillers.
 

absorption-chillers-market

By technology, global absorption chillers market is segmented into single-stage and double-stage. Revenue for the single-stage segment is expected to grow primarily due to increase in demand for waste heat recovery systems in order to reduce overall energy costs. However, single-stage segment is expected to witness sluggish growth due to lower COP and enhancements & advancements in absorption chillers such as triple-stage systems.  

On the basis of geography, the global absorption chillers market is segmented into North America, Latin America, Europe, Asia Pacific (APAC), and Middle East and Africa (MEA). MEA is expected to register a significant CAGR over the forecast period particularly due to increase in number of district cooling systems. According to International District Energy Association, the Middle East as a whole installed 75.5 million square feet of district cooling capacity in 2014. As per estimation, the region’s consumption demand for district cooling applications is projected to grow by over 16% in the approaching five years. 

Key players in the global absorption chillers market includes 

  • Broad Air Conditioning Co. Ltd., 
  • Carrier Corporation, 
  • EAW Energieanlagenbau GmbH, 
  • Hyundai Climate Control Co., Ltd., 
  • Johnson Controls, 
  • Kawasaki Thermal Eng. Co. Ltd., 
  • Robur Group, Shuangliang Eco-Energy Systems Co. Ltd., 
  • Thermax Inc., 
  • Trane Inc., 
  • Yazaki Corporation,
  • others
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