Absorption chillers function using heat energy instead of electrical energy. This provides great incentive, especially to heavy industries who have excess heat escaping the facility post production. The application of absorption chillers is allowing the waste energy to be utilized for the purpose of chilling and hence resulting in substantial savings in energy costs. The global absorption chillers market is expected sell 12,203 units in 2016 as compared to 11,875 units that were sold in the previous year. The global market is expected to rise at a steady 6.4% CAGR through the forecast period of 2016 up to 2024.
Cheap Running Cost Driving Global Absorption Chillers Market
Majority industries are employing absorption chillers for air conditioning purposes for the offices by using the waste heat from its factories to power the absorption chiller. This is resulting in mammoth savings for the companies through energy cost. This is driving the global absorption chillers market. Various foods and beverages industries are using absorption chillers for their cold storage purposes by recycling the heat generated in the manufacturing process of foods and beverages. The low cost incurred is hence transferred to the consumers through competitive pricing.
Long Payback Period Restraining Global Absorption Chillers Market
Absorption chillers are technically complex leading to issues in terms of repairs and maintenance. The lack of information on absorption chillers is a major issue faced by many. The lower availability of trained technicians for the repairs and maintenance of absorption chillers is expected to be a major restraint for the global absorption chillers market.
The initial setup cost of absorption chillers is high. This results in a major investment for customers to install an absorption chiller. This results in longer periods for payback of the absorption chillers for smaller industries resulting in them shying away from opting for absorption chillers and hence hampering the absorption chillers market globally.
Negligible Environment Impact Pushing Demand for Absorption Chillers in Global Market
Absorption chillers function using heat energy for its operation. This results in less wastage of heat and hence causes lower environmental degradation. The absorption chillers also do not employ any CFCs or HCFCs which cause ozone layer depletion and hence are clean chilling devices. This factor is expected to grab the attention of many governments to push to use of absorption chillers.
Asia Pacific Most Lucrative Region in Global Absorption Chillers Market
Asia Pacific is estimated to be the dominant market in the global absorption chillers market owing to the rise in industries in the market region. Various industries such as pharmaceuticals, power, food and beverages, and chemicals are coming up in the Asia Pacific region. The market is values US$369.7 mn in 2015 and expected to grow to value US$387.4 mn in the following year. MEA is expected to grow at a steady rate with growing opportunities in the region owing to industrial expansion. North America and Europe are expected to recede due to maturation of the market in these regions.
Major players in the global absorption chillers market include Trane Inc., Johnson Controls, Shuangliang Eco-Energy Systems Co. Ltd., Kawasaki Thermal Eng. Co. Ltd., EAW Energieanlagenbau GmbH, Broad Air Conditioning Co. Ltd., Robur Group, Hyundai Climate Control Co., Ltd., Thermax Inc., Yazaki Corporation, and Carrier Corporation.
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