Absorption chillers are a type of refrigeration coolants that derive energy from a preexisting heat source, thereby decreasing the average consumption of power. This helps in streamlining power efficiency of a system, ultimately saving costs needed for cooling down a system with ample usage of the pre-existing heat source. A rise in awareness about the need for energy conservation is chiefly driving the global absorption chillers market. Improvement in the pharmaceutical industry also is expected to largely benefit the market, owing to the high requirement of the chillers in this sector. The oil and gas industry is also expected to rake in maximum growth in the market, as cooling systems find extensive applications in the field of offshore oil exploration and extraction projects.
How is the Competitive Landscape of the Global Absorption Chillers Market?
The vendor landscape in the global absorption chillers market is characterized by intense competition, due to the presence of several players attempting to outgun each other. Working in this field requires the use of highly-skilled labor, thereby posing as a challenge to most businesses to find the most appropriate candidates. New entrants may find it difficult to stabilize in this market owing to the intensive nature of its vendor landscape. Kirloskar Pneumatic Company Limited, Simons Green Energy, Solair, Ebara Refrigeration Equipment & Systems Co Ltd, Johnson Controls Inc., Voltas, Shuangliang Eco-Energy Systems Company Ltd., Kawasaki Trading Co. Ltd., Broad U.S.A. Inc., Hitachi Ltd., Thermax Ltd., Clarke Energy, Ltd., and Yazaki Energy Systems Inc., are chief players operating in the global absorption chillers market.
Which are the Prime Geographical Segments of the Global Absorption Chillers Market?
This market primarily covers regions such as North America, Europe, Asia Pacific, and Rest and the World. From these, the North American region has witnessed maximum demand for the chiller devices owing to advanced end-user infrastructure. Rampantly developing food and beverage industry in North America is also responsible for extensive growth experienced by the global absorption chillers market. Apart from North America, Europe and Asia Pacific also showcase substantial potential for the market in forthcoming years. In Asia Pacific, notable research carried out in the field of solar, nuclear, and geothermal powers requires efficient cooling mechanisms. This need can be fulfilled by the use of absorption chillers, thereby projecting a bright future of the market to exist in this region.
Why the Global Absorption Chillers Market Being Restrained?
This market is mainly being hindered due to high initial costs of the deployment of equipment needed to facilitate the cooling processes. This is greatly restraining the adoption of the chillers from a geographical perspective. A high risk of damage and deterioration associated with the absorption chillers also has been hindering the market in recent times. However, extensive research based activities are expected to nullify these restraints substantially, thus boosting the market’s growth.