Rising Awareness about Waste Energy Drives Absorption Chillers Market

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.

Robust Industrial Activity Driving Demand for Absorption Chillers

San Francisco, California, July 04, 2017 : In a report titled “Absorption Chillers Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”, TMR Research carefully studies the macro and micro factors influencing the worldwide market. It takes into account the many socio-economic parameters impacting the expansion of the absorption chillers market and offers strategic recommendations on overcoming the hurdles that lie ahead. The soaring demand for robust chilling facilities across a number of industries is single-handedly driving the market for absorption chillers.

Absorption chillers may be used for industrial as well as non-industrial applications. While non-industrial applications include the use of absorption chillers in the commercial and residential sector, the various industrial applications of absorption chillers include in the food and beverages, chemicals, pharmaceutical, petroleum, power, oil and gas, and pulp and paper sectors. The constant need for equipment to store drugs and instruments at a particular temperature is a key factor that is likely to maintain the demand for absorption chillers in the pharmaceutical sector.

By way of geography, the absorption chillers market can be segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Asia Pacific plays a key role in the expansion of the absorption chillers market and is predicted to witness strong growth over the course of the forecast period. This is owing to improper distributing of electricity in most developing countries, power shortfalls, and growing need to power electric appliances in a range of end-use industries. Other factors supporting the growth of the absorption chillers market in Asia Pacific include improving economic conditions, expanding capacities of nuclear, solar, and geothermal power plants, and rapid expansion of the commercial sector.

North America is also a significant contributor to the global absorption chillers market thanks to the rapid expansion of end-use industries such as processed food, petroleum, and chemicals. Europe as well as regions in the RoW segment, such as the Middle East and Africa and Latin America, are also forecast to rake it high revenue in the coming years on account of rising adoption of absorption chillers in a number of industries.

Kirloskar Pneumatic Company Limited, Shuangliang Eco-Energy Systems Company Ltd., Johnson Controls Inc., Simons Green Energy, Broad U.S.A. Inc., Ebara Refrigeration Equipment & Systems Co Ltd., Hitachi Ltd., Solair, Clarke Energy, Yazaki Energy Systems Inc., Thermax Ltd., Kawasaki Trading Co. Ltd., and Voltas, Ltd. are some of the key players in the global absorption chillers market. By nature, the absorption chillers market is rather capital intensive, requiring major investments for complex production facilities and advanced technologies. This poses a major barrier for new entrants.