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Absorption Chiller Market By Type (Single Effect, Double Effect, Triple Effect), By Heat Source (Gas, Steam, Hot Water), By Application (Industrial, Commercial, Residential), By End-User Industry (Chemical, Food & Beverage, Pharmaceuticals, Oil & Gas), and By Region; Global Insights & Forecast (2024 – 2030)
As per Intent Market Research, the Absorption Chiller Market was valued at USD 1.5 billion and will surpass USD 2.0 billion by 2030; growing at a CAGR of 4.1% during 2024 - 2030.
The absorption chiller market has gained substantial traction in recent years due to its environmentally friendly and energy-efficient cooling solutions. These systems are primarily used in industries such as chemicals, food & beverage, pharmaceuticals, and oil & gas, where there is a consistent demand for cooling processes. The adoption of absorption chillers is rising, as businesses increasingly seek energy-efficient alternatives to conventional cooling technologies. Driven by the global push towards sustainability and energy savings, absorption chillers are emerging as a viable option for industrial and commercial cooling.
Single Effect Absorption Chillers Are Largest Owing To Their Cost-Effectiveness
Among the various types of absorption chillers, the single-effect absorption chiller holds the largest market share. Single-effect chillers operate with a simpler cycle, using a single generator to produce cooling, which makes them a cost-effective solution for a wide range of applications. These chillers are ideal for medium-sized cooling needs and are extensively used in both commercial and industrial sectors due to their relatively lower capital and operational costs compared to more complex systems. As energy efficiency remains a key concern, the widespread adoption of single-effect chillers is expected to continue, particularly in regions with strong cost-conscious practices.
Despite their simplicity, single-effect chillers are still seen as reliable and capable of providing sufficient cooling for many applications. They are particularly popular in climates where ambient temperatures are not excessively high, making them suitable for industries with moderate cooling demands. Their lower initial investment requirement and lower operational energy needs position them as a practical choice for small and medium-sized businesses, as well as in regions where electricity prices are higher and energy conservation is a priority.
Gas-Fired Absorption Chillers Are Fastest Growing Owing To Energy Efficiency
Gas-fired absorption chillers are the fastest growing sub-segment in the absorption chiller market. This growth is attributed to their increased energy efficiency and ability to use waste heat or natural gas as a primary fuel source, reducing overall energy consumption. Gas-fired chillers are highly efficient in converting thermal energy into cooling energy, which is crucial for industries looking to optimize operational costs and reduce reliance on traditional electricity. Additionally, they have become a preferred choice for regions where natural gas is abundant and more affordable compared to electricity.
Gas-fired systems are also seen as a strategic choice in industries where heat generation is already part of the process. For instance, manufacturing plants or facilities with existing high-temperature operations can repurpose this heat for cooling, thereby creating a more integrated and cost-efficient energy system. This contributes to the growing demand for gas-fired absorption chillers, particularly in industries with significant energy consumption, such as food processing and pharmaceuticals.
Industrial Applications Are Largest Due To High Cooling Demands
Industrial applications lead the absorption chiller market in terms of demand, as they require robust and efficient cooling solutions. Industries such as chemicals, pharmaceuticals, and food & beverage demand consistent, large-scale cooling for their manufacturing processes, which makes absorption chillers an ideal solution. These industries often operate in heat-intensive environments, requiring efficient temperature control to maintain product quality and comply with regulatory standards. Absorption chillers, known for their energy efficiency and ability to use waste heat, offer a viable alternative to traditional compression refrigeration systems, especially for heavy industrial applications.
The energy savings and sustainability aspects of absorption chillers make them particularly appealing to industrial sectors, where cooling needs are not only large but continuous. Additionally, the growing regulatory pressures to reduce carbon footprints and energy usage in industries drive the adoption of these efficient cooling systems. As industries worldwide move toward sustainable operations, the demand for absorption chillers in industrial applications is expected to grow.
Asia-Pacific Is the Fastest Growing Region Due To Industrialization and Environmental Initiatives
The Asia-Pacific (APAC) region is witnessing the fastest growth in the absorption chiller market, driven by rapid industrialization and increasing investments in energy-efficient technologies. The region is home to a growing number of industries, including manufacturing, chemicals, and food & beverages, which are key consumers of absorption chillers. Countries such as China, India, and Japan are focusing on sustainability initiatives and energy-efficient solutions, spurring the demand for absorption chillers as a more eco-friendly alternative to traditional cooling methods. Moreover, the rapid urbanization in these countries and the increasing need for cooling in residential and commercial buildings further contribute to the market expansion.
The region's growing emphasis on reducing carbon emissions and the adoption of environmental policies are key drivers behind this growth. Furthermore, the presence of local manufacturers and suppliers in the APAC region has facilitated the widespread availability of absorption chiller solutions at competitive prices. As energy prices continue to rise and industrial processes become more energy-efficient, APAC is expected to remain the fastest-growing market for absorption chillers.
Competitive Landscape and Leading Companies
The global absorption chiller market is highly competitive, with several established players driving innovation and market expansion. Leading companies in the market include Johnson Controls, Trane Technologies, Carrier Global Corporation, Daikin Industries, Mitsubishi Electric, and Thermax Limited. These companies offer a wide range of absorption chiller solutions catering to different applications, from industrial to commercial and residential cooling.
In addition to established players, there is a growing number of local manufacturers focusing on providing energy-efficient and cost-effective absorption chiller solutions. Competitive strategies include product innovation, partnerships with industries, and expansion into emerging markets. As sustainability continues to be a top priority for companies worldwide, the competitive landscape is expected to see further advancements in energy-efficient technologies, ensuring continued growth in the absorption chiller market.
Recent Developments:
- Johnson Controls recently launched a new line of energy-efficient, gas-fired absorption chillers aimed at reducing operational costs in commercial and industrial buildings.
- Trane Technologies announced the acquisition of a leading provider of innovative absorption chiller technologies, significantly expanding their product portfolio in sustainable cooling solutions for large-scale HVAC systems.
- Thermax Limited received regulatory approval for its new lithium bromide (LiBr) absorption chillers, designed to provide efficient cooling solutions for industries with high-temperature processes.
- Daikin Industries unveiled a next-generation, air-cooled absorption chiller equipped with advanced IoT capabilities for real-time monitoring and maintenance, providing increased operational efficiency for commercial enterprises.
- Carrier Global Corporation entered a strategic partnership with a global renewable energy company to jointly develop eco-friendly absorption chillers powered by solar energy, aiming to cater to the growing demand for green cooling technologies.
List of Leading Companies:
- Johnson Controls
- Trane Technologies
- Thermax Limited
- Daikin Industries
- Mitsubishi Electric Corporation
- Carrier Global Corporation
- LG Electronics
- GEA Group
- Broad Air Conditioning Co. Ltd.
- Sanyo Electric Co., Ltd.
- Chubu Electric Power Co., Inc.
- Solar Turbines Inc.
- York International Corporation
- Hitachi, Ltd.
- Lennox International Inc.
Report Scope:
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Report Features |
Description |
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Market Size (2023) |
USD 1.5 billion |
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Forecasted Value (2030) |
USD 2.0 billion |
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CAGR (2024 – 2030) |
4.1% |
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Base Year for Estimation |
2023 |
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Historic Year |
2022 |
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Forecast Period |
2024 – 2030 |
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Report Coverage |
Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments |
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Segments Covered |
Absorption Chiller Market By Type (Single Effect, Double Effect, Triple Effect), By Heat Source (Gas, Steam, Hot Water), By Application (Industrial, Commercial, Residential), By End-User Industry (Chemical, Food & Beverage, Pharmaceuticals, Oil & Gas) |
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Regional Analysis |
North America (US, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa) |
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Major Companies |
Johnson Controls, Trane Technologies, Thermax Limited, Daikin Industries, Mitsubishi Electric Corporation, Carrier Global Corporation, LG Electronics, GEA Group, Broad Air Conditioning Co. Ltd., Sanyo Electric Co., Ltd., Chubu Electric Power Co., Inc., Solar Turbines Inc., York International Corporation, Hitachi, Ltd., Lennox International Inc. |
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Customization Scope |
Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements As per Intent Market Research, the Absorption Chiller Market was valued at USD 1.5 billion and will surpass USD 2.0 billion by 2030; growing at a CAGR of 4.1% during 2024 - 2030. The absorption chiller market has gained substantial traction in recent years due to its environmentally friendly and energy-efficient cooling solutions. These systems are primarily used in industries such as chemicals, food & beverage, pharmaceuticals, and oil & gas, where there is a consistent demand for cooling processes. The adoption of absorption chillers is rising, as businesses increasingly seek energy-efficient alternatives to conventional cooling technologies. Driven by the global push towards sustainability and energy savings, absorption chillers are emerging as a viable option for industrial and commercial cooling. Single Effect Absorption Chillers Are Largest Owing To Their Cost-Effectiveness Among the various types of absorption chillers, the single-effect absorption chiller holds the largest market share. Single-effect chillers operate with a simpler cycle, using a single generator to produce cooling, which makes them a cost-effective solution for a wide range of applications. These chillers are ideal for medium-sized cooling needs and are extensively used in both commercial and industrial sectors due to their relatively lower capital and operational costs compared to more complex systems. As energy efficiency remains a key concern, the widespread adoption of single-effect chillers is expected to continue, particularly in regions with strong cost-conscious practices. Despite their simplicity, single-effect chillers are still seen as reliable and capable of providing sufficient cooling for many applications. They are particularly popular in climates where ambient temperatures are not excessively high, making them suitable for industries with moderate cooling demands. Their lower initial investment requirement and lower operational energy needs position them as a practical choice for small and medium-sized businesses, as well as in regions where electricity prices are higher and energy conservation is a priority.
Gas-Fired Absorption Chillers Are Fastest Growing Owing To Energy Efficiency Gas-fired absorption chillers are the fastest growing sub-segment in the absorption chiller market. This growth is attributed to their increased energy efficiency and ability to use waste heat or natural gas as a primary fuel source, reducing overall energy consumption. Gas-fired chillers are highly efficient in converting thermal energy into cooling energy, which is crucial for industries looking to optimize operational costs and reduce reliance on traditional electricity. Additionally, they have become a preferred choice for regions where natural gas is abundant and more affordable compared to electricity. Gas-fired systems are also seen as a strategic choice in industries where heat generation is already part of the process. For instance, manufacturing plants or facilities with existing high-temperature operations can repurpose this heat for cooling, thereby creating a more integrated and cost-efficient energy system. This contributes to the growing demand for gas-fired absorption chillers, particularly in industries with significant energy consumption, such as food processing and pharmaceuticals. Industrial Applications Are Largest Due To High Cooling Demands Industrial applications lead the absorption chiller market in terms of demand, as they require robust and efficient cooling solutions. Industries such as chemicals, pharmaceuticals, and food & beverage demand consistent, large-scale cooling for their manufacturing processes, which makes absorption chillers an ideal solution. These industries often operate in heat-intensive environments, requiring efficient temperature control to maintain product quality and comply with regulatory standards. Absorption chillers, known for their energy efficiency and ability to use waste heat, offer a viable alternative to traditional compression refrigeration systems, especially for heavy industrial applications. The energy savings and sustainability aspects of absorption chillers make them particularly appealing to industrial sectors, where cooling needs are not only large but continuous. Additionally, the growing regulatory pressures to reduce carbon footprints and energy usage in industries drive the adoption of these efficient cooling systems. As industries worldwide move toward sustainable operations, the demand for absorption chillers in industrial applications is expected to grow. Asia-Pacific Is the Fastest Growing Region Due To Industrialization and Environmental Initiatives The Asia-Pacific (APAC) region is witnessing the fastest growth in the absorption chiller market, driven by rapid industrialization and increasing investments in energy-efficient technologies. The region is home to a growing number of industries, including manufacturing, chemicals, and food & beverages, which are key consumers of absorption chillers. Countries such as China, India, and Japan are focusing on sustainability initiatives and energy-efficient solutions, spurring the demand for absorption chillers as a more eco-friendly alternative to traditional cooling methods. Moreover, the rapid urbanization in these countries and the increasing need for cooling in residential and commercial buildings further contribute to the market expansion. The region's growing emphasis on reducing carbon emissions and the adoption of environmental policies are key drivers behind this growth. Furthermore, the presence of local manufacturers and suppliers in the APAC region has facilitated the widespread availability of absorption chiller solutions at competitive prices. As energy prices continue to rise and industrial processes become more energy-efficient, APAC is expected to remain the fastest-growing market for absorption chillers.
Competitive Landscape and Leading Companies The global absorption chiller market is highly competitive, with several established players driving innovation and market expansion. Leading companies in the market include Johnson Controls, Trane Technologies, Carrier Global Corporation, Daikin Industries, Mitsubishi Electric, and Thermax Limited. These companies offer a wide range of absorption chiller solutions catering to different applications, from industrial to commercial and residential cooling. In addition to established players, there is a growing number of local manufacturers focusing on providing energy-efficient and cost-effective absorption chiller solutions. Competitive strategies include product innovation, partnerships with industries, and expansion into emerging markets. As sustainability continues to be a top priority for companies worldwide, the competitive landscape is expected to see further advancements in energy-efficient technologies, ensuring continued growth in the absorption chiller market. Recent Developments:
List of Leading Companies:
Report Scope:
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1. Introduction 1.1. Market Definition 1.2. Scope of the Study 1.3. Research Assumptions 1.4. Study Limitations 2. Research Methodology 2.1. Research Approach 2.1.1. Top-Down Method 2.1.2. Bottom-Up Method 2.1.3. Factor Impact Analysis 2.2. Insights & Data Collection Process 2.2.1. Secondary Research 2.2.2. Primary Research 2.3. Data Mining Process 2.3.1. Data Analysis 2.3.2. Data Validation and Revalidation 2.3.3. Data Triangulation 3. Executive Summary 3.1. Major Markets & Segments 3.2. Highest Growing Regions and Respective Countries 3.3. Impact of Growth Drivers & Inhibitors 3.4. Regulatory Overview by Country 4. Absorption Chiller Market, by Product Type (Market Size & Forecast: USD Million, 2022 – 2030) 4.1. Single-Effect Chillers 4.2. Double-Effect Chillers 4.3. Triple-Effect Chillers 4.4. Others 5. Absorption Chiller Market, by Application (Market Size & Forecast: USD Million, 2022 – 2030) 5.1. Commercial Applications 5.2. Industrial Applications 5.3. Residential Applications 5.4. Others 6. Absorption Chiller Market, by Cooling Source (Market Size & Forecast: USD Million, 2022 – 2030) 6.1. Water-Cooled 6.2. Air-Cooled 6.3. Others 7. Absorption Chiller Market, by Heat Source (Market Size & Forecast: USD Million, 2022 – 2030) 7.1. Gas Fired 7.2. Electricity Fired 7.3. Others 8. Absorption Chiller Market, by Technology (Market Size & Forecast: USD Million, 2022 – 2030) 8.1. LiBr-Water 8.2. NH3-H2O 8.3. Others 9. Absorption Chiller Market, by End-Use Industry (Market Size & Forecast: USD Million, 2022 – 2030) 9.1. HVAC 9.2. Power Plants 9.3. Food & Beverages 9.4. Others 10. Regional Analysis (Market Size & Forecast: USD Million, 2022 – 2030) 10.1. Regional Overview 10.2. North America 10.2.1. Regional Trends & Growth Drivers 10.2.2. Barriers & Challenges 10.2.3. Opportunities 10.2.4. Factor Impact Analysis 10.2.5. Technology Trends 10.2.6. North America Absorption Chiller Market, by Product Type 10.2.7. North America Absorption Chiller Market, by Application 10.2.8. North America Absorption Chiller Market, by Cooling Source 10.2.9. North America Absorption Chiller Market, by Heat Source 10.2.10. North America Absorption Chiller Market, by Technology 10.2.11. North America Absorption Chiller Market, by End-Use Industry 10.2.12. By Country 10.2.12.1. US 10.2.12.1.1. US Absorption Chiller Market, by Product Type 10.2.12.1.2. US Absorption Chiller Market, by Application 10.2.12.1.3. US Absorption Chiller Market, by Cooling Source 10.2.12.1.4. US Absorption Chiller Market, by Heat Source 10.2.12.1.5. US Absorption Chiller Market, by Technology 10.2.12.1.6. US Absorption Chiller Market, by End-Use Industry 10.2.12.2. Canada 10.2.12.3. Mexico *Similar segmentation will be provided for each region and country 10.3. Europe 10.4. Asia-Pacific 10.5. Latin America 10.6. Middle East & Africa 11. Competitive Landscape 11.1. Overview of the Key Players 11.2. Competitive Ecosystem 11.2.1. Level of Fragmentation 11.2.2. Market Consolidation 11.2.3. Product Innovation 11.3. Company Share Analysis 11.4. Company Benchmarking Matrix 11.4.1. Strategic Overview 11.4.2. Product Innovations 11.5. Start-up Ecosystem 11.6. Strategic Competitive Insights/ Customer Imperatives 11.7. ESG Matrix/ Sustainability Matrix 11.8. Manufacturing Network 11.8.1. Locations 11.8.2. Supply Chain and Logistics 11.8.3. Product Flexibility/Customization 11.8.4. Digital Transformation and Connectivity 11.8.5. Environmental and Regulatory Compliance 11.9. Technology Readiness Level Matrix 11.10. Technology Maturity Curve 11.11. Buying Criteria 12. Company Profiles 12.1. Johnson Controls 12.1.1. Company Overview 12.1.2. Company Financials 12.1.3. Product/Service Portfolio 12.1.4. Recent Developments 12.1.5. IMR Analysis *Similar information will be provided for other companies 12.2. Trane Technologies 12.3. Thermax Limited 12.4. Daikin Industries 12.5. Mitsubishi Electric Corporation 12.6. Carrier Global Corporation 12.7. LG Electronics 12.8. GEA Group 12.9. Broad Air Conditioning Co. Ltd. 12.10. Sanyo Electric Co., Ltd. 12.11. Chubu Electric Power Co., Inc. 12.12. Solar Turbines Inc. 12.13. York International Corporation 12.14. Hitachi, Ltd. 12.15. Lennox International Inc. 13. Appendix
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A comprehensive market research approach was employed to gather and analyze data on the Absorption Chiller Market. In the process, the analysis was also done to analyze the parent market and relevant adjacencies to measure the impact of them on the Absorption Chiller Market. The research methodology encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.
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