SAN JOSE, Calif. — The global market for absorption chillers is projected to reach $983 million by 2020, driven by stringent environmental protection norms and rising demand for energy efficient cooling systems, according to new report by Global Industry Analysts Inc.
Energy conservation and the high level of cooling offered by absorption chillers with minimal impact on the environment represent the primary factors driving new and replacement demand in the coming years. Extensive applications across a host of end-use segments represent another important growth driver in the long run. Technological advancements targeted at enhancing system technology, basic materials, and components as well as lowering costs and ramping up performance are also expected to bode well for widespread adoption. Water-cooled chillers, triple-effect chillers, modular micro-channel chillers, and compact chillers represent select advancements that are poised to benefit market prospects in the near term.
According to the report, Asia-Pacific represents the largest and the fastest growing market worldwide with a compound annual growth rate (CAGR) of about 4.5 percent over the analysis period. Although a major market already, Asia-Pacific still offers huge untapped market potential for absorption chillers, particularly in Tier II and Tier III cities. With investments in energy efficient technologies poised to grow at over 18 percent per annum, China is expected to spearhead demand for energy efficient absorption chillers worldwide.
For more information on the report, “Absorption Chillers: A Global Strategic Business Report,” click here.
Publication date: 1/26/2015