Jan. 26, 2015: Market for Absorption Chillers Forecast to Reach $983 Million by 2020
Energy Conservation and High Level of Cooling Are Primary Factors Driving Demand
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.