Scroll and Absorption Chillers Market Worth $7.13 Billion by 2022
Market being driven by factors such as increased electricity costs, growing awareness of energy-efficient products
PUNE, India — The scroll and absorption chillers market is forecast to grow from $5.61 billion in 2015 to $7.13 billion by 2022, increasing at a compound annual growth rate (CAGR) of 4.1 percent between 2016 and 2022, according to a new report published by MarketsandMarkets.
This market is being driven by factors such as increased electricity costs, the growing awareness of energy-efficient products, and deployment of scroll and absorption chillers in a wide range of application areas.
Scroll chillers held the largest market share in 2015 and the same trend is expected to continue during the forecast period. The growing demand for large absorption chillers in the industrial vertical in developing countries such as China, Japan, and India is expected to drive the market in the next six years.
Scroll and absorption chillers offer cost-effective service at low cost for applications in institutions, hospitals, and commercial buildings. The high growth rate of the scroll and absorption chillers market in Asia-Pacific is mainly attributed to the increasing demand from emerging economies such as India and China as well as the growing construction industry, especially for the commercial vertical. In the industrial vertical, scroll and absorption chillers are used for cooling the machinery and plant to better support system performance. They also incur low operating costs.
The Asia-Pacific region is expected to hold the largest share of the scroll and absorption chillers market during the forecast period owing to the increasing capacities of nuclear, geothermal, and solar power plants in Asia-Pacific, which drive the demand for chillers in the region.
Europe held the second-largest market share in 2015 and is expected to grow at the highest CAGR between 2016 and 2022. This growth is supported by the growing commercial building and construction industry, resulting in increased deployments of HVACR systems.
More information is available here.
Publication date: 8/22/2016