Absorption Chiller Market Set to Reach USD 9,640 Million by 2026
The global absorption chiller market in 2019 was approximately USD 6,290 million. The market is expected to grow at a CAGR of 6.3% and is anticipated to reach around USD 9,640 million by 2026.
The absorption chiller is the refrigeration syestemwhich uses a heat source to provide the energy needed to drive the cooling process. In this system two different fluids as refrigerant and as coolant. These two fluids have high affinity for each other. For example. In a water-lithium bromide vapour absorption refrigeration system, water is used as the refrigerant while lithium bromide (Li Br) is used as the absorbent. In the absorber, the lithium bromide absorbs the water refrigerant, creating a solution of water and lithium bromide. The refrigerant changes the phase from liquid to vapour and circulates the system.
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The Absorption Chillers market research report delivers an acute valuation and taxonomy of the Absorption Chillers industry by practically splitting the market on the basis of different, applications, industry end-user, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
The Absorption Chillers market is segmented based on, type of refrigerant, source of energy, application, and region. On the basis of the type of refrigerant segmentation, the market is classified into Ammonia, Lithium Bromide. In terms of the source of energy segmentation, the market is bifurcated into Gas Fired, Steam Heated, Direct Fired, Hot Water Heated. With respect to application, the market is divided into commercial, industrial, and residential.
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Top Market Players
Some of the leading and top companies in the absorption chiller market are Century Corporation, Shuangliang Eco-Energy Systems, Johnson Controls, Thermax, Broad Air Conditioning, Yazaki Energy Systems, and Carrier Corporation. Other prominent industry players are Hitachi Appliances, EAW Energieanlagenbau, LG Air Conditioning, Robur Group, Shuangliang Eco-Energy Systems, and Trane.