Absorption Chillers Market is expected to Grow with a CAGR of 5.33% through 2030
The Absorption Chillers
Market is driven by increasing demand for energy-efficient and eco-friendly
cooling solutions, rising environmental regulations, and the growing adoption
of renewable energy sources like solar and geothermal.
According to TechSci Research
report, “Absorption Chillers Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2030F”, the Absorption Chillers Market was valued at USD 2.89 Billion in 2024 and is expected to reach USD 3.98 Billion by 2030 with a CAGR of 5.33%. One of the primary drivers is the increasing demand for
energy-efficient and eco-friendly cooling solutions across various sectors.
Absorption chillers offer a compelling alternative to conventional
vapor-compression systems by utilizing waste heat or renewable energy sources
such as natural gas, solar thermal, or geothermal energy. This utilization of
low-grade thermal energy not only reduces electricity consumption but also
lowers greenhouse gas emissions, making absorption chillers an attractive option
for industries and commercial buildings aiming to meet stringent environmental
regulations and sustainability goals .
Additionally, the growing
emphasis on sustainable building practices and green construction is propelling
the adoption of absorption chillers. These systems are increasingly integrated
into green building projects due to their ability to operate with natural
refrigerants and their compliance with environmental standards. As urbanization
accelerates and infrastructure development expands, particularly in emerging
economies, the need for efficient and environmentally friendly cooling
solutions becomes more pronounced, further driving the market for absorption
chillers .
Furthermore, technological
advancements are enhancing the performance and efficiency of absorption
chillers. Innovations in materials, design, and control systems are improving
the Coefficient of Performance (COP) of these chillers, making them more competitive
with traditional cooling systems. The integration of smart technologies allows
for better monitoring and optimization of chiller operations, leading to
reduced energy consumption and operational costs. These technological
improvements are making absorption chillers more accessible and appealing to a
broader range of applications, from industrial facilities to commercial
buildings .
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Based on the Heat Source, Single Effect segment held the
largest Market share in 2024. The single-effect absorption chiller segment is
experiencing significant growth, primarily driven by its cost-effectiveness and
operational efficiency. These chillers utilize waste heat or low-grade thermal
energy, such as steam or hot water, to drive the refrigeration cycle, reducing
electricity consumption and operational costs. This energy efficiency aligns
with global sustainability goals and regulatory mandates, making single-effect
absorption chillers an attractive option for industries aiming to minimize
their carbon footprint. Additionally, advancements in technology have enhanced
the performance of these systems, with modern units achieving a coefficient of
performance (COP) comparable to more complex double-effect systems. The
simplicity of their design, characterized by fewer moving parts, contributes to
lower maintenance requirements and increased reliability. These factors
collectively position single-effect absorption chillers as a viable and
sustainable cooling solution for various commercial and industrial
applications.
Based on region, Asia Pacific is the fastest-growing
region in the global absorption chillers market, driven by rapid urbanization,
industrial expansion, and increasing demand for energy-efficient cooling
solutions. Countries like China and India are leading this growth, with China
investing over USD 12 billion in energy-efficient cooling systems in 2023 as part
of its "Dual Carbon" goals . India's Production-Linked Incentive
(PLI) scheme for green technologies has also seen a 15% annual growth in
adoption . The region benefits from lower manufacturing and material costs
compared to North America and Europe, making Asian absorption chillers more
price-competitive in both domestic and export markets . Additionally, Japan's
Smart Cities Initiative, launched in April 2023, has incorporated hybrid
absorption chillers, further boosting the market .
Major companies operating in
the Global Absorption Chillers Market are:
- Thermax Ltd
- Carrier Corporation
- Trane Inc.
- Hitachi Ltd
- Kirloskar Pneumatic Company
Ltd.
- Kawasaki Thermal Engineering
Co., Ltd.
- Broad Air Conditioning Ltd.
- Hyundai Climate Control Co.,
Ltd.
- Robur Corporation
- Yazaki Corporation
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“The Global Absorption
Chillers Market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period. The Absorption Chillers Market
presents substantial growth prospects, fueled by a growing demand for
energy-efficient and sustainable cooling technologies. Increasing environmental
awareness and stringent government regulations on energy conservation are
driving the adoption of absorption chillers across commercial and industrial
sectors. The integration of renewable energy sources, such as solar and
geothermal, further enhances their value proposition by reducing dependency on
traditional energy grids. Ongoing technological advancements are improving
system efficiency, flexibility, and overall performance. Additionally, the
rapid urbanization and infrastructure expansion in emerging markets, especially
in Asia Pacific, provide significant opportunities for the widespread
implementation of absorption chillers. Therefore, the Market of Absorption Chillers is expected to boost in the upcoming years.,” said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based global management consulting
firm.
“Absorption
Chillers Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented, By Capacity Type (Low Capacity, Medium Capacity, High
Capacity), By Application (Industrial, Commercial, Residential, Others), By
Heat Source (Single Effect, Double Effect, Triple Effect), By Chiller Type
(Ice-Making, Water-Cooled, Air-Cooled), By Region, By Competition, 2020-2030F”, has evaluated the future
growth potential of Global Absorption Chillers Market and provides statistics
& information on the Market size, structure, and future Market growth. The
report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Absorption Chillers Market.
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