As per Persistence Market Research analysis, by the end of 2017, global sales revenue of absorption chillers is expected to touch nearly US$ 1,300 Mn and is expected to cross US$ 2,050 Mn by the end of the year 2025. The <a href="https://www.persistencemarketresearch.com/mediarelease/global-absorption-chillers-market.asp" target="_blank" rel="noopener">global absorption chillers market</a> is expected to exhibit a CAGR of 6.3% during the assessment period from 2017-2025.
<strong>Increasing adoption of solar-powered absorption chillers across various end use industries</strong>
Demand for renewable sources of energy is increasing, wherein the primary source could be utilized in a more efficient manner for other related applications. The use of absorption chillers powered by solar energy (other than natural gas or fuel) for large chilling applications is gaining popularity, which in turn is increasing the demand for absorption chillers.The advantages of using solar power absorption chillers is that it provides maximum cooling performance while minimizing the consumption of electricity, and thereby reducing the ever increasing electricity consumption in summer, primarily attributed to conventional air conditioner systems. To underscore this point, example can be given of the upcoming event of Football World Cup in 2022, scheduled to be held in Qatar.For this purpose, a CLFR solar collector field has been developed to power a 1MW absorption chiller for the purpose of air conditioning of a 500-seat showcase football stadium at Doha in Qatar.
<strong>Increasing waste heat and high operational cost of ships may create substantial opportunity for manufacturers of absorption chillers to serve the target market</strong>
COOL4SEA, a Denmark based company, has developed an innovative idea in which unused waste heat from ships is used for powering absorption chillers installed in the ships for the purpose of cooling and refrigeration. The world over, 50,000 ships discard US$ 145,000 per ship each year in the form of unused waste heat. This is a huge waste of resources and the operational costs for the ship also become high due to this fact. In addition, there is a high environmental impact in terms of unnecessary carbon dioxide emissions.COOL4SEA’s new technique will utilize this wasted heat generated from the ships and use it for cooling purposes and power the refrigeration system of the ship. For this purpose, the company has developed a sea going absorption chiller. COOL4SEA applied for the Letters Patent to the United States in May 2014 for this technology. The company claims that their absorption chiller unit will provide their customers with savings of approximately US$ 135,000 per ship per year in the form of saving of fossil fuels and a reduction in the costs of maintenance.In addition, ships will save on green taxes, thereby enabling shipping companies to acquire a more environmentally friendly profile – a potential competitive advantage.
COOL4SEA’s cooling system utilizes waste heat from the primary and secondary machinery for cooling and heating purposes on a ship. The cooling solution is based on the working principle of absorption chillers. The unique feature of this type of absorption chiller on a ship is that it works on a special type of salt instead of ammonia, and thus is more environment friendly and also has a lower purchase cost.Another advantage of this type of absorption chiller being developed by the company is that it has a low maintenance cost and generates electricity savings equivalent to about US$ 500 per day.
<strong>Global Absorption Chillers Market Attractiveness Analysis, By Region</strong>
Asia Pacific is anticipated to be the most lucrative market for absorption chillers, with sales revenue in China and India expected to register CAGRs of 7.2% and 7.1% respectively over the forecast period. Absorption chillers consumption in the ASEAN region increased to a small extent yet witnessed a growth rate of 5.0% outperforming many countries in the Europe and Americas. Middle East and Africa followed by Europe are the other attractive regions with an estimated revenue share of 22.9% and 20.1% of the global absorption chillers market by 2017 end.Sales of absorption chillers in MEA is estimated to be valued at US$ 289.2 Mn in 2017 and is expected to witness a stable CAGR of 7.0% over the forecast period.
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<strong>Middle East is a lucrative market for absorption chillers due to high natural gas availability in the region</strong>
Developing economies such as those in the Asia Pacific and Middle East are expected to witness steady increase in demand for absorption chillers over the forecast period. High natural gas production in MEA combined with development in the number of infrastructure projects in the region makes it a lucrative market for absorption chillers over the forecast period.
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