Asia Pacific Absorption Chillers Market Size, Share & Industry Trends Analysis Report By Application, By End User, By Refrigerant Type (Lithium Bromide and Ammonia), By Energy Source (Hot Water Treated, Steam Heated), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Absorption Chillers Market would witness market growth of 4.7% CAGR during the forecast period (2022-2028).
An absorption chiller is large and more complex, but the basic principle is the same. The evaporator allows the refrigerant to evaporate and be absorbed by the absorbent, which extracts heat from the chilled water loop. The combined fluids then go to the generator, heated by steam or hot water gas, driving the refrigerant back out of the absorbent. While the absorbent is pumped back to the absorber, the refrigerant moves back to the condenser to cool down to a liquid. The cooled refrigerant is released through an expansion valve into the evaporator, and all this keeps on repeating.
As industrialists are significantly adopting environmental safety measures amid the increasing pressure due to the stringent regulations by different government bodies, absorption chillers, especially solar-powered absorption chillers, are getting widely utilized. Also, developing nations are creating many new opportunities for the manufacturing sector, inspiring absorption chiller manufacturers to increase their business in such regions, which is expected to surge the growth of the absorption chillers market.
The increasing disposable income of the Chinese consumer, especially in recent times, is assisting in improving China's food and beverages industry. There is a prominent awareness about the importance of health which has caused a prominent rise in dairy and dry fruits sales, further pushing the food & beverages companies to decrease the amount of sugar and utilize high-quality ingredients. The robust presence of the food & beverages sector, joined with the increasing urbanization and the requirement for healthy foods, is surging the sector's growth which will increase the usage of absorption chillers and hence boost the market's expansion in the Asia Pacific region.
The China market dominated the Asia Pacific Absorption Chillers Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $224.2 million by 2028. The Japan market is estimated to grow a CAGR of 4.1% during (2022 - 2028). Additionally, The India market would experience a CAGR of 5.4% during (2022 - 2028).
Based on Application, the market is segmented into Chemical, Oil & Gas, Food & Beverages and Others. Based on End User, the market is segmented into Industrial, Commercial and Residential. Based on Refrigerant Type, the market is segmented into Lithium Bromide and Ammonia. Based on Energy Source, the market is segmented into Hot Water Treated, Steam Heated and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Absorption Chillers Market is Projected to reach USD 1.9 Billion by 2028, at a CAGR of 4.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LG Electronics (LG Corporation), Carrier Global Corporation, Thermax Limited, Hitachi, Ltd., Trane Technologies PLC, Johnson Controls International PLC, World Energy Co., Ltd., EAW Energieanlagenbau GmbH (WEGRA Anlagenbau GmbH), Yazaki Corporation, and Styne Group.
Scope of the Study
Market Segments Covered in the Report:
- Oil & Gas
- Food & Beverages
By End User
By Refrigerant Type
- Lithium Bromide
By Energy Source
- Hot Water Treated
- Steam Heated
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- LG Electronics (LG Corporation)
- Carrier Global Corporation
- Thermax Limited
- Hitachi, Ltd.
- Trane Technologies PLC
- Johnson Controls International PLC
- World Energy Co., Ltd.
- EAW Energieanlagenbau GmbH (WEGRA Anlagenbau GmbH)
- Yazaki Corporation
- Styne Group
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