North America 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 North America Absorption Chillers Market would witness market growth of 3.8% CAGR during the forecast period (2022-2028).
The cycle of an absorption chiller and refrigeration cycle for a conventional vapor-compression chiller is identical in producing chilled water through the evaporation and condensation of a refrigerant at various pressures within the machine. However, a traditional chiller uses mechanical means to compress and transport the refrigerant vapor to the condenser.
In contrast, an absorption chiller depends on a thermos-chemical process involving water and lithium bromide to establish the pressure differential instead of mechanical compression. While most vapor-compression chillers use electricity as their energy source for machine operation, absorption chillers use heat as their energy. Generally, the heat is steam, hot water, or direct natural gas combustion. The most straightforward absorption machines are residential refrigerators, with a gas flame at the bottom, ice cubes at the top, and no need for electricity.
The chemical sector of the US converts raw materials into more than 70,000 products that are important to modern life and distributes these products to many end users throughout the nation. Many hundred thousand chemical facilities range from petrochemical manufacturers to chemical distributors who utilize, store, manufacture, transport, and deliver chemicals along a complex supply chain. End users of these products are essential infrastructure sectors making the uninterrupted production and supply of these chemicals necessary for the nation. The US chemical industry is responsible for more than a quarter of the US GDP and assists the production of almost all households and commercial goods. This supports the growth of the regional market.
The US market dominated the North America Absorption Chillers Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $372.4 million by 2028. The Canada market is poised to grow at a CAGR of 6.1% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 5.2% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Absorption Chillers Market is Estimated to reach $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
- Rest of North America
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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