Global Absorption Chillers Market 2019-2023
About this market
Absorption chiller lodges a vital position in an HVAC&R system. It offers numerous benefits over conventional chillers, which majorly include the ability to integrate with combined heat and power (CHP) generation and district cooling infrastructure, low noise levels, improved efficiency. These advantages have accelerated the adoption of absorption chillers among various industrial end-users. They help them to reduce their overall costs and enable them to meet their environmental targets. These factors make absorption chillers an appealing option in the industrial sector and allow many industrial users to meet their environmental and regulatory targets. Technavio’s analysts have predicted that the absorption chillers market will register a CAGR of almost 4% by 2023.
Growing adoption of district heating and cooling infrastructure
District cooling systems are centralized air conditioning/chilling systems which can cater to the heating/cooling demand of a large geographical area. The chilled/heated water from the central system is carried to all buildings, apartments, and facilities using a common insulated pipeline network. Absorption chillers are commonly used in district cooling plants, which can process and cool massive amounts of water.
High capital and maintenance costs
Various industries are focusing on increasing the energy efficiency of their plants, reducing energy costs, and lowering the emissions, and are expected to create a significant opportunity for the growth of the global absorption chillers market. However, high initial costs and maintenance costs are major challenges that may impede the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the absorption chillers market during the 2019-2023, view our report.
The market appears to be highly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Absorption Chillers Market 2019-2023
Technavio recognizes the following companies as the key players in the global absorption chillers market: Johnson Controls, Shuangliang Eco-Energy Systems, Thermax, UNITED TECHNOLOGIES, YAZAKI.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the demand for reducing energy consumption and operation costs.”
According to the report, one of the major drivers for this market is the growing adoption of district heating and cooling infrastructure.
Further, the report states that one of the major factors hindering the growth of this market is the competition from alternative chiller technologies will remain the biggest challenge for the market.
Shuangliang Eco-Energy Systems
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