Persistent Market Research released its analysis of the future in the absorption chillers market. In the coming years, the market is projected to display a positive outlook.
The market value is expected to increase at a moderate pace over the forecast period. Based on the technology adopted, double-stage chillers are anticipated to account for substantial share throughout the forecast period, which ends in 2029. The market is predicted to grow at a compound annual growth rate of 4 percent.
The global absorption chillers market was valued at nearly $1.2 billion by the end of 2018, witnessing approximately 3.6 percent growth over 2017.
Increasing installation of solar-powered absorption chillers across various end-use industries is found to be the key factor assisting the installation of absorption chillers. Absorption chillers powered by solar power technology for large chilling applications are gaining traction and, in turn, increasing the overall demand for absorption chillers. These types of absorption chillers provide maximum cooling performance while minimizing electrical power consumption.
However, the high installation cost of absorption chillers as compared to mechanical and electrical chillers results in a long payback period. This factor, combined with high maintenance and operational costs, is primarily restraining the growth of the global absorption chillers market.
Increasing waste heat and high operational costs of ships are expected to create substantial opportunities for absorption chiller manufacturers across the globe. Operational ships release large amounts of waste heat, which not only increase the operational cost of the ships, but also have a negative impact in terms of high CO2 emissions. This waste heat can be utilized to power absorption chillers, which can be further used to cool vessels.
