Global Market for Absorption Chillers to Reach $924.2 Million by 2017, According to a New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Absorption Chillers. Global market for absorption chillers is forecast to reach $924.2 million by the year 2017, prompted by rising environmental concerns, requirement for low cost, high efficiency cooling systems and need for cutbacks in spiraling electricity charges. In addition, surge in industrialization and number of large commercial structures drives home the need for effective and safe cooling systems that draw from renewable sources of energy. Need for comfort cooling, uninterrupted power supply and alternatives for CFC based chillers are expected to spur growth in the absorption chillers market. Increasing usage in world markets such as Asia-Pacific, Europe and US will further propel robust expansion in the long term.

Absorption Chillers: A Global Strategic Business Report

One of the most prominent technologies gaining impetus globally is the absorption cooling technology that uses absorption chillers to provide cooling using natural solar and thermal sources of energy. Although usage of these chillers is comparatively a recent phenomenon, the technology in fact, has been in existence since the early 19th century. Since then the market for these chillers has expanded, as greater number of end-users opt for absorption chillers to reduce their dependency on electric power and save energy, thereby reducing overall costs.

In contrast to the European and US markets where centrifugal and positive displacement chillers occupy a dominant position, absorption chillers drive demand in the Asian chiller markets, particularly in Japan, China and Korea, which account for a significant 75% of the global market. The high demand for absorption chillers in these regions is mainly attributed to the scarcity of fuel resources and poor electricity infrastructures that compelled various governments in Asia to promote usage of absorption chillers. On the other hand, the abundant supply of gas in certain countries such as Iran and Pakistan is expected to fuel demand for gas-fired chillers. Absorption chillers are primarily driven by waste heat and therefore their integration with heat recovery and power production units is now the mainstream option in many developed countries.

Over the years, the demand for cooling systems has witnessed an incremental rise in many parts of the world, not only for comfort cooling purposes but also for process cooling in industrial applications. With rising consumer demand, the electrically driven compressor cooling equipment market has witnessed exponential growth over the last few years. This in turn led to spike in electricity consumption, causing rise in prices and shortages in supply particularly during dry periods. Additionally, the extensive usage of these electrically driven cooling machines adversely impacted the environment with an increase in greenhouse gas emissions. With intentions to overcome these energy and environment related issues caused by conventional cooling equipment, considerable efforts have been made to promote alternate cooling technologies. The Montreal Protocol initiated for protecting the ozone layer and reduce global warming is a major step in this direction. The protocol mandated the phase out and ban of ozone depleting substances such as HCFCs (Hydro chlorofluorocarbons) and CFCs (chlorofluorocarbons) among others.

Although absorption chillers are emerging as a lucrative segment in the chillers industry in many countries, they are still in the initial phases of market adoption in many developing countries. Despite being environment friendly and powered by rejected heat, making them more appealing compared to vapor compression chillers, the segment still encounters impediments in the form of high cost, relatively low efficiency and poor consumer awareness. Nevertheless, growth in the global construction industry, government initiatives, rising consumer awareness, phasing out of harmful refrigerants and the widening footprint of companies in various regional markets among other factors, are likely to augment demand for these chillers in the long run.

Asia-Pacific, led by China, India and Korea dominates the global scenario as the single largest market, as stated by the new research report on Absorption Chillers. Japan trails behind as the next significant market in terms of size and is considered a pioneer in absorption cooling technology, particularly for steam-based chillers. Asia-Pacific is also credited with the potential to forge ahead in terms of market development and growth through 2017.

Key participants profiled in the report include Broad Air Conditioning Co Ltd, Carrier Corporation, ClimateWell AB, Dunham-Bush Holding Bhd, EAW GmbH, Entropie SAS, Finetec Century Corporation, Hitachi Appliances Inc., Shuangliang Eco-Energy Systems Co., Ltd., McQuay International, Mitsubishi Heavy Industries Ltd, Robur Corporation, Sanyo Electric Co. Ltd/Panasonic, Thermax Ltd, Trane Inc, Yazaki Energy Systems Inc and York International Corp.

The research report titled “Absorption Chillers: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of industry overview, growth drivers, issues & trends, SWOT analysis, end-use analysis, competitive scenario, product overview, recent industry activity and profiles of market players worldwide. Analysis and overview is provided for major geographic markets such as US, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. Market analytics are provided in value (US$) terms. The study also presents historic data for an insight into market evolution over the period 2003 through 2008.

For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Absorption_Chillers_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1300 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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