According to a new report, published by KBV research, The Global Absorption Chillers Market size is expected to reach $1.9 billion by 2028, rising at a market growth of 4.5% CAGR during the forecast period.
The Food & Beverages segment is showcasing a CAGR of 5.7% during (2022 - 2028). This is due to the usage of absorption chillers for air conditioning by using low-grade waste heat. This allows the organization to optimize energy usage as the absorption chillers can convert the heat into usable cooling. With this, the company can achieve lower energy costs and environment-friendly green technology, which lowers CO2 emissions. These benefits of the absorption chillers are anticipated to aid in the segment’s expansion.
The Industrial segment acquired maximum revenue share in the Global Absorption Chillers Market by End User in 2021 thereby, achieving a market value of $1 billion by 2028. The growth is attributed to the utilization of absorption chillers for cold storage and general comfort cooling. They are used to decrease the temperature of the machinery and process the fluids by removing the heat from the system and transferring it elsewhere. Also, there is a rising number of industries across the world, and the requirement to effectively use waste heat from industrial spaces is increasing. These factors will aid in the segment's growth in the projected period.
The Ammonia segment has shown the growth rate of 6.8% during (2022 - 2028). The growth is attributed to the fact that it is a cost and energy-effective option for companies in industrial settings. It can cool substances rapidly, which is beneficial for commercial and industrial needs. Also, industries use ammonia due to its ability to maintain heat transfer and temperature. Its cost-effectiveness, low power consumption, and ability to control temperature are expected to drive the segment growth in the projected period.
The Hot Water Treated segment is generating highest revenue share in the Global Absorption Chillers Market by Energy Source in 2021 thereby, achieving a market value of $913.9 million by 2028. This is due to the usage of heat instead of electricity. This energy source is highly beneficial in areas with low electricity or power shortages. Also, this model uses wastewater from nearby power plants and factories and provides heating/cooling operations through these heating sources. The usage of waste water to operate and its usage in areas with power shortages will boost the segment’s growth.
The Asia Pacific market dominated the Global Absorption Chillers Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $786.6 million by 2028. The Europe market is exhibiting a CAGR of 3.9% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 3.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/absorption-chillers-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Application
By End User
By Refrigerant Type
By Energy Source
By Geography
Companies Profiled
Unique Offerings 
