Published Date: 2019-07-22 | Pages: Ongoing | Tables: Ongoing | Report ID: 7310
Industry: Machinery & Equipment
Rising adoption of energy-efficient cooling processes and growing demand for improved efficiency are some of the significant factors supporting the growth of the global absorption chillers market. Players are anticipated to bank on the trend of increasing observance of strict government regulations related to energy conservation. Such regulations could help players to increase their sales. Lack of proper electricity infrastructure in emerging countries is predicted to increase the need for absorption chillers.
Large companies operating in the global absorption chillers market are foreseen to build new facilities to increase production and make their presence known in the industry. In January 2019, Indian engineering company involved in energy and environment, Thermax announced in its press release the opening of its new production unit in Andra Pradesh. Equipped with increased digitalization, the state-of-the-art manufacturing facility will produce a broad scope of vapor absorption machines.
Players to Adopt Expansion of Manufacturing Facilities as Strategy for Gaining Growth
With tier-1 companies securing a major aggregate share of the global absorption chillers market and earning strong revenue, the vendor landscape is predicted to exhibit a fairly consolidated nature. Players could direct their attention to emerging economies for opportunities created out of increasing investment from the manufacturing industry. They could also expand their manufacturing plants and launch new products as key strategies to cement a strong position in the global market. In April 2019, Johnson Controls expanded its Norman, Oklahoma facility’s lab and manufacturing space by approximately 400,000 sq. ft.
The report includes analysis of leading players such as MultiChill Technologies Inc., Yazaki Energy Systems Inc., Kirloskar Pneumatic Co. Ltd., Century, EAW Energieanlagenbau GmbH, LG, Shuangliang Eco-Energy Systems, Robur Corporation, Midea Group, Hitachi Appliances, Carrier Corporation, Broad Air Conditioning, Trane, Thermax Ltd., Johnson Controls, and Daikin Industries.
Environmental Sustainability Concerns to Raise Demand for Compliant Absorption Chillers
Need to improve environmental sustainability and reduce energy costs are prophesied to increase the adoption of absorption chillers. Tight government and industrial regulations that require manufacturers to discontinue operating underperforming units are foretold to push the demand for absorption chillers that are reliable, noiseless, and energy-efficient. Implementation of European Commission’s Ecodesign and Energy Labelling is expected to bode well for the global absorption chillers market.
Rising use of solar-powered absorption chillers because of growing government pressure to adopt environment safety measures is anticipated strengthen the global absorption chillers market. Absorption chillers are also considered as an important innovation in the efficiency-driven industrial landscape.
Important Points to Remember
● Competitive landscape to remain fairly consolidated in the coming years
● Need for increased efficiency in the industrial sector to drive demand
● Double stage absorption chillers to increase demand with higher coefficient of performance (COP)
● Demand for more output to help industrial application show significant market growth
By Product Type
● Single Stage
● Double Stage
Among types of products, double stage absorption chillers are projected to account for a substantial share of the global market due to their higher COP. They also have a greater efficiency level compared to single stage absorption chillers. The analysts have also provided deep analysis of important applications, viz. industrial, commercial, and domestic. The industrial sector is foreseen to create considerable demand for absorption chillers as the adoption of ‘less input-more output’ technology increases.
Regionally, the MEA is anticipated to show decent growth in the global absorption chillers market, backed by the demand in GCC countries. Other emerging regions such as East Asia and South Asia are prognosticated to gain growth on the back of the rise of the chemicals and food and beverage industries. Asia Pacific is forecast to create demand for absorption chillers because of electricity distribution problems and lack of electricity in some countries.
With a view to provide accurate analysis of the global absorption chillers market, the analysts at QY Research applied a perfect combination of primary and secondary research techniques. The information and data presented in the research study has been estimated and validated with the help of authentic sources and latest methodologies used in today’s market research industry. As part of qualitative analysis, the researchers focused on PESTEL analysis, Porter’s Five Forces analysis, innovation trends, industry pitfalls and challenges, and market dynamics. For quantitative analysis, they concentrated on market shares of companies, global market size and forecast, key regional markets, market segmentation, and other factors.
NOTE - The analysis, thoughts, views, facts, and opinions expressed in this report are of the respective research analysts. QYR Consulting does not necessarily endorse it or it is also not essentially formal views of QYR Consulting.
The machinery and equipment sector is always undergoing changes with evolution in technology. Machinery and equipment include a wide range of products for various applications. Players are constantly striving to bring in innovation for efficiency and to remain relevant in the cutthroat competition. QYR Consulting brings to its readers reports ranging from heavy trucks to automated teller machines. These reports have been written after a careful analysis of the growth of the market over decades and by taking into account its trajectory.
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