The Asia Pacific Absorption Chillers Market should witness market growth of 4.7% CAGR during the forecast period (2022-2028).
An absorption chiller is large and more complex, but the basic principle is the same. The evaporator allows the refrigerant to evaporate and be absorbed by the absorbent, which extracts heat from the chilled water loop. The combined fluids then go to the generator, heated by steam or hot water gas, driving the refrigerant back out of the absorbent. While the absorbent is pumped back to the absorber, the refrigerant moves back to the condenser to cool down to a liquid. The cooled refrigerant is released through an expansion valve into the evaporator, and all this keeps on repeating.
As industrialists are significantly adopting environmental safety measures amid the increasing pressure due to the stringent regulations by different government bodies, absorption chillers, especially solar-powered absorption chillers, are getting widely utilized. Also, developing nations are creating many new opportunities for the manufacturing sector, inspiring absorption chiller manufacturers to increase their business in such regions, which is expected to surge the growth of the absorption chillers market.
The increasing disposable income of the Chinese consumer, especially in recent times, is assisting in improving China's food and beverages industry. There is a prominent awareness about the importance of health which has caused a prominent rise in dairy and dry fruits sales, further pushing the food & beverages companies to decrease the amount of sugar and utilize high-quality ingredients. The robust presence of the food & beverages sector, joined with the increasing urbanization and the requirement for healthy foods, is surging the sector's growth which will increase the usage of absorption chillers and hence boost the market's expansion in the Asia Pacific region.
The China market dominated the Asia Pacific Absorption Chillers Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $224.2 million by 2028. The Japan market is estimated to grow a CAGR of 4.1% during (2022-2028). Additionally, The India market would experience a CAGR of 5.4% during (2022-2028).
Based on Application, the market is segmented into Chemical, Oil & Gas, Food & Beverages and Others. Based on End-user, the market is segmented into Industrial, Commercial and Residential. Based on Refrigerant Type, the market is segmented into Lithium Bromide and Ammonia. Based on Energy Source, the market is segmented into Hot Water Treated, Steam Heated and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
An absorption chiller is large and more complex, but the basic principle is the same. The evaporator allows the refrigerant to evaporate and be absorbed by the absorbent, which extracts heat from the chilled water loop. The combined fluids then go to the generator, heated by steam or hot water gas, driving the refrigerant back out of the absorbent. While the absorbent is pumped back to the absorber, the refrigerant moves back to the condenser to cool down to a liquid. The cooled refrigerant is released through an expansion valve into the evaporator, and all this keeps on repeating.
As industrialists are significantly adopting environmental safety measures amid the increasing pressure due to the stringent regulations by different government bodies, absorption chillers, especially solar-powered absorption chillers, are getting widely utilized. Also, developing nations are creating many new opportunities for the manufacturing sector, inspiring absorption chiller manufacturers to increase their business in such regions, which is expected to surge the growth of the absorption chillers market.
The increasing disposable income of the Chinese consumer, especially in recent times, is assisting in improving China's food and beverages industry. There is a prominent awareness about the importance of health which has caused a prominent rise in dairy and dry fruits sales, further pushing the food & beverages companies to decrease the amount of sugar and utilize high-quality ingredients. The robust presence of the food & beverages sector, joined with the increasing urbanization and the requirement for healthy foods, is surging the sector's growth which will increase the usage of absorption chillers and hence boost the market's expansion in the Asia Pacific region.
The China market dominated the Asia Pacific Absorption Chillers Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $224.2 million by 2028. The Japan market is estimated to grow a CAGR of 4.1% during (2022-2028). Additionally, The India market would experience a CAGR of 5.4% during (2022-2028).
Based on Application, the market is segmented into Chemical, Oil & Gas, Food & Beverages and Others. Based on End-user, the market is segmented into Industrial, Commercial and Residential. Based on Refrigerant Type, the market is segmented into Lithium Bromide and Ammonia. Based on Energy Source, the market is segmented into Hot Water Treated, Steam Heated and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
Scope of the Study
By Application
- Chemical
- Oil & Gas
- Food & Beverages
- Others
By End-user
- Industrial
- Commercial
- Residential
By Refrigerant Type
- Lithium Bromide
- Ammonia
By Energy Source
- Hot Water Treated
- Steam Heated
- Others
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- 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
- Styne Group
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
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- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Asia Pacific Absorption Chillers Market, by Application
1.4.2 Asia Pacific Absorption Chillers Market, by End User
1.4.3 Asia Pacific Absorption Chillers Market, by Refrigerant Type
1.4.4 Asia Pacific Absorption Chillers Market, by Energy Source
1.4.5 Asia Pacific Absorption Chillers Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition & scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Asia Pacific Absorption Chillers Market by Application
3.1 Asia Pacific Chemical Market by Country
3.2 Asia Pacific Oil & Gas Market by Country
3.3 Asia Pacific Food & Beverages Market by Country
3.4 Asia Pacific Others Market by Country
Chapter 4. Asia Pacific Absorption Chillers Market by End User
4.1 Asia Pacific Industrial Market by Country
4.2 Asia Pacific Commercial Market by Country
4.3 Asia Pacific Residential Market by Country
Chapter 5. Asia Pacific Absorption Chillers Market by Refrigerant Type
5.1 Asia Pacific Lithium Bromide Market by Country
5.2 Asia Pacific Ammonia Market by Country
Chapter 6. Asia Pacific Absorption Chillers Market by Energy Source
6.1 Asia Pacific Hot Water Treated Market by Country
6.2 Asia Pacific Steam Heated Market by Country
6.3 Asia Pacific Others Market by Country
Chapter 7. Asia Pacific Absorption Chillers Market by Country
7.1 China Absorption Chillers Market
7.1.1 China Absorption Chillers Market by Application
7.1.2 China Absorption Chillers Market by End User
7.1.3 China Absorption Chillers Market by Refrigerant Type
7.1.4 China Absorption Chillers Market by Energy Source
7.2 Japan Absorption Chillers Market
7.2.1 Japan Absorption Chillers Market by Application
7.2.2 Japan Absorption Chillers Market by End User
7.2.3 Japan Absorption Chillers Market by Refrigerant Type
7.2.4 Japan Absorption Chillers Market by Energy Source
7.3 India Absorption Chillers Market
7.3.1 India Absorption Chillers Market by Application
7.3.2 India Absorption Chillers Market by End User
7.3.3 India Absorption Chillers Market by Refrigerant Type
7.3.4 India Absorption Chillers Market by Energy Source
7.4 South Korea Absorption Chillers Market
7.4.1 South Korea Absorption Chillers Market by Application
7.4.2 South Korea Absorption Chillers Market by End User
7.4.3 South Korea Absorption Chillers Market by Refrigerant Type
7.4.4 South Korea Absorption Chillers Market by Energy Source
7.5 Singapore Absorption Chillers Market
7.5.1 Singapore Absorption Chillers Market by Application
7.5.2 Singapore Absorption Chillers Market by End User
7.5.3 Singapore Absorption Chillers Market by Refrigerant Type
7.5.4 Singapore Absorption Chillers Market by Energy Source
7.6 Malaysia Absorption Chillers Market
7.6.1 Malaysia Absorption Chillers Market by Application
7.6.2 Malaysia Absorption Chillers Market by End User
7.6.3 Malaysia Absorption Chillers Market by Refrigerant Type
7.6.4 Malaysia Absorption Chillers Market by Energy Source
7.7 Rest of Asia Pacific Absorption Chillers Market
7.7.1 Rest of Asia Pacific Absorption Chillers Market by Application
7.7.2 Rest of Asia Pacific Absorption Chillers Market by End User
7.7.3 Rest of Asia Pacific Absorption Chillers Market by Refrigerant Type
7.7.4 Rest of Asia Pacific Absorption Chillers Market by Energy Source
Chapter 8. Company Profiles
8.1 LG Electronics (LG Corporation)
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional & Segmental Analysis
8.1.4 Research & Development Expenses
8.1.5 SWOT Analysis
8.2 Carrier Global Corporation
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments:
8.2.5.1 Product Launches and Product Expansions:
8.3 Thermax Limited
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expenses
8.4 Hitachi, Ltd.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expenses
8.5 Trane Technologies PLC
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Regional Analysis
8.5.4 Research & Development Expense
8.6 Johnson Controls International PLC
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental & Regional Analysis
8.6.4 Research & Development Expenses
8.7 World Energy Co., Ltd.
8.7.1 Company Overview
8.8 EAW Energieanlagenbau GmbH (WEGRA Anlagenbau GmbH)
8.8.1 Company Overview
8.9 Yazaki Corporation
8.9.1 Company Overview
8.10. Styne Group
8.10.1 Company Overview
Companies Mentioned
- 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
- Styne Group
Methodology
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