by Brianna Crandall — April 22, 2015—For facilities managers looking into a cost-effective, eco-friendly new cooling system, market research store ResearchandMarkets has announced a new market research report from Global Industry Analysts on the environmental and technological factors driving the growing absorption chillers market, as well as the challenges facing it.
Over the years, demand for cooling systems has increased significantly, not only for comfort but also for process cooling requirements in industrial applications, according to the report. Traditionally, cooling systems were based on electrically driven compressor cooling technology. Use of such cooling equipment typically exerts considerable drain on electricity supplied, creating a wide gap in electricity supply and demand and ultimately resulting in high electricity costs.
Additionally, these electrically driven compressor cooling technologies use refrigerants such as chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs) for cooling, which are typically associated with greenhouse gas emissions that are harmful to the ozone layer.
Market drivers
According to the report, a growing focus on energy conservation and environmental protection against the backdrop of escalating concerns over uninhibited rise in energy consumption, shortfalls in electricity supply, rising electricity costs, global warming and depletion of the ozone layer are driving the focus on smart and environmentally sustainable chiller technologies such as absorption chillers.
Energy conservation and the high level of cooling offered by absorption chillers with minimal impact on the environment represent the primary factor driving new and replacement demand in the coming years. Extensive applications across a host of end-use segments and increase in adoption rates of pollutant-free technologies represent other important growth drivers in the long run.
Technological advancements targeted at enhancing system technology, basic materials and components as well as lowering costs and ramping up performance is also expected to bode well for widespread adoption and rapid upgrades. Water-cooled chillers, triple-effect chillers, modular micro-channel chillers, and compact chillers represent select advancements that are poised to benefit market prospects in the near term.
Regions
According to the report, Asia-Pacific represents the largest and the fastest-growing market worldwide, with a compound annual growth rate (CAGR) of about 4.5% over the analysis period. Although a major market already, Asia-Pacific still offers huge untapped market potential for absorption chillers, particularly in Tier II and Tier III cities. With investments in energy-efficient technologies poised to grow at over 18% per annum, China is expected to spearhead demand for energy efficient absorption chillers worldwide.
Companies
Key players covered in the report include Broad Air Conditioning Co. Ltd., Carrier Corporation, Century Corporation, EAW Energieanlagenbau GmbH, Hitachi Appliances Inc., Johnson Controls, LG Air Conditioning (Shandong) Co. Ltd., Shuangliang Eco-Energy Systems Co. Ltd. (China), Robur Corporation, Thermax Inc., Trane Inc., and Yazaki Energy Systems Inc., among others.
The 183-page Absorption Chillers – A Global Strategic Business Report is available for purchase from the publisher or from the ResearchandMarkets Web site.
