International. Persistent Market Research published its analysis of the future in the absorption chiller market. In the coming years, the market is projected to show a positive outlook.
The market value is expected to increase at a moderate pace during the forecast period. Based on the technology adopted, it is anticipated that dual-stage chillers will account for a substantial portion over the course of the forecast period, which will end in 2029. The market is projected to grow at a compound annual growth rate of 4%.
The global absorption chiller market was valued at nearly $1.2 billion at the end of 2018, with growth of approximately 3.6 percent over 2017.
The increased installation of solar-powered absorption chillers in various end-use industries is considered to be the key factor helping the installation of absorption chillers. Absorption chillers powered by solar-powered technology for large cooling applications are gaining traction and, in turn, increasing the overall demand for absorption chillers. These types of absorption chillers provide maximum cooling performance while minimizing electrical power consumption.
However, the high installation cost of absorption chillers compared to mechanical and electrical chillers results in a long recovery period. This factor, combined with the high operating and maintenance costs, is mainly restricting the growth of the global absorption equipment market.
Increased waste heat and high operating costs of ships are expected to create substantial opportunities for manufacturers of this class of technologies worldwide. Operational vessels release large amounts of waste heat, which not only increases the operational cost of ships, but also has a negative impact in terms of high CO2 emissions. This waste heat can be used to power absorption coolers, which can be used to cool containers.
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