International.
The scroll and absorption chiller market is forecast to grow from $5.61 million recorded in 2015 to $7.13 billion by 2022, increasing at a compound annual growth rate (CAGR) of 4.1% between 2016 and 2022, according to a new report published by MarketsandMarkets.
This market is being driven by factors such as rising electricity costs, growing awareness of energy-efficient products, and the deployment of scroll and absorption chillers in a wide range of application areas.
Scroll chillers had the largest market share in 2015 and the same trend is expected to continue during the forecast period. The growing demand for large absorption chillers in the vertical industry in developing countries such as China, Japan, and India is expected to drive the market in the next six years.
The Asia-Pacific region is expected to retain the largest market share during the forecast period due to increasing capabilities of nuclear, geothermal, and solar power plants in that region.
Europe held the second largest market share in 2015 and is expected to grow at the highest CAGR between 2016 and 2022. This growth is supported by the growing commercial construction industry, resulting in an increase in HVAC/R system implementations.
