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Vapor Absorption Chillers Market

Vapor Absorption Chillers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027

Vapor Absorption Chillers: Introduction

  • Vapor absorption chillers are mechanical devices that produce chilled water by using a heat source instead of electric input, unlike in case of vapor compression chillers. It seems unreasonable that cooling can be achieved with heat, but that is the case with an absorption chiller.
  • The principle of working of vapor absorption chillers is much similar to that of vapor compression chillers. However, the refrigerant in the absorption cycle flows through an evaporator, a condenser, and an expansion valve. Also, in vapor absorption chillers, the absorption cycle uses refrigerants and method of compression that are different from those in case of vapor compression chillers.
  • Absorption chillers have gained widespread adoption, due to their capability of not only integrating with cogeneration systems but also to operate with industrial waste heat streams
  • In a vapor compression refrigeration cycle, normally, a halocarbon (such as HCFC-123, HCFC-22, and HFC-134a) is employed as a refrigerant

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Key Drivers of Global Vapor Absorption Chillers Market

  • Vapor absorption chillers is a major breakthrough for healthcare services in remote areas, where electricity outages occur frequently. On the other hand, the global health care industry has witnessed rapid growth in the recent years. Growing elderly population worldwide, high prevalence of chronic diseases, and advancements in digital technologies are some of the major factors driving the demand for health care services and expenditures on these services.
  • Surging consumption of electricity for cooling drives the demand for energy-efficient absorption chillers. Also, electricity rates are inherently volatile. They fluctuate seasonally, monthly, and annually. Over the last decade, electricity prices have risen enormously and they are poised to further increase during the forecast period.

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  • The global maritime industry offers immense growth potential to the global vapor absorption chillers market, as the industry is facing challenges such as increasing operational costs and growing amount of waste heat. This waste heat can be used as a fuel source for operating vapor absorption chillers, which can cool a vessel and upgrade its overall operational capability.
  • The transportation sector is likely to get benefitted with the introduction of vapor absorption chillers. For air-conditioning of automobiles, normally, the vapor compression refrigeration cycle is used. The cycle runs on engine power and it consumes around 10% of the total power produced by the engine. This, in turn, increases fuel consumption. Also, a large amount of heat i.e. around 25% is releases through cooling water in automobiles, specifically trucks. If this waste heat is utilized for powering an air-conditioning system by using vapor absorption chiller systems, it would be economical and the fuel energy can be used effectively.
  • Also, increasing investments in food & beverages and chemical industries across several developing countries are expected to create immense opportunities for the absorption chillers market in these countries during the forecast period

Restraints of Global Vapor Absorption Chillers Market

  • The most common issue associated with vapor absorption chillers is their deterioration over time. As air leaks into an absorption chiller, it introduces oxygen, which accelerates the cathode reaction. This reaction is sufficient for any metal to corrode in an aqueous system. Oxygen vapors are dissolved in water, which releases free electrons into the solution. These free electrons are readily consumed, as ferrous metals dissolve, forming first rust and later the magnetic black iron oxide. This iron oxide is commonly found in abundant space inside all absorption chillers.

Major Developments

  • COOL4SEA has developed a cooling technology which recycles thermal waste energy and utilizes it for marine air-conditioning and battery cooling. The new technology is based on a principle, wherein the ship’s waste heat is employed for cooling of crew quarters and service areas.
  • In January 2019, Thermax Limited, a leading provider of energy and environment-related solutions in India, inaugurated a new manufacturing facility in Sri City, Andhra Pradesh (India). This is the company’s latest production unit, deploying high levels of digitization. It would be manufacturing a wide range of vapor absorption machines comprising chillers, heat pumps, and heaters in its first phase.

Asia Pacific to Lead Global Vapor Absorption Chillers Market

  • Based on region, the global vapor absorption chillers market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific is likely to dominate the global vapor absorption chillers market, due to growing concerns about air pollution and carbon emissions in the region
  • Increasing investments in infrastructure development in countries such as China and India are projected to drive the vapor absorption chillers market in Asia Pacific. In India, several infrastructural projects, such as metro rail and airports, are in pipeline. For instance, in 15 Indian cities, more than 413 miles of metro rail projects are under various stages of implementation.
  • On the other hand, the U.S. market for vapor absorption chillers is expected to witness strong growth during the forecast period, due to growth of processed food, petroleum, and chemical sectors in the country

Key Players Operating in Global Market

Some of the major players operating in the global vapor absorption chillers market are:

  • Thermax Global
  • Kirloskar Pneumatic Company Limited
  • Lead Engineering
  • Voltas Ltd.

Global Vapor Absorption Chillers Market: Research Scope

Global Vapor Absorption Chillers Market, by Type

  • Single-effect Absorption Chillers
  • Double-effect Absorption Chillers
  • Triple-effect Absorption Chillers

Global Vapor Absorption Chillers Market, by Source

  • Heat
  • Refrigerant
  • Cooling Water

Global Vapor Absorption Chillers Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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