Amid the COVID-19 crisis and the looming economic recession, the Absorption Chillers market worldwide will grow by a projected US$178.3 Million, during the analysis period
NEW YORK, June 4, 2020 /PRNewswire/ -- Amid the COVID-19 crisis and the looming economic recession, the Absorption Chillers market worldwide will grow by a projected US$178.3 Million, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 3.2%. Absorption Chillers, one of the segments analyzed and sized in this study, is forecast to grow at over 3.2% and reach a market size of US$910.7 Million by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Absorption Chillers market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
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As part of the new emerging geographic scenario, the United States is forecast to readjust to a 1.6% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over US$3.5 Million to the region's size over the next 7 to 8 years. In addition, over US$3.9 Million worth of projected demand in the region will come from Rest of European markets. In Japan, the Absorption Chillers segment will reach a market size of US$52.8 Million by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Absorption Chillers market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 5.4% over the next couple of years and add approximately US$51.7 Million in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Absorption Chillers market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Competitors identified in this market include, among others, Carrier Corporation; Century Corporation; CNIM Group; Colibri-bv; EAW Energieanlagenbau GmbH; Ebara Refrigeration Equipment & Systems Co., Ltd.; Hitachi Appliances Inc.; Johnson Controls; LG Electronics; Robur SpA; Shuangliang Eco-Energy Systems Co., Ltd.; Thermax Limited; Trane Inc.; Yazaki Energy Systems Inc.
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ABSORPTION CHILLERS MCP-6
MARKET ANALYSIS, TRENDS, AND FORECASTS, JUNE 2
CONTENTS
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Absorption Chillers: Providing Eco-friendly and Useful Cooling through Re-use of Low Temperature Waste Energy Recent Market Activity The Urgent Need to Replace Compressor-Based Cooling Systems Drive Widespread Adoption Absorption Chillers Superiority over Traditional Compression Chillers Market Fortunes Intrinsically Tied to the Overall Chillers Market Dynamics Global Market Outlook Asia-Pacific Continues to Dominate the Global Market, Also Offers Significant Growth Opportunities Continued Recovery in Global GDP & Manufacturing PMI Signals Optimistic Outlook Despite Slowdown in Economic Growth, China Continues to Dominate Global Sales of Absorption Chillers Global Competitor Market Shares Absorption Chillers Competitor Market Share Scenario Worldwide (in %): 2020 & 2029 Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
Broad Air Conditioning Co., Ltd. (China) Carrier Corporation (USA) Century Corporation (Korea) CNIM Group (France) Colibri-bv (The Netherlands) EAW Energieanlagenbau GmbH (Germany) Ebara Refrigeration Equipment & Systems Co., Ltd. (Japan) Hitachi Appliances, Inc. (Japan) Johnson Controls International Plc (Ireland) LG Electronics (Korea) Shuangliang Eco-Energy Systems Co., Ltd. (China) Robur S.p.A. (Italy) Thermax Limited (India) Thermax Inc. (USA) Trane Inc. (USA) Worldenergy Absorption Chillers Europe Ltd. (Ireland/Korea) Yazaki Energy Systems Inc. (USA)
3. MARKET TRENDS & DRIVERS
Focus on Achieving Energy Efficiencies Make Absorption Chillers the Perfect Candidate for CHP/Cogeneration Systems Lower Operational Costs and Better Power Reliability Spur Demand for Absorption Chiller Based CHP in Data Centers Growth Drivers Growth Restraints Steady Demand from Various End-use Applications Drive Healthy Market Growth for Absorption Chillers Sophisticated Technologies for Absorption Chillers Improve Maintainability, Efficiency, and Flexibility Absorption Chillers Provide a 'Green' Strategy for Various Industries Growing Adoption of Trigeneration and Quattrogeneration Technologies Benefit Market Expansion Lithium Bromide Absorption Chillers: Preferred Cooling Solution for Trigeneration Systems Rise in Electricity Usage for Industrial, Commercial, and Residential Cooling Drives Demand for the Energy-Efficient Absorption Chillers Environmental Concerns Drive Business Case for Absorption Chillers Kyoto Protocol Implementation Augurs Well for Solar & Waste Heat Powered Chillers Indirect Fired Absorption Chillers: The Best Bet for Environmental Cause Favorable Government Initiatives & Regulatory Measures Lends Traction to Market Adoption Surging Energy Consumption Propels Demand for Absorption Chillers Focus on Reducing Energy Costs Bodes Well for Absorption Chillers Urbanization: A Mega Trend Spurring Demand for Cooling Solutions Industry Promotional & Marketing Efforts Benefit the Market Demonstration Projects: A Launch Pad for Absorption Chillers Training and Marketing Initiatives to Foster Awareness Levels Other initiatives Key Concerns & Challenges Hampering Market Prospects for Absorption Chillers Stiff Competition from Popular Chiller Categories Robust Increase in Sales of Centrifugal Chillers Lack of Awareness High Cost Less Efficient in Comparison with Mechanical Chillers Low Thermal Efficiency of Single Effect Systems Requirement of Higher Pump Energy Necessitates Larger Cooling Tower Risks Due to Air Leaks Crystallization High Costs of Manufacturing Other Concerns INNOVATIONS & ADVANCEMENTS Two-Step E/A Technology Enhance Performance of Single Effect and Double Effect Absorption Chillers Smart Chillers: A Key Enabler of Connected Buildings Biomass-Powered Thermochiller Small Size Ammonia Water Absorption Chillers with Higher COP Water-Cooled Technology Lowers Operational Costs Triple-Effect Absorption Chillers: An Upcoming Technology Modular Micro-Channel Chillers Provide Significant Energy Savings Compact Absorption Chillers
4. GLOBAL MARKET PERSPECTIVE
Table 1: Absorption Chillers Global Market Estimates and Forecasts in US$ Thousand by Region/Country: 2020-2027 Table 2: Absorption Chillers Market Share Shift across Key Geographies Worldwide: 2020 VS 2027
III. MARKET ANALYSIS
GEOGRAPHIC MARKET ANALYSIS UNITED STATES Table 3: United States Absorption Chillers Market Estimates and Projections in US$ Thousand: 2020 to 2027 CANADA Table 4: Canadian Absorption Chillers Market Estimates and Forecasts in US$ Thousand: 2020 to 2027 JAPAN Table 5: Japanese Market for Absorption Chillers: Annual Sales Estimates and Projections in US$ Thousand for the Period 2020-2027 CHINA Table 6: Chinese Absorption Chillers Market Growth Prospects in US$ Thousand for the Period 2020-2027 EUROPE Table 7: European Absorption Chillers Market Demand Scenario in US$ Thousand by Region/Country: 2018-2025 Table 8: European Absorption Chillers Market Share Shift by Region/Country: 2020 VS 2027 FRANCE Table 9: Absorption Chillers Market in France: Estimates and Projections in US$ Thousand for the Period 2020-2027 GERMANY Table 10: Absorption Chillers Market in Germany: Recent Past, Current and Future Analysis in US$ Thousand for the Period 2020-2027 ITALY Table 11: Italian Absorption Chillers Market Growth Prospects in US$ Thousand for the Period 2020-2027 UNITED KINGDOM Table 12: United Kingdom Market for Absorption Chillers: Annual Sales Estimates and Projections in US$ Thousand for the Period 2020-2027 SPAIN Table 13: Spanish Absorption Chillers Market Estimates and Forecasts in US$ Thousand: 2020 to 2027 RUSSIA Table 14: Russian Absorption Chillers Market Estimates and Projections in US$ Thousand: 2020 to 2027 REST OF EUROPE Table 15: Rest of Europe Absorption Chillers Market Estimates and Forecasts in US$ Thousand: 2020-2027 ASIA-PACIFIC Table 16: Asia-Pacific Absorption Chillers Market Estimates and Forecasts in US$ Thousand by Region/Country: 2020-2027 Table 17: Asia-Pacific Absorption Chillers Market Share Analysis by Region/Country: 2020 VS 2027 AUSTRALIA Table 18: Absorption Chillers Market in Australia: Recent Past, Current and Future Analysis in US$ Thousand for the Period 2020-2027 INDIA Table 19: Indian Absorption Chillers Market Estimates and Forecasts in US$ Thousand: 2020 to 2027 SOUTH KOREA Table 20: Absorption Chillers Market in South Korea: Recent Past, Current and Future Analysis in US$ Thousand for the Period 2020-2027 REST OF ASIA-PACIFIC Table 21: Rest of Asia-Pacific Market for Absorption Chillers: Annual Sales Estimates and Projections in US$ Thousand for the Period 2020-2027 LATIN AMERICA Table 22: Latin American Absorption Chillers Market Trends by Region/Country in US$ Thousand: 2020-2027 Table 23: Latin American Absorption Chillers Market Percentage Breakdown of Sales by Region/Country: 2020 and 2027 ARGENTINA Table 24: Argentinean Absorption Chillers Market Estimates and Forecasts in US$ Thousand: 2020-2027 BRAZIL Table 25: Absorption Chillers Market in Brazil: Estimates and Projections in US$ Thousand for the Period 2020-2027 MEXICO Table 26: Absorption Chillers Market in Mexico: Recent Past, Current and Future Analysis in US$ Thousand for the Period 2020-2027 REST OF LATIN AMERICA Table 27: Rest of Latin America Absorption Chillers Market Estimates and Projections in US$ Thousand: 2020 to 2027 MIDDLE EAST Table 28: The Middle East Absorption Chillers Market Estimates and Forecasts in US$ Thousand by Region/Country: 2018-2025 Table 29: The Middle East Absorption Chillers Market Share Breakdown by Region/Country: 2020 and 2027 IRAN Table 30: Iranian Market for Absorption Chillers: Annual Sales Estimates and Projections in US$ Thousand for the Period 2020-2027 ISRAEL Table 31: Israeli Absorption Chillers Market Estimates and Forecasts in US$ Thousand: 2020-2027 SAUDI ARABIA Table 32: Saudi Arabian Absorption Chillers Market Growth Prospects in US$ Thousand for the Period 2020-2027 UNITED ARAB EMIRATES Table 33: Absorption Chillers Market in the United Arab Emirates: Recent Past, Current and Future Analysis in US$ Thousand for the Period 2020-2027 REST OF MIDDLE EAST Table 34: Absorption Chillers Market in Rest of Middle East: Recent Past, Current and Future Analysis in US$ Thousand for the Period 2020-2027 AFRICA Table 35: African Absorption Chillers Market Estimates and Projections in US$ Thousand: 2020 to 2027
IV. COMPETITION
Total Companies Profiled: 29
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