Absorption chillers market was valued at US$959.571 million in 2017 and is projected to expand at a CAGR of 4.53% over the forecast period to reach US$1,252.081 million by 2023.
Absorption Chillers are cooling solutions that operate on thermal power instead of mechanical power. The demand for absorption chillers market is expected to grow on account of increasing adoption across various industries such as pharmaceuticals, food and beverages, textile, power and energy, chemical and petrochemicals, and others.
Falling electicity prices and increasing investments in infrastructure projects across fast growing economies is expected to drive the demand for these chillers over the projected period. High cost associated with the maintenance and low efficiency as compared to the substitutes are some of the challenges to the large-scale adoption of these solutions during 2017 to 2023.
Major industry players profiled as part of the report are Vamtec Ltd, Johnson Controls-Hitachi Air Conditioning, Thermax Global, Trane, and Carrier Corporation among others.