Scroll & Absorption Chillers Market Worth 7.13 Billion USD by 2022
PUNE, India, August 11, 2016 /PRNewswire/ --
The report "Scroll & Absorption Chillers Market by Product (Scroll Chiller & Absorption Chiller), Capacity (<100 kW, 101 kW-300 kW, 301 kW-700 kW, & >701 kW), Vertical, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the market is estimated to grow from USD 5.61 Billion in 2015 to USD 7.13 Billion by 2022, at a CAGR of 4.1% during the forecast period.
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Browse 68 market data Tables and 77 Figures spread through 148 Pages and in-depth TOC on "Scroll & Absorption Chillers Market".
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Scroll and absorption chillers are the mechanical equipment used in various cooling processes and air conditioning applications. The growing market for these chiller products is expected to present several opportunities for stakeholders over the next few years.
Rising awareness about energy-efficient products
According to the U.S. Department of Energy (U.S. - DOE)., over ~30% of the energy in commercial and industrial applications is used for heating, ventilation, and cooling (HVAC), of which chillers consume more than half. In the mid-1990s, due to the global warming mandates, companies began to offer energy-efficient chiller products. One of the technological advancements to be supervised and initiated by the U.S. Department of Energy and the Oak Ridge National Library (Oak Ridge, U.S.) was polygeneration/combined cooling, heating, and power (CHP).
This is one of the reasons for the growing awareness of the need for energy conservation and the introduction of energy-efficient scroll and absorption chillers. For example, the use of absorption chillers helps control higher electricity costs and ensures better performance. For instance, Trane, Inc. (Ireland) demonstrated its single-effect absorption chiller featuring low-grade waste-heat utilization along with cost-optimized design integrated with distributed power generation. The growing electricity costs and electricity shortfalls are the major factor driving technological advancements in different chillers. Using the appropriate scroll & absorption chillers, ~12% to 15% of the total electricity usage of a building/commercial complex can be reduced. The usage of natural heat sources for the cooling process helps to balance the electric loads during peak periods.
Many industries such as chemicals, printing, & plastic are prioritizing chiller optimization as their main goal owing to the low maintenance costs, low electric energy use, eligibility for electric utility rebate, and so on. This factor is expected to remain moderately important throughout the forecast period.
Commercial vertical to play a key role in the scroll & absorption chillers market
The market for scroll & absorption chillers was led by the hospital application in 2015 because of the growing medical & pharmaceutical industry in the region and the increased governmental investments in the healthcare sector. The market for the institutions and commercial buildings application is expected to grow at a healthy rate between 2016 and 2022. As the usage of scroll chillers has grown significantly in low-capacity commercial verticals, the market for hospitals and institutions also gained traction between 2016 and 2022.
APAC region is expected to contribute the largest market share and Europe is likely to grow at the highest rate
In 2015, the Asia-Pacific region held the largest share of the global scroll & absorption chillers market. In addition, the increasing capacities of nuclear, geothermal, and solar power plants in Asia-Pacific are driving the demand for chillers in the region. Europe held the second-largest market share and is expected to grow at the highest CAGR of between 2016 and 2022. This growth is supported by the growing commercial building & construction industry, resulting in increased deployments of heating, ventilating, air conditioning, and refrigeration (HVACR) systems.
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Some of the key players in the scroll & absorption chillers global market space are Carrier Corporation (U.S.), Johnson Controls (U.S.), Trane Inc. (Ireland), Thermax, Inc. (India), and Daikin Industries Ltd (Japan), Broad Air Conditioning Co., Ltd. (China), Yazaki Energy Systems, Inc. (U.S.), Robur Group (Italy), and Shuangliang Eco-Energy Systems Co., Ltd. (China) among others.
A detailed analysis of the key industry players has been done to provide insights into their business overview, products, services, key strategies, new product launches, and recent developments related to the scroll & absorption chillers market.
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