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The market for absorption chillers is anticipated to be worth US$ 1,532. 7 million in 2022 and US$ 2,376. 8 million by 2032. During the forecast period of 2022–2032, the market is anticipated to grow at a CAGR of 4.5%.
A chiller, also called an absorption chiller, is a thermally powered refrigeration system that uses a heat source and a liquid refrigerant to cool down buildings. These absorption chillers use less energy than common absorption chillers, such as electronic absorption chillers and industrial machinery, and they don’t use chlorofluorocarbons, which harm the ozone, to cool buildings (CFCs).
Additionally, absorption chillers can be powered by steam, hot water, natural gas, or waste water and use heat energy to pump with the least amount of mechanical energy. Single-stage and double-stage systems are the two categories into which commercial absorption chillers are divided. In a one-stage system, only one generator and condenser are employed.
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Due to the rising demand for these affordable cooling options, the absorption chillers market is currently growing globally. The absorption chillers market is primarily driven by features like silent operation, low maintenance requirements, and vibration-free operation. Additionally, the rise in popularity in the industrial sector, particularly the petrochemical industry, and growing use of absorption chillers in solar cooling initiatives are likely to fuel market growth over the course of the forecast period.
Furthermore, strict government regulation on the use of absorption chillers is another important factor fueling market expansion because they are more environmentally friendly than traditional vapour compressors due to lower emissions of pollutants and hazardous gases.
The global absorption chillers market is severely constrained by higher initial chiller installation costs. Furthermore, two major factors preventing market expansion are rising electricity costs and a lack of electricity.
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The key players of this market include Thermax Ltd, Helioclim, MultiChill Technologies Inc, Kirloskar Pneumatic Company Ltd, World Energy Absorption Absorption chillers Europe Ltd, Johnson Controls, Inc., LG Air Conditioning (Shandong) Co., Ltd., Hitachi Appliances Inc., EAW, Energieanlagenbau GmbH, Carrier Corporation, Century Corporation, Yazaki Energy Systems Inc.
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The post Absorption Chillers Market likely to surge at a vigorous 4.5% CAGR during 2022 – 2032: FMI appeared first on Future Market Insights.
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