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Rise in population which also drives the urbanization is responsible for the construction of many residential and commercial establishments
WILMINGTON, DE, UNITED STATES, December 19, 2024 /EINPresswire / -- Scroll and Absorption Chillers Market: Trends, Growth, and Future Opportunities
A report by Allied
market Research titled “Scroll and Absorption Chillers Market” reveals that the global market, valued at $4 billion in 2020, is projected to reach $6 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.3% between 2023 and 2032.
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Market Dynamics and Regional Insights
In 2020, the Asia-Pacific region dominated the global market, driven by a high concentration of industrial facilities in countries like China and India. These nations attract industries due to lenient regulatory guidelines and labor laws, which support rapid industrialization. Additionally, rising population and urbanization worldwide are fueling the construction of residential and commercial buildings, which extensively use scroll and absorption chillers for cooling and refrigeration.
The energy sector, including petrochemical processing plants and power plants, also relies heavily on these chillers to manage process heat loads. Petrochemical facilities use high temperatures for crude oil separation, necessitating advanced cooling solutions. To meet growing energy demands, governments and private entities are investing in new petrochemical plants and power infrastructure, further boosting market demand.
Product Types and Efficiency Trends
Scroll and absorption chillers are categorized into air-cooled and water-cooled types. In 2020, air-cooled chillers generated higher revenue due to their ease of operation and maintenance. However, water-cooled chillers, which offer superior efficiency, are expected to dominate the market in the coming years with higher growth rates.
The market caters to both small-scale and large-scale industries, offering chillers with diverse cooling capacities and technologies. Large industries require high-capacity chillers for extensive machinery, whereas smaller facilities prefer cost-effective, low-powered chillers. This versatility in product offerings positively influences market growth.
Challenges and Innovations
The cost of raw materials like copper, aluminum, and steel has been volatile, especially following the COVID-19 pandemic and the Ukraine-Russia war. These fluctuations increase manufacturing costs, affecting profitability and leading to higher consumer prices, which could constrain market growth.
However, ongoing innovations aim to make chillers more efficient and environmentally friendly. Manufacturers such as Carrier Global Corporation are introducing advanced technologies, including digital controls for precise operation, energy-efficient software, and design improvements in components like condensers. These advancements are expected to create lucrative growth opportunities for the market.
Key Developments in the Industry
In February 2023, Daikin Industries Ltd. launched a new line of scroll and absorption chillers that use R-32 refrigerant, known for its low global warming potential and recyclability. This innovation reduces environmental impact and operating costs, attracting more customers. Similarly, Mitsubishi Electric Corporation introduced the Climaveneta NX2 air-cooled chillers in 2020, offering a wide cooling capacity range for diverse applications, including hospitals, universities, and hotels.
Market players are increasingly focusing on sustainable solutions. Absorption chillers, in particular, stand out for their eco-friendliness. Unlike compressor-based chillers that use harmful hydrofluorocarbon (HFC) refrigerants, absorption chillers operate with a mixture of water and lithium bromide or ammonia, eliminating greenhouse gas emissions. They also utilize heat sources like recycled hot water, steam, or solar energy, making them energy-efficient and suitable for areas with frequent power outages.
Economic Challenges and Opportunities
The market faces challenges from economic disruptions, including COVID-19-induced lockdowns and rising oil and gas prices due to geopolitical tensions. These factors have slowed market growth. However, the demand for eco-friendly chillers presents significant opportunities. Absorption chillers, with their silent operation, minimal maintenance needs, and sustainable design, are increasingly preferred in both industrial and residential settings.
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Key Findings of the Study
The air-cooled segment dominated market revenue in 2020.
Chillers with a power range above 200 kW accounted for the highest revenue.
The chemicals and petrochemicals sector is expected to register the fastest growth.
Leading players like Carrier Global Corporation, Mitsubishi Electric Corporation, and Daikin Industries Ltd. are driving innovation through product launches and market expansion.
The scroll and absorption chillers market is poised for steady growth, fueled by urbanization, industrial expansion, and rising demand for sustainable cooling solutions. Despite challenges like fluctuating raw material costs, advancements in technology and eco-friendly practices are creating new avenues for growth. With increasing investments in innovative and energy-efficient products, the market outlook remains optimistic
David Correa
Allied Market Research
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