Absorption Cooling System Market Size - By Product Type (Ammonia-water Absorption Systems, Lithium Bromide-water Absorption Systems, Others), By Heat Source (Natural Gas, Steam, Hot Water, Waste Heat, Solar Energy), By Cooling Capacity & Forecast 2024 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

View Details Buy Now 2890 Download Sample Ask for Discount Request Customization

Absorption Cooling System Market Size - By Product Type (Ammonia-water Absorption Systems, Lithium Bromide-water Absorption Systems, Others), By Heat Source (Natural Gas, Steam, Hot Water, Waste Heat, Solar Energy), By Cooling Capacity & Forecast 2024 – 2032

Absorption Cooling System Market Size

Absorption Cooling System Market was valued at USD 2.58 billion in 2023 and is anticipated to register a CAGR of 4.5% between 2024 and 2032, attributed to the integration of renewable energy, increasing green building initiatives & regulations, growing urbanization & infrastructure development, and the rising demand for district cooling. Moreover, various sectors including commercial buildings, industrial facilities, and agricultural operations are increasingly adopting absorption cooling systems integrated with renewable energy.

To get key market trends

  Download Free Sample

The global Refrigeration & Air Conditioning (RAC) industry is booming as the growing population and global warming have increased the demand for RAC equipment. This equipment leads to a rise in Greenhouse Gas (GHG) emissions, which only worsens the situation. This trend can be significantly mitigated by moving away from highly climate damaging HCFC and HFC refrigerants and using low Global Warming Potential (GWP) alternatives such as natural refrigerants.
 

Absorption Cooling System Market Report Attributes
Report Attribute Details
Base Year 2023
Absorption Cooling System Market Size in 2023 USD 2.58 Billion
Forecast Period 2024 - 2032
Forecast Period 2024 - 2032 CAGR 4.5%
2032 Value Projection USD 3.81 Billion
Historical Data for 2021 - 2023
No. of Pages 370
Tables, Charts & Figures 247
Segments covered Product Type, Heat Source, Cooling Capacity, End Use, Distribution Channel, Region
Growth Drivers
  • Increasing adoption of solar-power absorption chillers
  • Increasing demand for cooling in commercial buildings, data centers, and industrial facilities
Pitfalls & Challenges
  • High initial investments compared to conventional compression chillers

What are the growth opportunities in this market?

 Download Free Sample

Hey, have you heard? The world is going to be bursting with people in 2050! The UN says there will be about 9.7 billion of us, which is a whopping 2 billion more than today. And guess what's making this happen? We're living longer and healthier thanks to better healthcare and stuff. Because of all these extra people, we're building new houses left and right, which is a good thing for the housing market. And here's a cool twistpeople want houses that don't waste energy. That's where heat pumps come in. They're really efficient at keeping your home comfy without breaking the bank. Plus, governments are giving tax breaks and other goodies to people who use energy-saving products like heat pumps. So, the demand for these pumps is through the roof!

Absorption Cooling System Market Trends

Technological innovations in HVAC systems are being introduced to ensure better and optimal performance. A new generation of automated heating and cooling solutions based on Artificial Intelligence (AI) is likely to have a promising future. The market is characterized by competition for highly intelligent, fully automated, and environmentally sustainable HVAC systems. Installing Internet of Things (IoT) sensors in HVAC systems enables real-time data recording and efficient operation of HVAC systems. Smart HVAC incorporates IoT technology, which plays an important role in improving the operation and the overall performance of these systems.

Absorption Cooling System Market Analysis

Learn more about the key segments shaping this market

 Download Free Sample

Based on product type, the ammonia-water absorption systems segment was worth USD 1.09 billion in 2023 and is expected to reach USD 1.6 billion by 2032. Ammonia-water absorption systems are gaining traction due to their environment-friendly nature. Stringent regulations and phasing out of high-GWP refrigerants, such as Hydrochlorofluorocarbons (HCFCs) and Hydrofluorocarbons (HFCs), are boosting the adoption of alternative cooling technologies including ammonia-water absorption systems. Regulations, such as the Kigali Amendment to the Montreal Protocol, and regional policies, such as the EU’s F-Gas Regulation, are accelerating the transition toward more sustainable cooling solutions.

Learn more about the key segments shaping this market

 Download Free Sample

In the world of cooling systems, chemical and petrochemical companies are leading the way with absorption systems. They're using a neat trick to take the heat from their industrial processes and turn it into a way to cool their plants, while also saving energy and being kinder to the environment. These absorption cooling systems work a bit like a fridge, but instead of using electricity, they use waste heat or energy from the sun to chill things down. This makes them a great choice for chemical plants because they can use the heat that's already being generated to power their cooling system. Plus, with governments cracking down on pollution and companies being encouraged to go green, these absorption cooling systems are a win-win. They help reduce energy use and cut down on greenhouse gas emissions, which is good for the planet and the company's bottom line. It's a smart move that's helping to shape the future of cooling and energy efficiency in the chemical and petrochemical industries.

Furthermore, environmental sustainability is a growing priority for the chemicals & petrochemicals industry, driven by regulatory pressure, corporate sustainability goals, and stakeholder expectations. Absorption cooling systems, particularly those utilizing natural refrigerants, such as water and ammonia, offer a more environment-friendly alternative to conventional cooling technologies that rely on synthetic refrigerants with high GWP.

Looking for region specific data?

 Download Free Sample

Absorption cooling systems are widely used in industrial processes and commercial buildings across North America. Industries, such as food processing, pharmaceuticals, data centers, and hospitality, benefit from the reliable and efficient cooling provided by absorption chillers, especially in areas where electricity costs are high or grid reliability is a concern.

Ongoing advancements in absorption cooling technology are fostering market growth in the U.S. Improvements in efficiency, reliability, and scalability make absorption chillers more attractive to a wider range of applications and industries, spurring adoption in both new construction and retrofit projects.

The Asia Pacific region holds 15.7% share of the absorption cooling system market and is expected to reach USD 1.01 billion by 2032. Governments across the region are implementing stringent regulations to reduce GHG emissions and promote energy-efficient technologies. Policies, such as energy efficiency standards, and incentives for renewable energy adoption are boosting the adoption of absorption cooling systems in various sectors including commercial buildings, industrial processes, and hospitality.

To fight climate change, India has been pushing hard for energy-saving and sustainability. They've got plans in place, like the Mission for Better Energy Use and the Green Building Code, that encourage businesses and industries to use cooling systems that don't waste energy, such as absorption cooling. India's population is booming, cities are expanding, and more people are moving into the middle class, which means there's a huge need for air conditioning, especially in offices, hotels, and food factories. Absorption cooling systems, which can use waste heat or renewable energy like solar or geothermal, are a great way to meet this need without using too much electricity from the grid.

China's rapid urbanization, rising disposable incomes, and expanding middle class have led to a surge in the demand for air conditioning and cooling solutions across various sectors such as commercial buildings, manufacturing, and data centers. Absorption cooling systems, with their ability to provide efficient cooling using waste heat or renewable energy sources, are increasingly being deployed to meet this growing demand while reducing reliance on traditional electricity-based cooling systems.

The MEA region has abundant solar resources, making it particularly suitable for solar energy applications. Absorption cooling systems can be integrated with solar thermal energy storage systems to provide sustainable and decentralized cooling solutions. Governments in countries, such as the UAE, Saudi Arabia, and South Africa, are promoting renewable energy adoption through incentives, subsidies, and regulatory support, driving the adoption of solar-based absorption cooling systems.

The hot climate in Saudi Arabia results in a high demand for cooling solutions, especially during the scorching summer months. With temperatures often exceeding 40°C (104°F), air conditioning is essential for residential, commercial, and industrial buildings. Absorption cooling systems, which can utilize waste heat or solar energy for cooling, offer an efficient and sustainable alternative to traditional air conditioning systems.

The Saudi government has been actively promoting energy efficiency and renewable energy adoption through various policies and initiatives. The National Renewable Energy Program (NREP) aims to increase the share of renewable energy in the Kingdom's energy mix, with a focus on solar power. Incentives, such as subsidies, feed-in tariffs, and regulatory support for renewable energy projects, support the adoption of absorption cooling systems integrated with solar thermal energy.

Absorption Cooling System Market Share

The key players operating in the market are Thermax Limited, Kirloskar Pneumatic Company Ltd, Trane Technologies plc, Johnson Controls, Inc., and Carrier Global Corporation. Together, they held a market share of 15 - 20% in 2023. The market is highly fragmented owing to a large number of companies competing for a share, with no single player dominating the landscape. These market players offer various absorption chillers catering to different needs and budgets, opening the door for specialization among manufacturers.

Absorption Cooling System Market Companies

Major players operating in the absorption cooling system industry include

  • Thermax Limited
  • Kirloskar Pneumatic Company Ltd
  • Trane Technologies plc
  • Johnson Controls, Inc.
  • Carrier Global Corporation
  • Robur Corporation
  • LG Electronics, Inc.
  • Shuangliang Eco-Energy Systems Co. Ltd.
  • Kawasaki Thermal Engineering Co., Ltd.,
  • Hyundai Climate Control Co.
  • Steyn Group
  • EBARA THERMAL SYSTEMS (THAILAND) CO., LTD.
  • Bry-Air (Asia) Pvt. Ltd.
  • Thermo Fisher Scientific Inc.
  • Midea Group

Absorption Cooling System Market News

  • In March 2022, Carrier Global Corporation launched the AquaForce Vision 30KAV with PUREtec refrigerant, a compact process cooling chiller with ultra-low GWP refrigerant R-1234ze. The absorption chiller was designed and optimized for industrial processing for chemicals, plastics, pharmaceuticals, food manufacturing, and metal industries and applications. The chiller is available in four sizes spanning capacities from 280kW to 800 kW with a temperature range from -4 degrees Celsius to -8 degrees Celsius for medium-temperature process cooling and from 530 kW to 1,300 kW for 12/7degC high-temperature process cooling or comfort cooling.
     
  • In November 2021, Trane Technologies delivered fully electric and zero direct emission Thermo King refrigeration solutions for every industry of the cold chain in Europe and the Middle East & Africa. The solutions include a fully electric & emission-free system with AxlePower energy generation technology.

This absorption cooling system market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and volume (Thousand units) from 2021 to 2032, for the following segments

Click here to Buy Section of this Report

 

 

Market, By Product Type

 

  • Ammonia-water absorption systems
  • Lithium bromide-water absorption systems
  • Others

Market, By Heat Source

  • Natural gas
  • Steam
  • Hot water
  • Waste heat
  • Solar energy

Market, By Cooling Capacity

  • Small (below 100 tons)
  • Medium (100-500 tons)
  • Large (above 500 tons)

Market, By End Use

  • Food & beverages
  • Pharmaceuticals
  • Chemical & petrochemicals
  • Power plants
  • Data centers
  • Waste water treatment
  • Others

Market, By Distribution channel

  • Direct sales
  • Indirect sales

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA

 

Related Reports

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

List Tables Figures

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

FAQ'S

For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:

sales@marketinsightsresearch.com

Within 24 to 48 hrs.

You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email

You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.

Discounts are available.

Hard Copy

Email