Government regulations and incentives drive the growth of the scroll and absorption chillers market. In addition, technological advancements drive the market growth
PORTLAND, Ore., Feb. 6, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Scroll And Absorption Chillers Market By Product Type (Air Cooled, Water Cooled), By Power Range (Less Than 50 KW, 50-200 KW, More Than 200 KW), By End User Industry (Chemicals And Petrochemicals, Food And Beverages, Medical, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032 ". According to the report, The global scroll and absorption chillers market was valued at $3,978.1 million in 2020, and is projected to reach $5,976.3 million by 2032, registering a CAGR of 3.3% from 2023 to 2032.
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Prime determinants of growth
Rise in global population and industrialization drive the growth of the scroll and absorption chillers market. However, high initial investment and setup cost restricts the market growth. On the contrary, technological advancements are expected to offer new opportunities in the market in the coming years.
Report coverage & details:
Report Coverage
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Details
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Forecast Period
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2023-2032
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Base Year
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2022
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Historic Period
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2020-2021
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Market Size In 2020
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$3,978.1 Million
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Market Size In 2032
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$5,976.3 Million
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CAGR
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3.3 %
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No. Of Pages In Report
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184
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Segments Covered
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Product Type, Power Range, End User Industry, And Region
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Drivers
| Growth Of Manufacturing Industry
Growth In Trade And E-Commerce
Increase In Demand For Scroll And Absorption Chillers In Medical Industry
Increase In Consumption Of Frozen Food
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Opportunities
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Technological Advancements
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Restraints
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Rise In Demand For VRF Systems
High Initial Investment And Setup Cost
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The air cooled segment to maintain its leadership status during the forecast period
By product type, the air cooled segment held the highest market share in 2020, accounting for nearly two-thirds of the scroll and absorption chillers market revenue, and is estimated to maintain its leadership status during the forecast period. Air-cooled scroll and absorption chillers offer several benefits over water-cooled scroll and absorption chillers. They require less maintenance and have lower operating costs as they do not require a constant water supply or a cooling tower. In addition, they are easier to install and can be used in locations where water is not readily available. Air-cooled scroll and absorption chillers are more reliable than water-cooled scroll and absorption chillers as they have fewer components and are less susceptible to water-related problems such as leaks or scale buildup.
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The more than 200kW segment to maintain its leadership status during the forecast period
By power range, the more than 200 kW segment held the highest market share in 2020, accounting for nearly two-fifths of the scroll and absorption chillers market revenue, and is estimated to maintain its leadership status during the forecast period. Many industrial processes require cooling to maintain product quality or to prevent equipment damage. Large-capacity scroll and absorption chillers can be used in industries such as food processing, pharmaceuticals, and chemical manufacturing. Moreover, scroll and absorption chillers with more than 200 kW of power range are available in different types and configurations, including air-cooled and water-cooled models, and can be customized to meet the specific cooling requirements of different applications.
The chemicals and petrochemicals segment to maintain its lead position during the forecast period
By end user industry, the chemicals and petrochemicals segment accounted for the largest share in 2020, contributing nearly two-fifths of the scroll and absorption chillers packaging market revenue, and is projected to maintain its lead position during the forecast period. Chemical reactions often generate heat that needs to be dissipated to maintain the desired temperature and prevent unwanted side reactions. Scroll and absorption chillers are used to cool the reactor and maintain the desired reaction temperature. Moreover, the development and manufacture of scroll and absorption chillers that benefit the chemical and petrochemical industries is the primary focus of major market players. For instance, in May 2021, Johnson Controls introduced YORK YZ Magnetic Bearing Centrifugal Scroll and absorption chillers, which is designed to deliver energy efficiency and reduce the environmental impact of cooling systems in the chemical and petrochemical industries.
Asia-Pacific to maintain its dominance by 2032
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting to nearly half of the scroll and absorption chillers packaging market revenue.
Scroll and absorption chillers are widely used in many industries in the Asia-Pacific region to provide efficient and reliable cooling solutions for various applications. Moreover, scroll and absorption chillers are used to cool down chemical processes that generate a lot of heat and controlling the temperature of the process, the chemical reaction can be optimized, leading to a more efficient and higher quality product.
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Leading Market Players: -
- CARRIER GLOBAL CORPORATION
- MITSUBISHI ELECTRIC CORPORATION
- DAIKIN INDUSTRIES LTD.
- DIMPLEX THERMAL SOLUTIONS
- LG ELECTRONICS
- JOHNSON CONTROLS INTERNATIONAL PLC
- GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI
- MIDEA GROUP CO., LTD.
- THERMAX LIMITED
- TRANE TECHNOLOGIES PLC
The report provides a detailed analysis of these key players in the scroll and absorption chillers packaging market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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