ROCKVILLE, Md. — The global absorption chillers market is valued at an estimated $1.69 billion and is projected to reach a value of $2.64 billion in 10 years, according to a recently updated report by the market research company Fact.MR.
The report forecasts a compound annual growth rate for the market of 4.6% between 2024 and 2034.
Absorption chillers are used in the chemical, food and beverage, petroleum, and power industries, among others, as well as in data centers and commercial buildings, to regulate temperature and ensure efficient operations.
The market is increasing mainly due to the ever-growing demand for affordable cooling. Absorption chillers are popular due to their low maintenance and operating costs compared to other cooling options, a posting on Global Newswire said.
The petrochemical industry is expected to account for high market growth over the coming years, the Fact.MR report said. Absorption chillers are more environmentally friendly than traditional vapor compressors due to lower pollutant and hazardous gas emissions, the report said.
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