Global Scroll And Absorption Chiller Market Overview
The Scroll And Absorption Chiller Market Size was estimated at 11.85 (USD Billion) in 2022. The Scroll And Absorption Chiller Industry is expected to grow from 12.38 (USD Billion) in 2023 to 18.35 (USD Billion) by 2032. The Scroll And Absorption Chiller Market CAGR (growth rate) is expected to be around 4.46% during the forecast period (2024 - 2032).
Key Scroll And Absorption Chiller Market Trends Highlighted
Key market drivers for scroll and absorption chillers include increasing demand for energy-efficient cooling solutions, rising urbanization and construction activities, and growing awareness of environmental sustainability. Opportunities lie in expanding into emerging economies, developing innovative technologies such as variable refrigerant flow (VRF) systems, and catering to the growing demand for district cooling. Recent trends indicate a shift towards natural refrigerants, such as ammonia and CO2, to reduce the environmental impact of chillers. The market is also witnessing advancements in control systems and IoT integration, enabling remote monitoring and optimization of chiller performance.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Scroll And Absorption Chiller Market Drivers
Increasing Demand for Energy-Efficient Cooling Solutions
The growing demand for energy-efficient cooling solutions is a major driver of the Scroll And Absorption Chiller Market Industry. As businesses and homeowners become more aware of the environmental and financial benefits of reducing energy consumption, they are increasingly turning to scroll and absorption chillers as a way to save on energy costs. Scroll and absorption chillers are significantly more energy-efficient than traditional reciprocating chillers, and they can help businesses and homeowners reduce their carbon footprint.In addition, scroll and absorption chillers are becoming increasingly affordable, making them a more attractive option for a wider range of businesses and homeowners.
Growing Adoption of District Cooling Systems
The growing adoption of district cooling systems is another major driver of the Scroll And Absorption Chiller Market Industry. District cooling systems use a central plant to provide chilled water to multiple buildings in a district. This can be a more efficient and cost-effective way to provide cooling than individual chillers in each building. Scroll and absorption chillers are well-suited for use in district cooling systems, as they are able to provide reliable and efficient cooling at a lower cost than traditional reciprocating chillers.
Rising Demand for Comfort Cooling in Developing Countries
The rising demand for comfort cooling in developing countries is a major driver of the Scroll And Absorption Chiller Market Industry. As incomes rise and living standards improve in developing countries, more and more people are able to afford to purchase air conditioners and other cooling appliances. This is leading to a surge in demand for scroll and absorption chillers, which are used to provide cooling for commercial and residential buildings.
Scroll And Absorption Chiller Market Segment Insights:
Scroll And Absorption Chiller Market Cooling Capacity Insights
The Scroll And Absorption Chiller Market is segmented by Cooling Capacity into 'Up to 100 Tons', '101 to 500 Tons', '501 to 1000 Tons' and '1001 to 2000 Tons'. Among these segments, the 'Up to 100 Tons' segment is expected to hold the largest market share in 2023, accounting for over 40% of the Scroll And Absorption Chiller Market revenue. The '101 to 500 Tons' segment is expected to be the fastest-growing segment during the forecast period, with a CAGR of over 5%. The growth of this segment can be attributed to the increasing demand for scroll and absorption chillers in commercial and industrial applications.Scroll and absorption chillers in this capacity range are widely used in various industries, including manufacturing, healthcare, and hospitality, for space cooling and temperature control.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Scroll And Absorption Chiller Market Application Insights
The application segment plays a crucial role in shaping the Scroll And Absorption Chiller Market landscape. Commercial applications currently dominate the market, accounting for a significant share of the overall revenue. The growing demand for energy-efficient and reliable cooling solutions in commercial buildings, such as offices, shopping malls, and hospitals, drives this segment's growth. Industrial applications come second, with a substantial market share. The increasing adoption of scroll and absorption chillers in manufacturing facilities, data centers, and other industrial settings to maintain optimal temperature control and improve productivity is fueling this segment's growth.Residential applications, while having a smaller market share compared to commercial and industrial segments, are expected to witness steady growth in the coming years. The rising demand for comfortable and energy-efficient cooling solutions in residential buildings, such as apartments and houses, is driving this segment's growth. Overall, the application segment offers diverse opportunities for market participants, and understanding the specific requirements and trends in each segment is crucial for strategic planning and growth in the Scroll And Absorption Chiller Market.
Scroll And Absorption Chiller Market End User Insights
The Scroll And Absorption Chiller Market is segmented by End User into Building Owners and Managers, Property Developers, Contractors, and Facility Managers. Building Owners and Managers hold the largest market share due to their responsibility for maintaining and upgrading HVAC systems in existing buildings. Property Developers also hold a significant share, driven by the increasing construction of commercial and residential buildings. Contractors play a crucial role in the installation and maintenance of scroll and absorption chillers, contributing to their market growth.Facility Managers are responsible for managing and optimizing building operations, including HVAC systems, creating demand for these chillers. The Scroll And Absorption Chiller Market revenue for Building Owners and Managers is expected to reach USD 3.65 billion by 2024, while the segment for Contractors is projected to grow at a CAGR of 4.8% during the same period.
Scroll And Absorption Chiller Market Regional Insights
Scroll and Absorption Chillers are witnessing significant demand across various regions, driven by the rising need for efficient cooling solutions in commercial spaces, healthcare facilities, and industrial applications. The market is expected to witness substantial growth in the coming years, with key regional markets contributing to this expansion. North America held a prominent share in the Scroll And Absorption Chiller Market, owing to the presence of a well-established construction industry and stringent energy efficiency regulations.The region's focus on green building initiatives and technological advancements further contribute to market growth. Europe is another significant market, driven by the growing adoption of energy-efficient cooling systems in commercial and industrial sectors. The region's emphasis on reducing carbon emissions and promoting sustainable practices is expected to drive market growth. The Asia-Pacific region is projected to emerge as a major market, with growing construction activities and increasing awareness about energy conservation. Developing countries such as China and India are expected to drive demand for Scroll and Absorption Chillers in the region.South America and the Middle East and Africa (MEA) regions are also expected to witness steady growth due to increasing urbanization, infrastructure development, and rising demand for commercial and industrial cooling solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Scroll And Absorption Chiller Market Key Players And Competitive Insights:
Major players in Scroll And Absorption Chiller Market industry are continuously developing advanced technologies to meet the growing demand for energy-efficient and eco-friendly cooling solutions. Leading Scroll And Absorption Chiller Market players are focusing on strategic partnerships, mergers, and acquisitions to expand their footprint and enhance their product portfolio. The Scroll And Absorption Chiller Market is expected to witness significant growth in the coming years, driven by increasing urbanization, rising disposable income, and growing demand for comfort cooling in both residential and commercial sectors.Among the leading players in the Scroll And Absorption Chiller Market, Trane is a provider of indoor comfort solutions and services, including a wide range of chillers. The company has a strong presence in North America, Europe, and Asia, and is known for its innovative and energy-efficient products. Trane's scroll chillers are designed to provide high efficiency, reliability, and durability, and are used in various applications, including commercial buildings, data centers, and industrial facilities.A prominent competitor in the Scroll And Absorption Chiller Market is Carrier, a leading provider of heating, ventilating, and air conditioning (HVAC) systems. Carrier offers a comprehensive range of chillers, including scroll and absorption chillers, designed to meet the specific needs of different customers. The company's scroll chillers are réputé for their high efficiency, low noise levels, and compact design, making them suitable for a wide range of applications, from small offices to large commercial buildings. Carrier's absorption chillers are known for their ability to utilize waste heat or solar energy, making them an environmentally friendly and cost-effective cooling solution for various industries, such as healthcare, hospitality, and education.
Key Companies in the Scroll And Absorption Chiller Market Include:
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Daikin Industries, Ltd.
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LG Electronics
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Gree Electric Appliances, Inc. of Zhuhai
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Mitsubishi Electric Corporation
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Hisense Group
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York International Corporation
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Haier Group
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Johnson Controls International
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Carrier Corporation
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Lennox International, Inc.
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TCL Corporation
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Hitachi, Ltd.
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Midea Group
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Samsung Electronics
Scroll And Absorption Chiller Market Industry Developments
The Scroll And Absorption Chiller Market is anticipated to reach USD 18.35 billion by 2032, exhibiting a CAGR of 4.46% from 2024 to 2032. Recent developments include the growing adoption of energy-efficient cooling solutions in commercial and industrial buildings, increasing demand for sustainable cooling systems, and technological advancements in scroll and absorption chillers. Government regulations promoting energy efficiency and environmental sustainability are driving market growth. Key players are focusing on product innovation and strategic partnerships to expand their market presence.
Scroll And Absorption Chiller Market Segmentation Insights
Scroll And Absorption Chiller Market Type Outlook
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Scroll Chiller
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Absorption Chiller
Scroll And Absorption Chiller Market Cooling Capacity Outlook
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Up to 100 Tons
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101 to 500 Tons
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501 to 1000 Tons
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1001 to 2000 Tons
Scroll And Absorption Chiller Market Application Outlook
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Commercial
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Industrial
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Residential
Scroll And Absorption Chiller Market End User Outlook
Scroll And Absorption Chiller Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
11.85(USD Billion) |
| Market Size 2023 |
12.38(USD Billion) |
| Market Size 2032 |
18.35(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.46% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Daikin Industries, Ltd., LG Electronics, Gree Electric Appliances, Inc. of Zhuhai, Mitsubishi Electric Corporation, Hisense Group, York International Corporation, Haier Group, Johnson Controls International, Carrier Corporation, Lennox International, Inc., TCL Corporation, Hitachi, Ltd., Midea Group, Samsung Electronics |
| Segments Covered |
Type, Cooling Capacity, Application, End User, Regional |
| Key Market Opportunities |
Growing demand for energyefficient cooling systems Increasing use in commercial and industrial buildings Rising adoption in developing countries Government incentives and regulations for sustainable cooling Technological advancements in scroll and absorption chillers |
| Key Market Dynamics |
Rising demand for energyefficient cooling Electrification of cooling systems Growth in construction and infrastructure Increasing awareness of environmental concerns Government regulations and incentives |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Scroll And Absorption Chiller Market is projected to reach an overall valuation of USD 12.38 Billion in 2023.
The Scroll And Absorption Chiller Market is expected to grow at a CAGR of 4.46% from 2023 to 2032.
North America is expected to dominate the Scroll And Absorption Chiller Market in 2023, accounting for a significant market share.
Scroll And Absorption Chillers are widely used in commercial buildings, industrial facilities, and residential properties for cooling and air conditioning purposes.
Major competitors in the Scroll And Absorption Chiller Market include Carrier, Trane, Johnson Controls, Daikin, and Mitsubishi Electric.
The Scroll And Absorption Chiller Market is projected to reach an overall valuation of USD 18.35 Billion by 2032.
The commercial buildings segment is expected to hold the largest market share in the Scroll And Absorption Chiller Market by 2032.
The Scroll And Absorption Chiller Market is projected to grow at a steady CAGR of 4.46% from 2023 to 2032.
Rising demand for energy-efficient cooling solutions, increasing construction activities, and growing urbanization are key factors driving the growth of the Scroll And Absorption Chiller Market.
Fluctuating raw material prices, intense competition, and environmental regulations pose challenges to the growth of the Scroll And Absorption Chiller Market.
