A new research report forecasts that the global absorption chiller market will grow at a compound annual growth rate of almost four per cent for the period 2014 to 2018.
Several factors and trends will contribute to this growth, according to the analyst firm Research and Markets.
“The growth of the global absorption chillers market is driven by several factors, the most important of which is the increase in demand from the APAC region,” the report states.
“The growth of the market in this region is positively influenced by government policies to reduce the consumption of electricity and reduce the harmful greenhouse gas emissions associated with various types of heating and air conditioning equipment.”
A Research and Markets analyst described the global absorption chiller market as “highly competitive”.
“Manufacturers are providing new and innovative solutions and exploring new application areas for the existing range of products to stay ahead of the competition,” the analyst said.
“Increased environmental and health concerns have led vendors to focus on the development of products free from greenhouse gases.
“The market is witnessing increased expenditure on R&D of new products and services.
More research is being undertaken on upgrading and optimising the performance of various absorption chillers in the residential, commercial and industrial sectors.”
See www.researchandmarkets.com for more information.