A study now available from Research and Markets reports that growth of the global absorption chillers market is driven by several factors, the most important of which is the increase in demand from the Asia-Pacific region. Government policies to reduce the consumption of electricity and reduce greenhouse gas emissions associated with various types of heating and air-conditioning equipment is spurring growth in this region. Manufacturers are providing new and innovative solutions and exploring new application areas for the existing range of products to stay ahead of the competition. Moreover, 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 optimizing the performance of various absorption chillers in the industrial sectors. According to the report, one of the key challenges in this market is the global economic downturn, which has made it difficult for manufacturers to invest.
For additional information about the report, “Global Absorption Chillers Market 2014-2018,” visit here.