MEA Chiller Market Growing due to Rising Adoption of District Cooling Systems

The MEA chiller market generated a revenue of $1.1 billion in 2018 and is predicted to advance at a CAGR of 3.6% during the forecast period (2019–2024).

The expanding construction industry and adoption of district cooling systems are the factors contributing to the growth of the market. A chiller is used for cooling large facilities; this is achieved by the removal of heat from a liquid through a vapor-compression or absorption refrigeration cycle. Chilled water is generated by chillers, which then facilitates the cooling of buildings.

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A key driving factor of the MEA chiller market is the growing adoption of district cooling systems. The region is increasingly deploying district cooling systems due the rising demand for energy-efficient cooling solutions. Since these systems consume 40–50% less energy than the traditional air conditioning systems, they are a better alternative for cooling requirements of a building. 

Other benefits of district cooling systems include reduced total installed capacity, less occupation of space, and reduced maintenance costs. Because of these factors, these systems are gaining huge momentum among the consumers. 

A major opportunity is created in the MEA chiller market due to the rising demand for solar-powered absorption chillers. The region is becoming more inclined toward the utilization of renewable energy sources due to the surging electricity consumption, which is a concern in MEA, and presence of high solar radiation.

Hence, the market is predicted to witness growth due to the increasing requirement for solar-powered absorption chillers and rising inclination toward magnetic bearing chillers.