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.
