According to a P&S Intelligence, the U.A.E. chiller market reached a value of $134.7 million in 2018 and is further projected to generate a revenue of $186.4 million by 2024, progressing at a 5.9% CAGR during the forecast period (2019–2024). There are five types of chillers namely, reciprocating, screw, centrifugal, scroll, and absorption. The demand for absorption chillers is predicted to rise significantly in the near future as the consumers are increasingly shifting toward solar-powered absorption chillers.
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Even though, the initial cost of these chillers is higher than those powered by electricity, their long-term cost is almost near to zero. The demand for energy efficient chillers in the U.A.E. is growing because the energy consumption in the country is surging rapidly. The power consumption further rises in summers due to the wide utilization of air conditioners. Hence, in order to deal with this issue, the government of the country is taking initiatives to encourage the adoption of solar-powered absorption chillers.
The country registers an annual average global solar radiance of 6kWh/m2/day. In order to make efficient use of this energy, the government of U.A.E launched ‘Energy Strategy 2050’ that focuses on the promotion of renewable energy. The major strategy is to produce 44% of the energy using renewable sources, 38% by gas, 12% by coal, and 6% by nuclear power. Increasing use of solar-powered absorption chillers can aid in achieving this goal.
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This market research report provides a comprehensive overview of the U.A.E. chiller market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings