HVAC Centrifugal Compressor Market to exceed $ 1bn by 2024
Published Date: February 15, 2018 Authors: Kiran Pulidindi, Hemant Pandey
HVAC Centrifugal Compressors Market size is estimated to exceed USD 1 billion by 2024; according to a new research report by Global Market Insights, Inc.
Consistently rising demand for chillers and heat pumps to keep buildings at ideal temperature, is a key factor driving HVAC centrifugal compressors market growth. Aspects such as technological advancements and increasing necessity for energy efficient systems to reduce overall cooling time are among key factors fueling industry penetration.
Increasing commercialization, improving government finances and public funding in economies including India, Mexico, and South Africa will provide strong business outlook for HVAC centrifugal compressors industry. Rise in consumer purchasing power and economic growth in these countries expected to propel construction of new shopping malls and hotel chains over the forecast period.
Increasing adoption of cost effective measure to reduce global energy consumption and carbon footprint will trigger systems replacement demand. As per industry estimates, over 85% of U.S. buildings are air conditioned, therefore substitution of new systems with enhanced technology will support HVAC centrifugal systems market growth.
Depleting natural energy resources and the constant global warming challenge putting pressure on manufacturers to launch products that meet the international standards as well as contribute towards environmental sustainability. Companies are expected to invest in new product developments to comply with stringent energy standards implemented by the regulatory bodies.
Chillers application is expected to value over USD 700 million by 2024. Hotels, shopping malls, commercial offices and hospitals are major application areas. Strategic government initiatives to promote economic cooling solutions, coupled with rising environmental concerns, will stimulate HVAC centrifugal systems penetration rate. Implementation of certification programmes such as Leadership in Energy and Environmental Design (LEED) certified buildings will positively impact the industry expansion.
Heat pumps for industrial application accounted for over 70% industry share in 2016. Increasing demand for renewable energy sources along with government support through subsidies will propel the HVAC centrifugal systems growth. Shift in industry concern towards GHG emission effects from conventional warming equipment is the key factor supporting product application scope. Increasing popularity of heat pumps over conventional warming systems likely to foster segment growth.
Browse key industry insights spread across 220 pages with 253 market data tables & 9 figures & charts from the report, “HVAC Centrifugal Compressors Market Size By Application (Chillers [Industrial, Commercial], Heat Pumps [Industrial, Commercial]) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Sweden, Switzerland, China, India, Japan, Australia, Malaysia, Indonesia, Thailand, South Korea, Vietnam, Mexico, Argentina, Brazil Saudi Arabia, Qatar, Kuwait, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Asia Pacific chillers market is expected to hold over 50% market share by 2024. Escalating demand for centralized cooling systems supported by large consumer base will drive regional HVAC centrifugal systems market size. The region accounts for over 60% of the world population and increasing infrastructural development will provide lucrative opportunities for manufacturers over the forecast period.
MEA is expected to witness noteworthy growth over the forecast period. Increasing industrial and commercial spending in emerging countries mainly Saudi Arabia, Qatar, and Kuwait influencing HVAC centrifugal systems market size. Government focus to boost regional tourism sector competitiveness driving rapid construction of hotels, supermarkets, sports, cinema, and recreational multiplexes. These factors are expected to propel regional industry growth.
Global industry share is fragmented in nature. Major players include Atlas Copco, Danfoss, Hitachi, Mitsubishi Heavy Industries, and SKF. Other key industry participants are Howden Group, Celeroton, Ingersoll Rand, GFA Compressors, and Elliott Group. Superior products offering, economical compressor technology and after sales service are the major concern areas for the manufactures. Thus, manufacturers are expected to enhance their technical expertise to gain competitive advantage over the forecast period.
HVAC centrifugal compressors market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand units and revenue in USD million from 2013 to 2024, for the following segments:
HVAC Centrifugal Compressors Market, By Application
- Heat Pumps
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Saudi Arabia
- South Africa
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