HVAC Centrifugal Compressors Market is projected to experience a notable expansion over the forecast timeframe
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North America HVAC Centrifugal Compressors Market is expected to generate over USD 175 thousand by 2024 owing to the rising industrial sector encouraging high energy expenditures. Moreover, enhanced demand for centralized cooling arrangements to reduce wastage will stimulate market. The heat pumps market was worth more than USD 345 thousand in 2016 due to shifting industry trends towards reduction of greenhouse gases by utilizing these standardized pumping machineries.
HVAC Centrifugal Compressors Market, by Application:
• Heat Pumps
Chillers are anticipated to witness over 2.3% CAGR up to 2024 due to the development of commercial spaces including corporate offices and retail outlets. Hospitals and hotels are also key application areas for chillers. Widespread enactment of certification requirements comprising Energy Star, WBDG and LEED for buildings will further drive HVAC centrifugal compressors market expansion.
Changing consumer preferences towards superior energy efficiency, high service, affordability and low running costs will also boost market share. Increasing demand for heating and cooling systems to maintain ideal building temperature by installing heat pumps and chillers will drive market.
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HVAC centrifugal compressors market is fragmented due to the presence of several international manufacturers. Some of the key industry players are:
• Mitsubishi Heavy Industries
• Atlas Copco
• Elliott Group
• Ingersoll Rand
• Howden Group
Rising competition coupled with increasing energy expenses and sustainability initiatives taken up by various governments will support product penetration.
Introduction of Big 5 Dubai project boosted the sales of entire HVAC machinery by generating USD 1.5 billion in 2016. The total contract value of the Dubai urban development upgradation using entire compressor technology is projected to surpass USD 59 billion by 2021. In addition, government initiatives comprising Dubai 2021 Smart City Plan and UAE Vision 2021 will boost the adoption of efficient energy systems over the forecast timespan.
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