Rotary Scroll Air Compressor Market will grow by a CAGR more than 2.5% up to 2024.
Top-notch biggies, since the last many years, have been vying with one another to sustain their presence in rotary scroll air compressor market. For instance, LG Electronics, one of foremost leaders in the U.S. HVAC business, launched a rotary compressor for unitary and split system air conditioning last year, which is likely to amass mainstream popularity sooner than expected. While the company has been manufacturing and commercializing compressors since 1973, its brand recognition as a compressor developer has gained ground only in recent years, making the firm one of the most prominent players of rotary scroll air compressor industry.
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Pertaining to the globally prevalent issue of environment degradation, specific regulatory norms have been introduced in rotary scroll air compressor market, with regards to the fact that compressors, in a way, contribute to carbon and GHG emissions, inherently disturbing the ecological balance. In response, the U.S. Department of Justice, recently in 2016, released a regulatory standard for commercial and industrial compressors that helps reduce the amount of energy used in these machines, which would eventually help lower the pollution output. This standard marks a special significance in rotary scroll air compressor market, as this is the first time the DOE has released regulatory standards for compressors, post commendable efforts regarding the same since 2012.
The DOE states that this new regulation is likely to save between USD 36 million to USD 45 million on utility bills for consumers on an yearly basis. Furthermore, consumers may, in all likelihood, see a payback if and when they intend to purchase a new compressor within 2.5 to 5 years – a span that falls between the 13-year shelf life of the product. As the norm takes shape and is officially followed (which should commence somewhere in 2022 as per the DOE), rotary scroll air compressor market outlook is likely to witness a dynamic transformation in the years ahead. Moreover, this energy usage reduction for compressors is touted to be a step forward toward meeting the presidential goal of saving 3 billion tons of carbon emissions by the year 2030. This presumption is certain to prompt rotary scroll air compressor market players to manufacture products by following the set guidelines, while additionally helping them incline toward the development of highly innovative, energy efficient compressors.
North America is expected to be one of the most profitable avenues for rotary scroll air compressor market, given the widespread deployment of the product across myriad verticals. Furthermore, North America rotary scroll air compressor industry is governed by a stringent framework of regulations, that are enforced by authorized organizations for the deployment of energy saving equipment. Pertaining to the mature electronics and F&B sectors in the continent, North America accounted for more than 12% of the global rotary scroll air compressor market share in 2016, and is likely to grow at a steady pace over 2017-2024.
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It is important for potential investors to bear in mind that rotary scroll air compressor industry does have lucrative growth prospects ahead. While the F&B and manufacturing sectors have been predicted to be the most viable options for pouring in capital, the dental sector has been evolving as a profitable avenue of late. As per the American Dental Association, more than 50% of the adult populace had a dental visit every six months in the U.S. in 2014, while more than 15% visited a dental expert on an annual basis. The extensive deployment of compressors in dental equipment would thus, help augment rotary scroll air compressor market share from the dental sector in the years ahead – a pivotal pointer that shareholders and new entrants in rotary scroll air compressor industry would need to be aware of. Given that its application spectrum spans vital business spheres, the expanse of which transcends geographical boundaries, rotary scroll air compressor market size has been projected to cross USD 2 billion by 2024.
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