Press release
HVAC Centrifugal Compressors Market to be Dominated by Chillers Reaching over USD 700 Million by 2024
The global HVAC Centrifugal Compressors Market will cross USD 1 billion by 2024, according to a new research report.
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.
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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.
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.
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. 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. 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.
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Growth drivers:
• Global increase in construction spending
• Rising demand for telematics HVAC Centrifugal Compressorss in the U.S.
• Rapid urbanization in the U.S.
• Growing demand for HVAC Centrifugal Compressorss in the utility sector in Europe and Asia Pacific
• Rapid infrastructure development in BRIC countries
• Growing urbanization and safety concerns in India
HVAC Centrifugal Compressors market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in USD and Units from 2013 to 2024, for the following segments:
HVAC Centrifugal Compressors Market, By Product
Mobile HVAC Centrifugal Compressors
• Truck Loader HVAC Centrifugal Compressors
• Rough Terrain HVAC Centrifugal Compressors
• All Terrain HVAC Centrifugal Compressors
• Crawler HVAC Centrifugal Compressors
Fixed HVAC Centrifugal Compressors
• Monorail HVAC Centrifugal Compressors
• Stiffleg HVAC Centrifugal Compressors
• Tower HVAC Centrifugal Compressors
• Gantry HVAC Centrifugal Compressors
HVAC Centrifugal Compressors Market, By Application
Chillers
• Commercial
• Industrial
Heat Pumps
• Commercial
• Industrial
The above information has been provided on a regional and country basis for the following:
North America: U.S., Canada
Europe: Germany, UK, France, Italy, Russia, Spain, Poland, Sweden, Switzerland.
Asia Pacific: China, India, Japan, Australia, Malaysia, Indonesia, Thailand, South Korea, Vietnam.
Latin America: Brazil, Mexico, Argentina
Middle East & Africa (MEA: Saudi Arabia, Qatar, Kuwait, UAE, South Africa
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Refrigerated broth market is anticipated to witness growth over 4% up to 2024. Increasing demand for chilled and frozen packaged food products that can be stored for longer duration supporting segment growth. Factors such as high preservation, enhanced shelf life and food safety concern during transportation are expected to influence refrigerated products demand.
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