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HVAC Centrifugal Compressors Market 2019 Industry Insights & Future Growth Outlook to 2024

Author : Rahul Varpe | Published Date : 2019-10-02 

The HVAC Centrifugal Compressors market study drafted by Global Market Insights delivers a concise outline regarding the potential factors likely to drive the revenue growth of this industry. The report delivers valuable insights on market revenue, SWOT Analysis, market share, profit estimation and regional landscape of this business vertical. Moreover, the report focuses on significant growth factors and obstacles accepted by market leaders in the HVAC Centrifugal Compressors market.

HVAC Centrifugal Compressors Market in North America 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.

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HVAC Centrifugal Compressors Market share will augment by expansion of several industrial and commercial businesses including chemical, construction, energy, food, glass, petrochemical, pulp & paper and textile. Growing air conditioning demand in tropical South East Asia countries, including Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam will further stimulate industry growth.

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.

Global HVAC centrifugal compressors market is fragmented due to the presence of several international manufacturers. Some of the key industry players are SKF, Mitsubishi Heavy Industries, Danfoss, Hitachi and Atlas Copco. Other prominent players include Elliott Group, GFA, Ingersoll Rand, Howden Group and Celeroton. Rising competition coupled with increasing energy expenses and sustainability initiatives taken up by various governments will support product penetration.

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HVAC Centrifugal Compressors Market, By Application:

  • Chillers
  • Heat Pumps

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.

Changing consumer preferences towards superior energy efficiency, high service, affordability and low running costs will also boost HVAC centrifugal compressors market share. Increasing demand for heating and cooling systems to maintain ideal building temperature by installing heat pumps and chillers will drive market.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights, Inc.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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