Thriving in an era that has been continuously circumventing around energy security concerns, HVAC centrifugal compressors market stands to gain a pivotal stance in global energy realm. Having recognized the dire necessity of improving refrigeration and air conditioning for low carbon emissions, potential contenders in the industry space have been rigorously planning for a future that support clean energy economy. This pointer effectively justifies the transition in consumer preferences toward energy efficient solutions, endowed with enhanced service delivery, superior efficiency, and affordability.
Concurrently increasing governmental initiatives to reduce energy waste, lower power consumption, and optimize energy usage would further trigger replacement of existing systems. Reliable estimates reveal that around 75% residential complexes in U.S. are airconditioned and this sector consumes almost 6% of the overall electricity produced in the country. It is quite coherent that substitution of these systems would allow HVAC centrifugal compressors industry to witness an ascent over the coming years. Validating the declaration- Global Market Insights, Inc. forecasts overall HVAC centrifugal compressors market to enter billion-dollar business space by 2024.
Global HVAC Heat Pump Centrifugal Compressors Market, By Application, 2013-2024, (Thousand Units)
A major credit of this humongous business share undeniably goes to the products’ extensive deployment in chillers application. Over the past half a decade or so, advanced air conditioning mechanisms that ensure better reliability and comfort have observed a major spike- a trend that has provided a significant boost to HVAC centrifugal compressors market from this application. As per estimates, this particular business vertical procured almost 60% of the global HVAC centrifugal compressors market in 2016 and is forecast to exceed a valuation of USD 700 million by 2024. Periodic energy audits both across commercial as well industrial domains in a bid to regulate the energy consumption, would further propel for replacement.
Having minutely scrutinized the requirement for advanced mechanisms, manufacturers partaking in HVAC centrifugal compressors market have been going the whole hog to bring up products that ensure power efficiency at a reduced cost. Citing a precedent of the same- LG Electronics has recently unveiled a next-generation magnetic bearing chiller system in UAE market. This new system is claimed to be an oil-and-contact-free drive solution for centrifugal compressor in chillers. If reports are to be relied on, the system on virtue of its integrated design of active magnetic bearings and high speed permanent magnet motor, can be operated with variable speed drives. Not just that, it also ensures an energy saving of at least 10% compared to traditional centrifugal compressors, cite sources. Allegedly, LG’s centrifugal chiller range is a good fit for green building applications, given the fact that it is in compliance with the LEED (Leadership in Energy and Environmental Design) standardizations.
The reason behind MEA to become the next hotbed for potential investments in HVAC centrifugal compressors industry is quite obvious - the socio-economic influences and the regional governmental support. Say for instance, the Expo 2020 Dubai has substantially driven a host of infrastructural projects across the Emirates. These constructional activities have extensively broadened the scope of application for HVAC centrifugal compressors in the region. As per estimates, MEA HVAC centrifugal compressors market is forecast to witness an appreciable y-o-y growth of 2.5% over 2017-2024. Regional governments’ increasing efforts toward boosting the tourism sector competitiveness would also aid in rapid construction of supermarkets, hotels, and recreational multiplexes etc. Economies like Saudi Arabia, Kuwait, and Qatar, are projected to be the major revenue pockets of MEA HVAC centrifugal compressors industry.
The competitive spectrum of HVAC centrifugal compressors market is rather quite fragmented with the participation of renowned giants like Atlas Copco, Danfoss, Hitachi, SKF, and Mitsubishi Heavy Industries, and SKF. Amidst the dynamically charged share battle, product differentiation has turned out to be the prime vertical determining the sustainability quotient of the market players. In fact, while observing the recent trends pervading in HVAC centrifugal compressors industry, it has been noted that these giants have been readily focusing on environmentally viable sustainable processes in a bid to stand different from their contemporaries. In this regard, Danfoss has made its way to the internationally-renowned Edison Awards™, for its Turbocor® VTT compressor range in the year 2017. Reportedly, the company pegged the finalist position in yesteryear under the Energy & Sustainability category. As the industry giants continue to integrate technological advancements in the product design in sync with the sustainability trends, the revenue graph of HVAC centrifugal compressors market is bound to escalate over the ensuing years.