Selbyville, Delaware, Feb. 21, 2018 (GLOBE NEWSWIRE) --
HVAC Centrifugal Compressors Market is slated to surpass USD 1 billion by 2024; according to a new research report by Global Market Insights, Inc. 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.
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.
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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.
Browse key industry insights spread across 220 pages with 253 market data tables & 9 figures & charts from the report, “HVAC Centrifugal Compressors Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
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 size. 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 size. 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.
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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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Asia Pacific held a major share of around 50% in 2016 and is set to grow at an exceptional rate in the coming years. Increasing manufacturing activities coupled with the rise in home appliances demand will further surge the air compressor market to new heights. The U.S. has a mature automobile market owing to huge number of vehicles already present in this region and will grow at a stable rate in the future.
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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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