Sellbyville, DE -- (SBWIRE) -- 11/15/2018 -- Increasing demand for heating and cooling systems to maintain ideal building temperature by installing heat pumps and chillers will drive HVAC centrifugal compressor market. Changing consumer preferences towards superior energy efficiency, high service, affordability and low running costs will also boost industry share.

North America HVAC Centrifugal Compressor Market 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 HVAC centrifugal compressors market.   

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Favorable government initiatives to promote clean energy coupled with reducing energy wastage and benefiting in consumer cost savings will foster HVAC centrifugal compressors market expansion. Increasing scrutiny by local governments over product manufacturing to reduce carbon emissions as per Kyoto Protocols will boost product demand. In addition, financial assistances through subsidies on these heating and cooling devices will positively influence demand for energy efficient products.

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

HVAC Centrifugal Compressors Market, By Application

Chillers
Commercial
Industrial
Heat Pumps
Commercial
Industrial

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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.

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.

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. Superior properties including precise pressure control along with enhanced vapor compression technology will boost energy efficient systems demand. Well recognition over traditional heating systems including boilers, furnaces, gas-fired heaters and fireplaces will provide lucrative business opportunities for HVAC centrifugal compressors market growth.

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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.