The emergence of new high-tech technologies such as augmented reality and IoT have considerably influenced HVAC centrifugal compressors market outlook. The implementation of IoT based facilities in refrigeration equipment has provided the credibility of remote monitoring and ease of control to users. IoT has also added benefits of easy maintenance and serviceability. Say for example, the smart connected chillers developed by Johnson Controls is one of the recent IoT based invention that has been stirring a storm in HVAC centrifugal compressors industry.
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Centrifugal chillers have come to be massively adopted across myriad application sectors, owing to their low maintenance, sustainable oil-free operation, efficiency, and low noise generation capability. In this regard, HVAC centrifugal compressors market players have been making heavy investments in launching new heat exchanger and compressor technologies. Moreover, with the help of an optimized design, many HVAC manufacturers have even successfully improved the efficiency of chillers. This has increased their demand across numerous application domains, stimulating the commercialization of HAC centrifugal compressors industry. In 2016 alone, chillers accounted for 60% of HVAC centrifugal compressors market share.
The escalating demand for heat pumps and chillers is one of the pivotal factors driving HVAC centrifugal compressors market. In accordance with the shifting trends toward energy efficiency, regional governments are mandating stringent regulatory norms that are likely to impact this business sphere. In order to comply with regulatory mandates, most of the giants in HVAC centrifugal compressors industry have been working to develop precise and high-quality designs. In consequence, a wide range of products that can consume less energy, use new refrigerants, and communicate more effectively may soon mark their debut in HVAC centrifugal compressors market.
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An instance depicting the efforts put in by companies with regards to novel product development is that Of Daikin launching a new range of products in 2017. The well-known manufacturer of air conditioning systems had successfully introduced next-generation air cooled crew chillers. Its main objective behind the development of such a high quality and efficient product was to curb carbon footprints and minimize energy costs. Moreover, for achieving higher performance, reliability, and efficiencies, the company is looking forward to introducing even more sophisticated design solutions.
The growing awareness among the governments about the replacement of outdated refrigeration systems will also lead to a spike in product demand. For instance, recently, Department of Defense of U.S. has awarded USD 24 million to U.S. Air Force to install a new refrigeration system in the President’s official plane. The demand primarily comes on the heels of the rising need to minimize energy waste that occurs due to outdated products.
In order to extend their reach in the regional market, pivotal players in HVAC centrifugal compressors market are implementing tried-and-tested and novel growth strategies. Governmental bodies have also been offering their support, with financial backing and numerous other initiatives. With a stringent regulatory framework in place with regards to energy efficiency, HVAC centrifugal compressors market size is likely to soar to great heights in the ensuing years.
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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: -
- Mitsubishi Heavy Industries
- Hitachi and Atlas Copco
- Elliott Group
- Ingersoll Rand
- Howden Group
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