HVAC Centrifugal Compressors Market Analysis | 2023-2028

Market Insights

The HVAC Centrifugal Compressors Market was estimated at USD 916.61 million in 2022 and is likely to grow at a CAGR of 2.09% during 2023-2028 to reach USD 1044.93 million in 2028.

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What are centrifugal compressors?

Centrifugal compressors are utilized in a variety of applications, including natural gas pipeline transmission and other related applications such as vapor compression refrigeration. These compressors differ from reciprocating, scrolling, and rotary compressors in terms of their operational restrictions.

Market Dynamics

The market for HVAC centrifugal compressors is growing due to rising energy security concerns as well as increased refrigeration and air conditioning demand. Product demand is projected to be influenced by factors such as shifting consumer preferences for energy-efficient solutions with improved efficiency, service affordability, and low operating costs. The growing need for low-carbon heating and cooling systems will drive the HVAC centrifugal compressors market size even higher.

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Segment Analysis

By Application Type

The market is segmented as chillers and heat pumps. These application types are further categorized as commercial and industrial. Chillers hold the major share of the market. HVAC installations are projected to increase as commercial facilities, such as corporate headquarters and organized retail outlets, expand. Manufacturers will benefit from increased demand for contemporary heating, ventilation, and air conditioning systems that provide superior comfort, reliability, and cost-effective solutions.

Regional Analysis

MEA is expected to depict significant growth over 2.0% during the forecast period in the market for HVAC centrifugal compressors. The region’s market is driven by emerging economies including Saudi Arabia, Qatar, and Kuwait, which are set to witness a robust industrial growth. Supportive socio-economic conditions and government support to boost regional competitiveness will influence the overall market size.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The HVAC centrifugal compressors market is segmented into the following categories:

By application type:

• Chillers
  • Type Analysis: Industrial and Commercial
• Heat Pumps
  • Type Analysis: Industrial and Commercial

By region:

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the key players in the HVAC centrifugal compressors market are-

• Atlas Copco
• Hitachi
• Danfoss
• Mitsubishi Heavy Industries
• SKF

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the application types by region.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.