NEWARK, Del, Sept. 14, 2023 (GLOBE NEWSWIRE) -- According to rea recent market analysis by Future Market Insights (FMI), the USA scroll compressor market is anticipated to reach US$ 1,703.6 Million in 2033, expanding at a CAGR of 4.9% from 2023 to 2033.
The USA scroll compressor market is a fast-growing market driven primarily by increasing demand for energy-efficient systems. Rising environmental awareness and growing requirements for air conditioning and refrigeration systems are also prominent factors pushing sales in this market.
Along with this factor, prominent players are focused on acquisitions, mergers, and partnerships with regional players. Furthermore, the leading players are expanding their range of compressors compatible with low GWP refrigerates. This is particularly happening in regions that have strict norms against the use of high GWP refrigerants, like the USA.
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The USA scroll compressor industry is driven by several additional factors, like the growth of the service industry and the oil-free scroll compressor segment.
The market, however, also faces some challenges. A few of these would be intense competition and fluctuating raw material prices. The market has only recently begun recovering from the impact of COVID-19 and political instability from the Ukrainian crisis on supply chains.
These factors may hinder the growth of the market in the short term, but the long-term outlook remains positive due to increasing demand for sustainable and energy-efficient solutions.
Key Takeaways of USA Scroll Compressor Market Study:
- Over the course of the forecast period, the market share of the refrigeration sector is estimated to grow to about 80% of the total value.
- The total revenue from the USA scroll compressor market in 2022 was calculated to be around US$ 1013.2 Million.
- Scroll compressor sales in the USA are expected to hit US$ 1056.7 Million by 2023-end.
- The USA scroll compressor market is projected to hit a value of US$ 1703.6 Million by the end of the forecast period 2023 to 2033.
- The CAGR for the forecast period 2023 to 2033 is estimated to be 4.9%.
- The estimated collective value share of the top 5 companies is set at 25-30% by 2023-end.
“Rising sustainability concerns have permeated all industries across the globe. Even in the face of intense refrigeration and cooling requirements, environmental concerns have emerged as crucial factors influencing the choice of materials and production processes in the USA scroll compressors industry. Manufacturers would find significant growth opportunities in catering to the HVAC segment, which is predicted to keep growing substantially over the forecast period.” – says a lead FMI Analyst
Competitive Landscape:
Market participants vie with one another in terms of quality, price, performance, dependability, and novelty. Companies strive to stay ahead of the competition by continually innovating and expanding their product lines to meet the diverse needs of their customers. Large sums are also spent on research & development to enhance product quality and functionality by businesses.
The major players in the market are working to expand their customer base by improving their distribution channels and offering after-sale services like repairs and set-up. To raise awareness of their products, the major players use a wide range of promotional tactics, such as paid search advertising, social media marketing, and attendance at industry events.
Some key players in the market covered in the report are Midea Group (GMCC), Daikin Compressor Industries Limited, Zhuhai Landa Compressor Co. Ltd. (Gree), Panasonic Corporation, LG Electronics.
Recent Developments:
- In November 2021, Emerson announced the launch of its new Copeland ZX scroll compressor range for commercial refrigeration applications.
Find More Valuable Insights on the USA Scroll Compressors Market:
The research report analyzes the demands and trends of the USA scroll compressor market. The global market estimation and growth projection are based on factors like end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of scroll compressors. As per Future Market Insights (FMI) research scope, the scroll compressor market has been studied and segmented on the basis of type and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and demand side.
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USA Scroll Compressors Market Segmentation:
By Type:
- Air Conditioning
- Residential (1HP to 6HP)
- Commercial (7.5 HP to 30 HP)
- Refrigeration
- Condensing units (1 HP to 10HP)
- Industrial (10HP to 30 HP)
By Region:
- West USA
- Mid-West USA
- North East USA
- South USA
About the Industrial Automation Division at Future Market Insights (FMI):
The industrial automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
Compressors and Vacuum Pumps Market Size: The global Compressors and Vacuum Pumps Market was valued at US$ 35.8 Billion in 2022 and is expected to reach US$ 57.8 Billion by 2033, with a 4.4% CAGR from 2023 to 2033. The market is projected to reach US$ 37.6 Billion in 2023, driven by increased usage in various industries.
Compressor Rental Market Share: The global Compressor Rental Market is expected to grow from US$ 4.2 Billion in 2023 to US$ 8.7 Billion by 2033, with a projected annual growth rate of 7.5% during the 2023-2033 forecast period.
Air Conditioning Compressor Market Growth: The global Air Conditioning Compressor Market is set to expand, going from US$ 25,941.3 Million in 2022 to US$ 42,413.6 Million by 2032, experiencing a steady 5.0% CAGR over the entire forecast period. Increased usage in residential, commercial, and industrial sectors is a major driver of the growing demand for air conditioning compressors.
Industrial Automation Market Trends: The Industrial Automation Market is expected to reach US$ 40.6 Billion in 2023 and is projected to double to US$ 81.4 Billion by 2033, with an estimated compound annual growth rate (CAGR) of 7.2% throughout the forecast period.
Factory Automation And Industrial Controls Market Forecast: The Factory Automation and Industrial Controls Market was valued at US$ 130.84 Billion in 2022 and is projected to reach US$ 216.65 Billion by 2032, with a compound annual growth rate (CAGR) of 5.2% during the period from 2022 to 2032.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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