Hermetic Reciprocating Refrigerator Compressor Market Size & Share 2021 to 2030
Market Size by Speed Type (Inverter, Fixed Speed), by Cooling Capacity, COP, Application (Domestic, Commercial), COVID-19 Impact Analysis & Forecast.
Report ID: GMI5174
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Published Date: January 2022
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Report Format: PDF
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Authors:
Kiran Pulidindi, Hiralkumar Patel
Hermetic Reciprocating Refrigerator Compressor Market Size
Hermetic Reciprocating Refrigerator Compressor Market Size valued at USD 11.3 billion in 2020 and is expected to grow at a CAGR of over 5.9% from 2021 to 2030. Rising applications of hermetic compressors in cold chain logistics are one of the major drivers of the market. Rapid urbanization, changing lifestyles, and consumer demand for frozen & chilled products have grown, resulting in an increasing demand for commercial refrigeration, in turn, propelling the market growth.
Furthermore, the growing number of hypermarkets and supermarkets requiring HVAC systems to control temperatures is likely to boost the adoption of these compressors. The rapidly growing demand for the food & beverage industry in Asia Pacific and North America is also predicted to spur the market expansion during the forecast period.
The rising use of compressors in milk tanks is also projected to accelerate the acceptance of hermetic reciprocating compressors. Today, milk tanks of up to 1,000 gallons use a single compressor, typically a hermetic reciprocating compressor with scroll compressors, owing to its efficiency, starting simplicity, and liquid handling (due to tank washings), which are becoming essential.
The growing population in various economies including China, India, and the U.S. is likely to stimulate the overall foodservice sector. The foodservice industry is one of the major consumers of refrigerated warehouses. The foodservice refrigeration is equipped with reciprocating hermetic compressors that work on refrigerants. The increasing demand for frozen food and packaged food has influenced the usage of huge cold storage and refrigerated warehouses, thereby fueling the market progression.
Hermetic Reciprocating Refrigerator Compressor Market Analysis
The fixed speed segment in the hermetic reciprocating refrigerator compressor market exceeded USD 9 billion in 2020 and is anticipated to witness 5.9% growth rate and will reach USD 15 billion by 2030. The segment growth is attributed to its ability to operate in a wide range of cooling capacities while exhibiting outstanding energy efficiency ratings. With a fixed-speed compressor, the motor runs constantly at one speed. This type of compressor is largely used in commercial and household refrigerators. The surging travel & tourism sector across the globe has stimulated the establishment of several foodservice joints including restaurants.
The 150 - 240 W segment accounted for 40% of the hermetic reciprocating refrigerator compressor market share in 2020 and is poised to cross USD 8 billion by 2030. This type of compressor is used in commercial refrigeration such as the pharmaceutical, food services, and food & beverage industries. Furthermore, compressors with below 100W cooling capacity are widely used in domestic refrigerators. The rapid surge in household refrigerators will boost the adoption of hermetic compressors in these refrigerators.
The 1.4 – 1.6 category accounted for USD 4 billion in 2020 and will exceed USD 7.5 billion by 2030. This growth is credited to the availability of several compressor models in this range of COP. Hermetic compressors are universally used in small systems, such as domestic refrigerators, water coolers, air conditioners, etc., where efficiency is not as important as customer convenience.
The domestic segment captured USD 9 billion in 2020. It is estimated to attain a CAGR of 6% and will reach USD 15 billion by 2030. Hermetic reciprocating compressors are efficient and find a place in domestic applications compared to the other types of compressors used in the refrigeration industry. Compressors are used in various household applications including refrigerators, air conditioners, chillers, water coolers, etc.
The growing population in APAC is the major contributor to the rapidly growing food & beverage sector, which will have a positive impact on the industry. There is a increasing demand for food products, which will increase day by day and the challenge of providing clean & quality food will also increase the number of food processing plants.
Asia Pacific hermetic reciprocating refrigerator compressor market dominated more than 47% of revenue share in 2020 and is projected to cross USD 9 billion by 2030. In 2019, APAC witnessed an increase of 13.8% in the overall refrigerator and freezer shipments compared to the previous five years. China leads the Asia Pacific market in terms of refrigeration appliance export. In many Asian countries, such as China and India, a refrigerator is considered as necessary household equipment. The COVID-19 pandemic has also led to the rise in the sales of refrigerators in the region due to the stocking up of essentials during the pandemic; hence, raising the demand for refrigeration appliances.
Hermetic Reciprocating Refrigerator Compressor Market Share
Leading participants operating in the market include :
These companies are constantly focusing on improving the energy efficiency of their products, value chain, and operations to address issues related to climate change, reducing costs, and bringing quality life to people.
The hermetic reciprocating refrigerator compressor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2030 for the following segments:
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Market, By Speed Type
Market, By Cooling Capacity
Market, By COP
Market, By Application
The above information is provided on a regional and country basis for the following:
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