Hermetic Reciprocating Refrigerator Compressor Market Analysis

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.