Hermetic Reciprocating Refrigerator Compressor Market size is expected to cross USD 19.6 billion by 2030, according to a new research report by Global Market Insights Inc.
Increasing demand for refrigerators in both domestic and commercial application will augment the hermetic reciprocating refrigerator compressor industry size. Rapid urbanization, changing lifestyles, and shifting consumer preferences toward frozen & chilled products are resulting in the rising need for commercial refrigeration. Widespread applications of these compressors in household refrigerators, deep freezers, and most commercial refrigeration systems are propelling product demand.
Factors including high portability, easy use, and low maintenance costs are likely to influence the sales of refrigerators around the world. European countries recorded more than 23 million units of refrigerator sales in 2019 and are likely to grow in the near future. Rising applications of hermetic compressors in cold chain logistics are one of the major market drivers.
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The growing number of hypermarkets and supermarkets that require HVAC systems to control temperatures is likely to boost the adoption of these compressors in advanced refrigeration systems. Moreover, hermetic reciprocating compressors are specifically designed for low energy consumption, which may optimize running costs and provide high-end performance to ensure end-user needs. Additionally, rapidly growing demand for the food & beverage industry in emerging economies is also expected to spur the hermetic reciprocating refrigerator compressor market.
However, the recent COVID-19 pandemic has adversely impacted the business scenario owing to the temporary suspension of production facilities, supply chain disruptions, and declining demand from end-use industries. Governments and State regulatory bodies have imposed lockdowns and trade restrictions to combat the situation. Nevertheless, government initiatives and the lifting of trade restrictions to ameliorate economic conditions will upsurge product demand.
Browse key industry insights spread across 330 pages with 228 market data tables & 34 figures & charts from the report, “Hermetic Reciprocating Refrigerator Compressor Market Size, By Speed Type (Inverter, Fixed Speed), By Cooling Capacity (Less than 100 W, 100 - 150 W, 150 - 240 W, 240 - 400 W), By COP (Less Than 1.0, 1.0 - 1.4, 1.4 - 1.6, 1.6 - 2.0), By Application (Domestic, Commercial), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2030”, in detail along with the table of contents:
Inverter compressors to achieve considerable market share
Inverter compressors market is poised to grow at 6% CAGR and it is anticipated to reach USD 4 billion by 2030. It will exhibit steady growth in the coming years due to its better and efficient cooling to the system. Factors including energy-saving capability and noise-free operation make it ideal for top brand refrigerators. However, inverter compressors maintain the temperature constantly by regulating the speed of the compressor. The growing sales of domestic refrigerators in Asia Pacific and other emerging countries are likely to boost the market share of inverter compressors.
Cooling capacity of 100 - 150W will showcase sustainable growth
The hermetic reciprocating refrigerator compressor market from 100 - 150W segment is likely to attain a considerable market share of about 22.5% by 2030 on account of its extensive use in small-sized refrigerators. Leading compressor manufacturers, such as Samsung, LG, and EMBRACO, among others, offer a wide range of compressors in this range. Moreover, the growing food and beverage industry will create a demand for small refrigeration systems.
1 to 1.4 COP will proliferate the industry size
The 1.0 – 1.4 COP segment is likely to be valued at around USD 6 billion by 2030. The growth of this segment is attributed to the availability of a wide range of products and higher usage in low-volume refrigeration systems. The development of new products along with rising demand for low to medium-volume refrigerators in emerging economies will fuel the segment growth.
Increasing commercial applications will boost the market demand
The hermetic reciprocating refrigerator compressor market from commercial application witnessed significant growth in the last few years and the trend is expected to continue in the foreseeable future. Changing consumer habits, regulatory pressures, and the growing demand for efficient & sustainable technologies are boosting the demand for commercial refrigerators. Urbanization also plays a key role in increasing the share of commercial refrigerators.
Europe will register sustainable growth till 2030
Europe has accounted for more than 22% of the market share in 2020 and is predicted to generate USD 4 billion revenue by 2030. Owing to surging hypermarkets, convenience stores, supermarkets, grocery shops & restaurants, the installation of commercial refrigerators will significantly grow in the coming years. In addition, the conspicuous demand for energy-efficient solutions will thrive the overall market revenue.
Capacity expansion and product development will show a competitive advantage
Key market players include Godrej, Panasonic, Samsung, Donper, Qianjiang, Jiaxipera, TECUMSEH, Kulthorn, Embraco, LG, Huayi, Secop GmbH, Siberia, Anoudan, Taizhou Meilile, GMCCWalton, Arcelik, Sikelan, Chunlan, Cubigel, Zanussi, and Comptek, Inc.
The global hermetic reciprocating refrigerator compressor market is highly competitive and key players are adopting innovative business strategies to improve their footholds. For instance, in November 2019, Godrej announced to ramp up its production capacity by up to 6.5 million units by the end of 2022.