Selbyville, Delaware, Jan. 31, 2022 (GLOBE NEWSWIRE) --
Hermetic Reciprocating Refrigerator Compressor Market is expected to surpass USD 19.6 billion by 2030, as reported in a research study by Global Market Insights Inc. The proliferating demand for cooling equipment across the globe will escalate the adoption of hermetic reciprocating refrigerator compressors.
Hermetic compressors offer improved economic savings, compactness, and universality. In hermetic compressors, motors and compressors are enclosed in a single housing to prevent refrigerant leakage. The shell enclosure allows the suction gas to pass over the compressor and motor, further decreasing the motor temperature. This enables the application of hermetic compressors in small capacities appliances by up to 35 kW. The rising use of compressors in milk tanks is also projected to boost the adoption 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, due to its efficiency, starting simplicity, and liquid handling, which are becoming essential.
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The fixed speed segment will account for around 80% in the global hermetic reciprocating refrigerator compressor market in 2030. Fixed-speed compressors are built to handle a wide range of cooling capacities while delivering high energy efficiency. The motor of a fixed-speed compressor runs at a constant speed. For example, the machine always spins at a specific RPM. They are commonly found in both commercial and residential refrigerators.
Below 100W hermetic reciprocating refrigerator compressors are projected to grow significantly and reach around USD 3.7 billion by 2030. Below 100W cooling capacity compressors are widely used in domestic refrigerators. A rapid surge in household refrigerators will augment the adoption of hermetic compressors in these refrigerators.
Growing industrialization in the emerging economies of Asia Pacific along with rising disposable incomes is expected to drive the demand for small refrigerators among nuclear families. The rising shift of people from rural areas to urban areas coupled with easy access to credits has showcased rising sales of white goods in the Asia Pacific region. This shift will fuel the demand for small-capacity refrigerators, thereby supporting the demand for less than 100W hermetic reciprocating compressors.
The North America hermetic reciprocating refrigerator compressor market is expected to grow at more than 5% CAGR and will account for around USD 3.6 million in 2030. This is owing to a growing demand for food products especially in the U.S. Additionally, infrastructure development is expected to surge the demand for refrigeration systems, thereby propelling the demand for refrigerator compressors. The food & beverage and foodservice industries will offer excellent growth opportunities during the forecast period. The regional growth is mainly contributed to the presence of a strong consumer base in the U.S.
The less than 1.0 segment is projected to grow significantly at a CAGR of 5.5% and reach around USD 2.6 billion by 2030. Ideally, the COP of a compressor is greater than one; however, some compressors have less than one COP. Manufacturers including Huayi Compressor Barcelona, Samsung, and LG, among others produce compressors with less than one COP.
Domestic segment dominated the global market and is projected to reach around USD 15 billion by 2030. Hermetic reciprocating compressors find wide applications in domestic refrigerators owing to their energy efficiency and suitable size. The growing sales of smart & energy-efficient refrigerators across the globe will spur the market growth. Furthermore, rising disposable incomes and increasing spending on consumer goods will foster the adoption of domestic refrigerators.
Manufacturers of hermetic reciprocating refrigerator compressors are majorly focusing on increasing the energy efficiency and performance efficiency of hermetic compressors. Several manufacturers are producing products with advanced functionalities. For instance, in commercial refrigeration applications, Emerson introduced the Copeland variable-speed reciprocating hermetic compressor. The new model has been designed to reduce energy and increase performance in a wide range of commercial refrigeration applications.
Some major findings of the hermetic reciprocating refrigerator compressor market report include:
- The fixed speed segment accounted for around 80% of the market share in 2020 and is likely to witness 5.9% CAGR through 2030. The rising product usage in domestic appliances will boost the overall industry growth.
- Manufacturers are constantly developing reliable compressors with a wide range of applications to help customers achieve their cooling requirements.
- Growing popularity for hermetic compressors due to their cost-effectiveness and long-life span will provide a positive outlook to the overall industry size.
- Surging demand for processed food production will increase the adoption of refrigerators, thereby propelling compressors adoption.
- The industry is moderately fragmented with multiple small & big competitors. New entrants face a modest barrier to entry led by the high capital and technology-intensive nature of the industry.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Hermetic reciprocating refrigerator compressor industry 3600 synopsis, 2017 – 2030
2.1.1 Business trends
2.1.2 Speed type trends
2.1.3 Cooling capacity trends
2.1.4 COP trends
2.1.5 Application trends
2.1.6 Regional trends
Chapter 3 Hermetic Reciprocating Refrigerator Compressor Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 – 2030
3.3 Industry ecosystem analysis
3.4 Technology landscape
3.5 Pricing trends
3.5.1 Regional price trends
3.5.2 Cost structure analysis
3.5.3 COVID-19 impact on pricing
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth driver
3.7.2 Industry pitfalls & challenges
3.8 Innovation & sustainability
3.9 Growth potential analysis, 2020
3.10 Porter's analysis
3.11 Competitive landscape, 2020
3.12 PESTEL analysis
3.13 COVID-19 impact on hermetic compressor demand
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
