The global Hermetic Compressors market size was valued at USD 11,473.5 billion in 2021 and is projected to exhibit a CAGR of 4.0% in the forecast period. Hermetic compressors are a type of compressor that are occasionally employed but are less common in big industrial or commercial applications. A hermetic compressor has its case welded shut, totally isolating it from its surroundings. Rising demand from cold chain logistics are one of the major factor propelling the market growth. Furthermore, increasing use of compressor in milk tank is also projected to accelerate the market growth. However, higher maintenance cost, shortage of skilled workforce and rising threat from availability of substitutes are anticipated to hamper the overall growth of the market.
Abbe Audiffren, a French abbot, created the first hermetic compressor in 1905, and Singrun produced it in Epinal, also in France. Rise in industrialization and urbanization across the globe is anticipated to boost the demand for hermetically sealed compressors. Demand for refrigeration and air conditioning is increasing in end-user industries such as food & beverages, pharmaceuticals, marine, and oil & gas. This is likely to propel the market during the forecast period.
The widespread pandemic has considerably affected the growth of the hermetic compressors across the globe. In short term (first half of 2020) manufacturing capacity in the different regions were halted by the imposition of lockdowns by several countries in order to contain spreading of the virus, resulting in the disruption of the whole supply chain. Shortage of laborers and workers led to the shortage of raw materials required to produce air sterilizers. Many leading manufacturers had to halt their production in adherence to safety protocols and guidelines announced by various nations. The world market is recovering fast but is yet to reach its pre COVID level in different countries. The demand for hermetic compressor has been growing high since the production has resumed in almost all the nations. The market is projected to be bullish in the upcoming years.
Speed Type Insights
In 2021, fixed speed had the highest market share of the Hermetic Compressors market. This is primarily because fixed speed hermetic compressor are used in household and commercial refrigerators (major application of hermetic compressor). On the other hand, the inverter segment is expected to expand at a higher CAGR during the forecast period. The design and construction of hermetic compressor is currently undergoing a revolution thanks to inverter technology, which is the most energy-efficient technology available. This is being done to suit the requirements of people all over the world for climate control.
Get More Information: https://analyticsmarketresearch.com/sample-request/hermetic-compressors-market/3960/
Cooling Capacity Insights
150 W – 240 W segment will dominate the market during the forecast period and anticipated to hold around 40% of the market share during the said period. The large share of this cooling capacity segment can be attributed to the rising adoption of this cooling capacity hermetic compressor in commercial refrigeration among various end-use industries such as food service, pharmaceutical, etc. Furthermore, hermetic compressor with below 100 W cooling capacity is growing at a higher rate during the forecast period.
The 1.4 to 1.6 COP segment expected to account for around 35% market share in 2021. This is primarily because this type of hermetic compressors is less noisy and less vibrant and also adoption is very high among end-user. Thus most of the hermetic compressor manufactures are developing 1.4 to 1.6 COP hermetic compressors.
In terms of application domestic segment accounted for around 80% of the market share during the forecast period. Numerous refrigeration applications, especially household refrigeration, use hermetic compressors. One example of a piece of equipment that uses this kind of compressor is an air conditioner, water cooler, chillers, refrigerator, etc.
Asia Pacific accounted for the largest share of the Hermetic Compressors market in 2021. The growth of the Asia Pacific market is primarily driven by the strong foothold of key players in the region offering wide range of Hermetic Compressors. Growing population of Asia Pacific region is one of the major factor for the adoption of hermetic compressor for various application. Additionally, food and beverages sector in the Asia Pacific region is growing on rapid phase. According to Leatherhead Food Research, Asian food and beverage market expected to increase by a compound annualised growth rate of 11% between 2020 to 2024, reaching US$277 billion in 2024. On the other hand, Europe is projecting a growth rate of over 6.5%, which is due to the increasing number of food processing plants in the region is further fuelling the overall growth of the Hermetic Compressors market.
Key Companies Insights
Key players are focusing on their technological collaborations, partnerships, and merger & acquisitions strategies to gain a competitive edge and expand their product portfolio & business footprint. For instance, in October 2022, Danfoss has acquired Bock GmbH, a compressor manufacturer. The main aim of this acquisition to add a portfolio of semi-hermetic compressors for natural refrigerants such as CO2 (R744), hydrocarbons and other low GWP refrigerants to Danfoss’ portfolio of inverter-scroll, oil-free centrifugal, screw and reciprocating compressors. In May 2022, GEA Group has introduced semi-hermetic screw compressor series, two GEA CompaX models 350 and 400 with a flow volume of 321 and 372 m³/h (at 2,940 rpm).
Some of the key players operating in the global Hermetic Compressors market include:
- GMCC & WELLING
- Huayi Compressor Co., Ltd.
- Hubei Donper Electromechanical Group Co.
- LG Electronics Inc.
- Ningbo Anuodan Machinery Co., Ltd.
- Secop GmbH
- Taizhou Meilile Refrigeration Equipment Co., Ltd.
- Walton Group
- Other players
By Speed Type
- Fixed Speed
By Cooling Capacity
- Less than 100 W
- 100-150 W
- 150-240 W
- 240-400 W
- Less than 1
- 1 to 1.4
- 1.4 to 1.6
- 1.6 to 2
- North America
o South Korea
- Latin America
o South Africa
o Saudi Arabia
Define, describe and forecast Hermetic Compressors product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.