Insights into Hermetic Reciprocating Refrigerator Compressor Market and it’s growth outlook

The global hermetic reciprocating refrigerator compressor market is projected to witness robust expansion by 2030 owing to the flourishing foodservice industry worldwide.
The COVID-19 pandemic has impelled many restaurants around the world to shift towards take-away and delivery models, thereby encouraging them to invest in refrigerators to maintain and regulate food temperatures during storage and packaging carefully. An increase in take-outs, meal kits, and online food ordering has augmented industry uptake since the pandemic.
The global hermetic reciprocating refrigerator compressor market has been segmented based on application, speed type, COP, cooling capacity, and region.
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With respect to speed type, the market has further been divided into fixed speed and inverter. The inverter sub-segment is speculated to account for a share of around 18.11% in terms of volume by the end of 2030.
From the viewpoint of cooling capacity, the global hermetic reciprocating refrigerator compressor market has been segregated into less than 100W, 100-150W, 150-240W, and 240-400W. The 150-240W sub-segment recorded a considerable volume share of nearly 39.85% in 2020 and is expected to reach over USD 94.3 million units of volume capacity by 2030.
The 240-400W sub-segment is projected to expand at a CAGR of about 5.6% through the study period to capture a market share of almost 17% in terms of revenue by 2030.
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In terms of COP, the market has been bifurcated into less than 1, 1 to 1.4, 1.4 to 1.6, and 1.6 to 2. The global hermetic reciprocating refrigerator compressor market from the 1.6 to 2 sub-segment is set to garner approximately 17.15% revenue share by 2030. Soaring demand for smart and variable speed compressors has propelled refrigerator manufacturers to improve the energy efficiency of household refrigerators, which is estimated to drive segmental development.
Based on application, the global hermetic reciprocating refrigerator compressor market has been classified into commercial and domestic. The commercial sub-segment is anticipated to attain revenue worth more than USD 4.5 billion by the end of the review period owing to the booming commercial refrigerator sector.
Moreover, changing consumer preferences increasing regulatory pressures, and escalating demand for efficient and sustainable technologies is likely to drive product adoption. Furthermore, increasing popularity of low Global Warming Potential (GWP) refrigerators among consumers are slated to bolster industry expansion in coming time period.
On the regional front, the LATAM hermetic reciprocating refrigerator compressor market is expected to grow at almost 5.7% CAGR over the analysis timeline to reach about USD 920.4 million by the end of 2030. Rising disposable incomes of consumers and increasing government spending on household appliances, such as refrigerators, are speculated to drive regional market development.
The MEA hermetic reciprocating refrigerator compressor market is poised to grow exponentially and register a volume share of around 5.61% by 2030. Surging demand for household refrigerators in Saudi Arabia and the UAE is deemed to foster regional market expansion over 2022-2030.