Global Hermetic Motor Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 12.38 Billion |
| Market Size (2029) | USD 17.71 Billion |
| CAGR (2024 - 2029) | 7.48 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Global Hermetic Motor Market Analysis
The Global Hermetic Motor Market size is estimated at USD 12.38 billion in 2024, and is expected to reach USD 17.71 billion by 2029, at a CAGR of 7.48% during the forecast period (2024-2029).
- Over the medium term, the expansion of the global cold chain industry and the increasing demand in the HVAC industry are going to drive the global hermetic market.
- On the other hand, the market faces challenges due to high initial costs, limited repairability, and application-specific dependency.
- Nevertheless, due to ongoing technological advancements, the global hermetic motor market is poised for significant opportunities. Innovations, such as high-efficiency designs, smart technologies, advanced materials, and eco-friendly systems, are expected to drive demand and open new avenues for growth, despite existing challenges.
- Asia-Pacific recently held a significant market share, and it is expected to be the largest and fastest market during the forecast period.
Global Hermetic Motor Market Trends
Less than 1HP Power Rated Hermetic Motor is Expectected to be a Significant Segment
- Household appliances such as refrigerators and water coolers, along with commercial refrigeration operations, frequently utilize hermetic compressors rated at less than 1 horsepower. These compressors are crucial for food storage, as they maintain low temperatures that slow down bacterial reproduction and reduce spoilage.
- Hermetic compressors are classified based on horsepower ratings and back pressure levels. For instance, compressors rated at 1/5-1/4 HP, which produce low back pressure, are commonly found in freezers and refrigerators. In contrast, those rated at 1/10-1/5 HP, which provide medium back pressure, are ideal for beverage displays. Lastly, compressors rated at 1/16-1/2 HP, designed for high back pressure, are used in coolers and dehumidifiers.
- From 2017 to 2021, the refrigerated storage capacity in the United States grew from 3.6 billion cubic feet to 3.73 billion cubic feet. However, after peaking in 2021, it saw a slight dip to 3.69 billion cubic feet in 2023.
- Even with the 2023 dip in refrigerated storage capacity, the demand for hermetic compressors rated under 1 horsepower remains robust. This demand is fueled by their essential role in pharmaceutical refrigeration, biopharmaceutical manufacturing, and the food and beverage sector, all bolstered by rising healthcare expenditures and significant investments in efficient refrigeration systems.
- As of January 2024, the North American food and beverage industry is gearing up for substantial growth, with plans for around 66 new projects. This includes nearly 24 new plants and 16 expansion initiatives, underscoring the sector's vigorous investment and development.
- Given these trends, hermetic motors rated at less than 1HP (Horse Power) are poised to dominate the market.
Asia-Pacific Region is Expected to Dominate the Market
- Rapid industrial growth in the Asia-Pacific region, fueled by its expanding population, is driving a heightened demand for efficient refrigeration systems. These systems are crucial across various sectors, including food and beverage, pharmaceuticals, and manufacturing, subsequently propelling the market for hermetic motors.
- Economic advancements in nations such as China and India are translating to increased disposable incomes. With this boost in spending power, there's a notable uptick in demand for both household and commercial refrigeration appliances, which predominantly depend on hermetic motors.
- Furthermore, government initiatives, technological strides in refrigeration, and a wave of new projects in the food, beverage, and semiconductor sectors are amplifying this demand. Collectively, these elements paint a bright future for the hermetic motor market in the Asia-Pacific.
- Take, for example, the Semicon India 2024 event. Here, the Modi government showcased its commitment to India's semiconductor industry, offering 50% financial backing and fostering international partnerships. Such initiatives underscore the rising need for precise environmental controls and efficient cooling solutions, hinting at a surge in hermetic motor demand within semiconductor manufacturing.
- In another instance, May 2024 saw China launching its third state-backed investment fund, with a hefty USD 47.5 billion capital, all aimed at fortifying its semiconductor landscape, as reported by a government-run companies registry.
- In May 2024, Shin-Etsu Chemical Co. Ltd unveiled its new venture, Shin-Etsu Silicone (Pinghu) Co. Ltd, in Zhejiang Province, China. This initiative, featuring a fresh plant for silicone products, underscores a major leap in its silicone business. With this manufacturing expansion, the appetite for hermetic motors continues to rise.
- Given these dynamics, the Asia-Pacific is poised to lead the hermetic motor market.
Global Hermetic Motor Industry Overview
The Global hermetic motor market is semi-fragmented. Some of the key players in this market (in no particular order) include Copeland Corporation LLC, Nidec Corp, Danfoss A/S, Godrej Industries Limited, and Regal Rexnord Corp.
Global Hermetic Motor Market Leaders
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Copeland Corporation LLC
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Nidec Corp
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Danfoss A/S
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Godrej Industries Limited
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Regal Rexnord Corp
*Disclaimer: Major Players sorted in no particular order
Global Hermetic Motor Market News
- August 2024: Copeland announced that it had collaborated with CRK, Korea's top commercial refrigeration company, to develop lower global warming potential cold chain refrigeration system technology to support the national refrigerant regulation in Korea.
- March 2024: Tecumseh Products Company LLC showcased its extensive lineup of hermetic reciprocating motor compressors at the CMPX Expo 2024. The company highlighted its reliable R-290 hermetic reciprocating motor compressors and A2L classified solutions, which are specifically designed for commercial refrigeration.
Global Hermetic Motor Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Study Assumptions and Market Definition
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD Billion, Till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Expansion of the Global Cold Chain Industry
4.5.1.2 Increasing Demand in HVAC Industry
4.5.2 Restraints
4.5.2.1 High Initial Costs, Limited Repairability and Application Specific Dependency
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Buyers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 AC Hermetic Motors
5.1.2 DC Hermetic Motors
5.2 Power Rating
5.2.1 Less than 1 HP
5.2.2 1 – 5 HP
5.2.3 Above 5 HP
5.3 Application
5.3.1 Refrigeration Compressors
5.3.2 Air Conditioning Units
5.3.3 Industrial Refrigeration
5.3.4 Other Applications
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 France
5.4.2.3 United Kingdom
5.4.2.4 Spain
5.4.2.5 Nordic Countries
5.4.2.6 Turkey
5.4.2.7 Russia
5.4.2.8 Rest of Europe
5.4.3 Asia Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Australia
5.4.3.4 Malaysia
5.4.3.5 Thailand
5.4.3.6 Indonesia
5.4.3.7 Vietnam
5.4.3.8 Rest of Asia Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Colombia
5.4.4.4 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 United Arab Emirates
5.4.5.2 Saudi Arabia
5.4.5.3 South Africa
5.4.5.4 Nigeria
5.4.5.5 Qatar
5.4.5.6 Egypt
5.4.5.7 Rest of Middle-east and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Copeland LP
6.3.2 Nidec Corporation
6.3.3 Man Energy Solutions SE
6.3.4 Danfoss A/S
6.3.5 Tecumseh Products Company LLC
6.3.6 Huayi Compressor Co. Ltd
6.3.7 Godrej Lawkim Motors
6.3.8 Regal Rexnord Corporation
6.3.9 Frascold SPA
6.3.10 ABB LTD
- *List Not Exhaustive
6.4 List of Other Prominent Companies
6.5 Market Player Ranking
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Global Hermetic Motor Industry Segmentation
A hermetic motor is entirely sealed within a compressor housing, rendering it airtight and shielded from external environmental influences. This design safeguards both the motor and compressor from contaminants and moisture, boosting their reliability and efficiency. Commonly found in refrigeration and air conditioning systems, hermetic motors play a crucial role in compressing and circulating refrigerants to uphold desired temperatures.
The global hermetic motor market is segmented by type (AC Hermetic Motors and DC Hermetic motors), power rating (less than 1HP, 1 - 5HP, and above 5HP), Application (Refrigeration compressors , air conditioning unit, industrial refrigeration, and other applications), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The market size and forecast for global hermetic motor market are provided in USD for all the above segments.
| Type | |
| AC Hermetic Motors | |
| DC Hermetic Motors |
| Power Rating | |
| Less than 1 HP | |
| 1 – 5 HP | |
| Above 5 HP |
| Application | |
| Refrigeration Compressors | |
| Air Conditioning Units | |
| Industrial Refrigeration | |
| Other Applications |
| Geography | ||||||||||
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Global Hermetic Motor Market Research FAQs
How big is the Global Hermetic Motor Market?
The Global Hermetic Motor Market size is expected to reach USD 12.38 billion in 2024 and grow at a CAGR of 7.48% to reach USD 17.71 billion by 2029.
What is the current Global Hermetic Motor Market size?
In 2024, the Global Hermetic Motor Market size is expected to reach USD 12.38 billion.
Who are the key players in Global Hermetic Motor Market?
Copeland Corporation LLC, Nidec Corp, Danfoss A/S, Godrej Industries Limited and Regal Rexnord Corp are the major companies operating in the Global Hermetic Motor Market.
Which is the fastest growing region in Global Hermetic Motor Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Hermetic Motor Market?
In 2024, the Asia Pacific accounts for the largest market share in Global Hermetic Motor Market.
What years does this Global Hermetic Motor Market cover, and what was the market size in 2023?
In 2023, the Global Hermetic Motor Market size was estimated at USD 11.45 billion. The report covers the Global Hermetic Motor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Hermetic Motor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Hermetic Motor Industry Report
Statistics for the 2024 Global Hermetic Motor market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Hermetic Motor analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
