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According to a recent report published by Astute Analytica, titled, “India Refrigerator Compressor Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027,” the India Refrigerator Compressor Market registering a growth at a CAGR of ~3% from 2020 to 2027.
The increasing need for constant cooling, especially in the Indian food and beverages and the pharmaceutical and biotechnology sectors, is driving the demand for modern refrigerators in India. The increasing demand of refrigerators in the healthcare sector to store medicines and other pharma products; and to curb systematic food loss has created ample opportunities for the refrigerators and related component in India, among which refrigerator compressor captures the highest share.
India is a developing country and record a gradual increase in the disposable income of people, urbanization and wide-ranging commercialization have opened new windows for refrigerator compressor manufacturers, due to availability of massive untapped potential. The rising awareness related to the need to save energy is also fueling the demand for advanced and powerful compressors in refrigerators, reflecting positively on the market for refrigerator compressors in India.
Rotary Refrigerator Compressor Witnesses High Demand from Commercial End Users
In India, there are two prominent types of refrigerator compressors that are heavily demanded: Rotary compressor and scroll compressor. Among these two, rotary compressors report a relatively higher demand from consumers. The cost and power efficiency offered by rotary compressor has made it quite popular among consumers, especially commercial ones. The scenario is expected to remain more or less the same over the next few years.
Demand for Inverter Compressors to Remain on Higher Side
Inverter compressors are more popular than the fixed speed ones among refrigerator manufacturers in India. Since inverter compressor operates as per the temperature in the refrigerator, it saves a lot of power and, consequently, operational cost. This, in turn, boosts the demand for inverter compressors significantly across the country. Digital inverter compressor is the latest trend in the Indian market for refrigerator compressors. The unique ability of digital compressors to operate at different speeds and ensure consistent temperature inside the fridge is adding to their attractiveness and has expedited their acceptance among consumers in this country.
Eco-friendliness of R-290 and R-600A Gains them Traction
In terms of the refrigerant, R-410 A refrigerants (hydro fluorocarbons) record more demand from consumers. The awareness related to the damage to the Ozone layer due to hydro chlorofluorocarbons has encouraged consumers to switch to R-410 A refrigerants, which do not deplete the Ozone layer. However, they have the potential to cause global warming, which makes them non-green refrigerants. Therefore, R-290 and R-600A (hydrocarbons) are the most energy-efficient refrigerants available in the market.
Expansion in Consumer Base Top Priority of Leading Players
Fragmentation characterizes the competitive landscape in the India refrigerator compressor market. The leading players, including Samsung, Emerson, Daikin, Hitachi, Mitsubishi, Electric Corporation, Danfoss, and Kirloskar, constantly look to expand their consumer base. These companies mostly rely on innovation to stand out in the intense competition. Continuous product launches and technological advancements in existing portfolio are the main strategies, taken up by leading refrigerator compressor manufacturers in India for their growth. Another significant strategy they take up is expanding their production capacity in order to increase supply. For instance, Danfoss has recently announced its plans to invest Rs 100 Cr. (US$13.46 mn) to expand its manufacturing and supply chain capacity.
The India refrigerator compressor market is classified as follows:
Key Companies in India Refrigerator Compressor Market