The global inverter technology refrigerators market is expected to grow at a CAGR surpassing 11% during the forecast period 2016-2020, says Technavio.
Technavio has announced its latest market research report on inverter technology refrigerators to its general retail goods and services portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global inverter technology refrigerators market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include Hitachi, LG Electronics, Panasonic, and Samsung Electronics.
In terms of geographical analysis, APAC has become the largest market for inverter technology refrigerators as the inverter technology has been largely standardized for use in refrigerators in this region.
“The benefits of inverter technology are being promoted as features. Manufacturers are also differentiating their products with features like smart connect and smart diagnosis enabled through NFC and Wi-Fi connectivity,” says Poonam Saini, a lead analyst at Technavio for research on general retail goods and services.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Energy savings with electronic variable speed drive motor
A variable speed motor drive system is more efficient than other flow control methods. In comparison with conventional compressors, refrigeration systems with variable motor drive have higher Seasonal Energy Efficiency Ratio (SEER) and consume around 30%-40% lower energy. Factors such as decreased power input requirements to drive the compressor, and the lower frictional losses in the compressor at half speed makes the refrigeration systems with variable motor drive abetter choice. Energy savings are also anticipated due to reduced pressure ratio imposed on the compressor by the lower temperature difference at lower loads in both the condenser and evaporator. This saving is achieved without significant changes in the system size and cost.
An attractive and sophisticated designs of inverter refrigerators
Consumer segment that indulges in aspirational purchases look for style and creativity in the designs of various product range. Other features in demand are high-end design elements including door within door, water dispenser, and time piece. Inverter technology is used largely in mid- to large-sized refrigerators because the technology is still expensive (due to lack of integrated manufacturing and economies of scale) and manufacturers are not able to justify the high price for small-size refrigerators.
Innovative inverter technology creating opportunity for upgrade purchase
To increase upgrade sales of durable consumer goods like refrigerators, which have more than 8-10 years of average life, technological innovation in product offerings is extremely essential. Features such as noise-free, energy efficiency and superior performance along with style, sleeker design, two door refrigerator with separate frost-free chiller compartment, and sliding shelves, support the market’s growth by increasing upgrade purchases.
Businesses and customers can gain efficiency by altering the settings of refrigerators. The operating costs and the total cost of ownership are significantly lower over the long run. Especially in high-priced energy markets, the pay-back time is extremely short.
Some of the other prominent vendors identified in this report are Arçelik, Godrej, Haier, Hisense, Midea, Mitsubishi Electric, Robert Bosch, Toshiba, and Whirlpool.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Inverter Technology Refrigerators Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Smart Connected Air Conditioner Market 2016-2020
- Global Leather Goods Market 2016-2020
- Global Commercial Electric Fryer Market 2016-2020
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