Technavio Announces the Publication of its Research Report Global Inverter Technology Refrigerators Market 2016-2020
Technavio recognizes the following companies as the key players in the global inverter technology refrigerators market: Hitachi, LG Electronics, Panasonic, and Samsung Electronics.
Other Prominent Vendors in the market are: Arçelik, Godrej, Haier, Hisense, Midea, Mitsubishi Electric, Robert Bosch, Toshiba, and Whirlpool.
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Commenting on the report, an analyst from Technavios team said: one of the key trends for market growth will be inverter refrigerators showcasing green trend. Household appliances account for around 35% of the total power consumed in a household. This fact is leading many consumers to purchase new, energy-efficient refrigerators, and other major appliances. Moreover, as refrigerators mostly run 24 hours in a day and almost throughout the year, they consume the highest amount of electricity. Inverter technology has been able to reduce this high energy consumption by avoiding sudden inrush of current, which is typical of convention on-off mechanism refrigerators. Manufacturers are also focusing on eco-friendly refrigerants. The new refrigerants used such as isobutane lower the impact on global warming and has nearly zero potential in causing ozone depletion. Manufacturers are also showcasing green trend through choices of materials used in the refrigerator such as toughened glass over plastic shelves.
According to the report, one of the key drivers for market growth will be innovative inverter technology creating opportunity for upgrade purchase. Noise-free, energy efficiency and superior performance along with style, sleeker design, and additional range of features such as two door refrigerator with separate frost-free chiller compartment, and sliding shelves, support the markets growth by increasing upgrade purchases. As refrigerators are an essential and commoditized appliance (globally, an average of 85% households have at least one refrigerator), technology advancement and innovative features and designs, motivate consumers to upgrade their older models with newer ones.
Further, the report states that lack of standardization for interface and core frequency control algorithm will be a major challenge for the market. The adoption of inverter technology in household refrigerators has been low due to insufficient development and integration of components, poor reliability, high capital cost, and failure of demonstration installations that can produce the expected energy savings. Lack of standardization in core frequency control algorithm and lack of interface standardization of control are leading to poor compressor compatibility between different manufacturers. Also, components from different manufacturers cannot replace each other, and this has caused great difficulties for machine manufacturers.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Inverter Technology
Inverter technology was developed in Japan and is being used in many household appliances such as air conditioners and refrigerators. Inverter compressors are mainly used in refrigerators to:
Vary the speed of the motor so as to control the cooling capacity as per requirement
Save more electricity (around 30%-50%) than conventional refrigerators available in the market
Technavios analysts forecast the global inverter technology refrigerators market to grow at a CAGR of 11.44% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global inverter technology refrigerators market for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail outlets.
The market is divided into the following segments based on geography:
Technavio’s report, Global Inverter Technology Refrigerators Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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