Global Inverter Technology Refrigerators Market to Witness Growth Through 2020 Owing to Higher Energy Efficiency, Reports Technavio

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LONDON–(BUSINESS WIRE)–#RefrigeratorsTechnavio
analysts forecast the global
inverter technology refrigerators market
to grow at a CAGR of
more than 11% during the forecast period, according to their latest
report.

The research study covers the present scenario and growth prospects of
the global inverter
technology refrigerators
market for 2016-2020. The
report also presents the vendor landscape and a corresponding detailed
analysis of the key four vendors. It also outlines the challenges faced
by the vendors and the market as a whole as well as the key trends that
are emerging in the market.

According to Poonam Saini, a lead analyst at Technavio for retail
goods and services
research, “Inverter technology is a
significant leap in achieving energy-efficient and low-noise
refrigeration systems with longer compressor life. Higher energy
efficiency standards and government support programs like rebates on
electricity bills and retail prices of energy-efficient appliances will
drive the inverter technology refrigerators market in the near future.”

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Technavio consumer
and retail
analysts highlight the following three factors that
are contributing to the growth of the global inverter technology
refrigerators market:

  • Superior performance
  • Attractive and sophisticated design
  • Innovative inverter technology creating opportunity for upgrade
    purchase

Superior Performance

Inverter technology enables energy
conversion efficiency and thus, higher system efficiency in
refrigeration systems. Higher efficiency is achieved through capacity
control mechanism in which system capacity is matched to the load.

Moreover, inverter refrigerators are able to save energy with electronic
variable speed drive motors as the compressor does not switch on or off,
and continues to run at variable speed at different times of the day to
maintain the set temperature, as per usage, and room temperature in
different seasons of the year. Inverter technology helps avoid sudden
peaks in current (sudden inrush current) and thus results in higher
energy savings compared with the on-off mechanism.

Attractive and sophisticated design

Inverter technology refrigerators are being manufactured with sleek
designs, owing to the compact motors and compressors used in them.
Regular motors that draw current without the voltage-controlled inverter
need four times more current. The motor size thus required to run the
compressor is bigger in non-inverter refrigerators. With the use of a
voltage-controlled inverter, the size of the motor reduces. In addition,
an inverter technology motor has higher power factor, which reduces
electricity consumption. Also, the size of latest efficient compressors
is smaller as compared to conventional reciprocating or rotary
compressors owing to improved design and mechanics. Thus, manufacturers
are able to design sleeker and lightweight models.

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

Technological innovation is extremely essential to motivate consumers
for an upgrade purchase in the case of durable consumer
goods
such as refrigerators, which have more than 8-10 years of
average life.

Noise-free, energy efficiency and superior performance along with
stylish and sleek design, are some of the innovative technologies that
can encourage an upgrade. Additional range of features such as two door
refrigerators with separate frost-free chiller compartment, sliding
shelves, support the market’s growth by increasing upgrade purchases. “As
refrigerators are an essential and commoditized appliance, technology
advancement and innovative features and designs, motivate consumers to
upgrade their older models with newer ones
,” says Poonam.

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About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
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and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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