CHICAGO, UNITED STATES, September 20, 2023/EINPresswire.com/ -- 𝐈𝐧𝐝𝐢𝐚 𝐫𝐞𝐟𝐫𝐢𝐠𝐞𝐫𝐚𝐭𝐨𝐫 𝐜𝐨𝐦𝐩𝐫𝐞𝐬𝐬𝐨𝐫 𝐦𝐚𝐫𝐤𝐞𝐭 revenue was 𝐔𝐒$ 𝟏,𝟔𝟗𝟗.𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐 and is projected to surpass a revenue of 𝐔𝐒$ 𝟑,𝟑𝟒𝟏.𝟏 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟏, growing at a 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟕.𝟖% during the forecast period from 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟑𝟏.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/india-refrigerator-compressor-market

The growing demand for refrigerators in this quickly urbanizing nation and technological advancements are fueling the growth of the Indian refrigerator compressor market. Due to their expanding disposable incomes and changing lifestyles, cities like Delhi, Mumbai, Bangalore, and Kolkata are leading in terms of refrigerator usage.

India has experienced an extraordinary rate of urbanization during the past ten years. Over 34% of India's enormous population was living in urban areas as of 2022, and this percentage has been steadily rising. With urbanization comes a lifestyle change, which affects people's standards of living and the kind of things they buy, fueling the expansion of the refrigerator compressor industry. Residential consumers made up 75% of the demand for refrigerator compressors in India in 2022, driven by rising household wealth and increased knowledge of the advantages of refrigeration. For instance, Astute Analytica projects that by 2031, the India refrigerator industry will be worth US$9.988 million.

Modern refrigerators are no longer merely for cooling due to technological advancements, particularly the Internet of Things (IoT), they have evolved into smart gadgets. The top manufacturers in the refrigerator compressor market in India are releasing models with distinctive features, including rapid cooling, energy-saving modes, voice command responsiveness, and even possibilities to link with smartphones. For instance, in January 2023, Samsung, the leading consumer electronics company in India, announced the debut of its premium Side-by-Side Refrigerator series. The demand for smart refrigerators is expected to rise as consumers grow more tech-savvy. The market for refrigerator compressors appears to have a promising future for smart refrigerators given the growing use of smartphones and the internet in India.

𝐎𝐫𝐢𝐠𝐢𝐧𝐚𝐥 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞𝐫𝐬 𝐭𝐨 𝐄𝐱𝐡𝐢𝐛𝐢𝐭 𝐭𝐡𝐞 𝐇𝐢𝐠𝐡𝐞𝐬𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐑𝐚𝐭𝐞 𝐨𝐟 𝟖.𝟐%

The Original Equipment Manufacturers (OEMs) segment now holds the largest market share for refrigerator compressors in India, demonstrating its significant standing within the sector. With an outstanding Compound Annual Growth Rate (CAGR) of 8.2%, their supremacy is likely to continue. It represents the predicted growth of sectors that rely on OEM goods and services, which will result in higher demand for compressors.

OEMs are important participants in the supply chain who are in charge of creating and manufacturing a variety of products that use refrigeration compressors. Their importance stems from the fact that they serve as suppliers to numerous sectors, such as cooling and refrigeration systems, where compressors are essential elements. As a result, their need for compressors is constantly high because refrigeration systems are constantly produced and sent to different industries.

𝐑𝐢𝐬𝐢𝐧𝐠 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐏𝐥𝐚𝐧𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐂𝐨𝐮𝐧𝐭𝐫𝐲: 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠 𝐔𝐧𝐭𝐚𝐩𝐩𝐞𝐝 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐟𝐨𝐫 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

Although a sizeable amount of compressors are imported, the "Make in India" programs are pushing for more domestic production and reducing reliance on imports, which is fueling the market's expansion.

For instance, on the strength of high demand and new product introductions, consumer electronics giant LG Electronics India stated that home appliances will expand by over 30% in 2022. The business highlighted a new portfolio of appliances for the house and expressed confidence in maintaining its market dominance in segments like refrigerators. As a result, the market will continue to rise.

In April 2023, in order to build its facility, which would span 52 acres at Origins by Mahindra in Chennai, Mitsubishi Electric India entered into a contract with Mahindra Industrial Park Chennai (MIPCL), a joint venture between Mahindra World City Developers and Sumitomo Corporation of Japan. The factory will have a production capacity of 300,000 room air conditioners and 650,000 compressors when it opens for business in October 2025.

In March 2022, Samsung, a South Korean company, would invest Rs 1,588 crore to build a compressor manufacturing facility for refrigerators in Sriperumbudur, not far from here. The new factory, which will be built on a 22-acre site, will be able to produce 80 lakh compressor units annually for both the domestic and international markets.

Thus, the increase in manufacturing facilities will boost local output while lowering manufacturing costs. Additionally, it will boost the ability to manufacture products that incorporate refrigeration equipment to fulfill regional demands.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/india-refrigerator-compressor-market

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞

Leading companies impacting consumer decisions include Whirlpool, LG, Samsung, Godrej, and Haier, which best represent India's fusion of domestic reliability and international innovation. India's market for refrigerator compressors is characterized by fierce rivalry, with local and international competitors fighting for a bigger portion of the market. These brands are well-known, and they obtain premium compressors to guarantee the effectiveness and durability of their goods.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭

• A.S Refrigeration Company
• Swati Engineering Enterprise
• Trucool Ltd.
• LG Electronics Refrigeration Co., Ltd Company
• Huayi Compressor Co., Ltd
• Hubei Donper Electromechanical Group Co., Ltd.
• Hangzhou Qianjiang Compressor Co., Ltd.
• Beijing Embraco Snowflake Compressor Co., Ltd
• Secop Compressors (Tianjin) Co., Ltd. Company
• Guangzhou Wanbao Group Co., Ltd
• GMCC
• Zanussi Elettromeccanica Tianjin Compressor Co., Ltd).
• Hitachi Ltd
• Emerson
• Tecumseh
• Other Prominent Players

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐢𝐧𝐞

𝐓𝐡𝐞 𝐈𝐧𝐝𝐢𝐚 𝐫𝐞𝐟𝐫𝐢𝐠𝐞𝐫𝐚𝐭𝐨𝐫 𝐜𝐨𝐦𝐩𝐫𝐞𝐬𝐬𝐨𝐫 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐜𝐮𝐬𝐞𝐬 𝐨𝐧 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭, 𝐓𝐲𝐩𝐞, 𝐂𝐨𝐨𝐥𝐢𝐧𝐠 𝐂𝐚𝐩𝐚𝐜𝐢𝐭𝐲, 𝐑𝐞𝐟𝐫𝐢𝐠𝐞𝐫𝐚𝐧𝐭, 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧, 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫.

𝐁𝐲 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭
• Compressor
• Condenser
• Valves
• Evaporator
• Others
𝐁𝐲 𝐓𝐲𝐩𝐞
• Reciprocating
• Rotary Vane
• Scroll
• Screw
• Centrifugal
• Other
𝐁𝐲 𝐂𝐨𝐨𝐥𝐢𝐧𝐠 𝐂𝐚𝐩𝐚𝐜𝐢𝐭𝐲
• Less than 100 kW
• 100-400 kW
• Above 400 kW
𝐁𝐲 𝐑𝐞𝐟𝐫𝐢𝐠𝐞𝐫𝐚𝐧𝐭
• Propane
• Carbon Dioxide
• Hydrofluorocarbons
• Ammonia
• Others
𝐁𝐲 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧
• Open
• Hermetic
• Semi-Hermetic
𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧
• Domestic
• Commercial
• Industrial
• Others
𝐁𝐲 𝐄𝐧𝐝 𝐔𝐬𝐞𝐫
• OEMs
• Aftermarket

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/india-refrigerator-compressor-market

𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
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