The report forecasts the global inverter technology air conditioner market to grow at a CAGR of 12.76% during the period 2016-2020.
The report 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.
One of latest trends in the market is inclusion of value-added features to justify the high cost of inverter technology air conditioners. In recent times, manufacturers are focusing on providing value-added features such as four-way swing option, virus filters, and stylish design elements with inverter technology air conditioners in order to justify the higher price of these products. The benefits of inverter technology are also being promoted as features. Manufacturers are also differentiating their products with the inclusion of smart connect features and smart diagnosis enabled through NFC and Wi-Fi connectivity. For instance, Samsung introduced its new range of smart air conditioners, which offer high energy savings and cooling experience. The product is equipped with the world's first new 8-pole motor in its digital inverter compressor.
According to the report, one of the primary drivers in the market is manufacturer and retailer perspective: Innovative inverter technology creating opportunity for new and upgrade purchases. New and replacement purchases upon the damage of previously owned air conditioners are high. However, to increase the upgrade sales of durable consumer goods like air conditioners, which have more than 8-10 years of average life, technological innovation in product offerings becomes extremely essential.
Further, the report states that one major challenge in the market is lack of standardization for interface and core frequency control algorithm. The adoption of inverter technology for the manufacture of household air conditioners 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.