Refrigeration and Air Conditioning Industry:

Industrial refrigeration can be defined as the equipment and accessories projected to remove heat from large-scale processes or materials, lowering the temperature to the desired value.

• Depending on different parameters like the production scale, temperature difference, accuracy or expected temperature, there are multiple methods used to apply industrial refrigeration.
• Industrial refrigeration has been of paramount importance since the early years of the twentieth century. Historically, industries like Food and Beverages, Pharmaceuticals, or Petrochemicals, achieved important developments thanks to systems indicated for reducing the temperature of their products or processes or conserving them in optimal conditions to avoid safety issues.
• India's cold storage capacity is likely to reach 40.7 Mn metric tonnes by 2023, rising 8.2% from 2020, as per Colliers' latest report, opportunities in Indian cold chain assets, Also 75% of the cold storage facility are suitable only for storing single commodities, mainly potatoes. The surge in online grocery, processed foods, and pharmaceutical sales have opened up ample opportunities for developers and third-party logistics players to develop multi-purpose cold chain facilities in India.

Air conditioning, often abbreviated as A/C or AC, is the process of removing heat and controlling the humidity of air in an enclosed space to achieve a more comfortable interior environment by use of powered "air conditioners" or a variety of other methods, including passive cooling and ventilate cooling. Air conditioning is a member of a family of systems and techniques that provide heating, ventilation, and air conditioning (HVAC).

• India Industrial Refrigeration Systems market is primarily driven by growing demand for cold storage facilities in the country coupled with the growing government investment for the expansion of the pharmaceuticals industry in India. Currently in India, over 6,000 cold storages are available which accounts for only, 45% of the required cold storage facilities. However, the Indian region has registered a decline in demand during 2020, due to the global pandemic COVID-19, which has led to a complete lockdown in the region during the first half of 2020, leading to slowdown businesses in the region.
• A growing number of middle-class households and rising buying power would continue to accelerate the demand for room-split air conditioners (ACs) in India. Increasing office and retail spaces in the country along with booming tourism and hospitality sectors are also contributing to the healthy growth of the Indian air conditioner market.
• Refrigeration and Air-Conditioning Manufacturers Association of India (RAMA) is an apex forum of the industry leaders and representatives of major manufacturers including MNCs in the Refrigeration and Air Conditioning industry in India. It is affiliated to Confederation of Indian Industry (CII).
• Air conditioning companies like Voltas, Thermax, HLE Gascoat etc. are the key competitors of the company.

Key Trends:

• Supply Chain and Raw Material price fluctuations: Unexpected interruptions to global supply networks and negative changes in raw material costs might have an adverse effect on the company's profitability. The company has aggressively pursued the creation of a network of regional suppliers and dual sourcing for essential components in order to actively reduce this risk.
• Technology Changes: Consumer preferences have evolved since the epidemic. The Company's key product companies must keep up with technological advancements and regular modifications since they compete in a highly competitive market. The company has put in place a strong product development process that creates a 3-year roadmap of new goods and updates using user data, intelligent technology, and regulatory requirements in order to reduce this risk.

Growth Drivers:

•  Demand for processed foods: The consumer demand for processed meals has significantly increased. Additionally, the Indian government declared its intention to build a number of giant food parks. This bodes well for the growth of the nation's cold chain business.
• Increase in healthcare products: Many medical supplies, including vaccines, biopharmaceuticals, and clinical trial materials, must be kept at temperatures between 2 C and 8 C because they are heat-sensitive. It is anticipated a high need for effective cold chain facilities in the upcoming years, given that India's vaccine, biopharmaceutical, and clinical trials markets are anticipated to increase at double-digit growth rates.
• Demand for frozen food: The need for commercial refrigeration equipment is being further boosted by the substantial rise in ready-to-eat food, beverage, and frozen food consumption during the past few years. The vast middle-class population of emerging nations has been fueling the popularity of such items thanks to rising disposable income and the growing influence of the western lifestyle. The fast global spread of supermarkets, hypermarkets, and food and restaurant chains is contributing to the changing food consumption pattern.

Key Players:

• The key players in the refrigeration industry are Blue Star, Hitachi, Voltas, Subros, etc.