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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 a 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.

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.

• The long-term outlook of the global refrigeration and air conditioning compressors market size is projected to reach USD 19,140 Mn by 2026, from USD 16,600 Mn in 2020, at a CAGR of 2.4% during 2020-2026. This year was quite challenging due to slowdown in economy as well as other factors like Covid-19 impact w.e.f. April, 2020.
• Overall, the employment level for Air-conditioning and Refrigeration Mechanics increased between 2000 and 2020. Although there was a sharp increase from around 25,400 in 2018 to 36,400 in 2019, employment levels in 2020 have returned to be in line with the 2018 figures, at 26,400.
• Projections indicate that employment levels by 2024 will return to figures similar to the spike seen in 2019, with 34,800 projected by 2024. According to the 2016 census a large proportion of Air-conditioning and Refrigeration Mechanics are employed in the Construction Services, and Repairs and Maintenance industries (approximately 37% and 35% respectively).

• The government of India gave an approval to 27 cold chain projects through the Pradhan Mantri Kisan Sampada initiative in 11 states of India. The government announced an investment of USD 28 Mn in this initiative, driving the market.
• Make-in-India, National Manufacturing Policy (NMP), and Goods & Services Tax (GST) implementation are expected to aid the growth of core sectors thus contributing to new demand for screw compressors, initiatives pertinent to energy efficiency will drive the services market.