The refrigeration monitoring market is projected to grow from USD 7.4 billion in 2020 to USD 11.1 billion by 2025, at a CAGR of 8.3% from 2020 to 2025
NEW YORK, March 18, 2020 /PRNewswire/ --
Refrigeration monitoring market is projected to grow at CAGR of 8.3% from 2020 to 2025
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The refrigeration monitoring market is projected to grow from USD 7.4 billion in 2020 to USD 11.1 billion by 2025, at a CAGR of 8.3% from 2020 to 2025. Key factors fueling the growth of this market include changing food consumption patterns, shifting consumer preference for organic food products, increasing demand for high-quality packed food products, growing demand for temperature-sensitive drugs, high disposable income, and the need to reduce food wastage.
Market for software is projected to grow at highest CAGR during forecast period among offerings
Among the different offerings in this market, software is expected to grow at the highest CAGR from 2020 to 2025.The demand for software is increasing owing to its benefits of real-time monitoring of refrigeration systems, remote control, and predictive maintenance for the [reservation of food & beverages, drugs, vaccines, and chemicals.
Refrigeration monitoring is available with software for quality-controlled, interactive notification & alarming, and platform for the Internet of Things (IoT) monitoring.
Market for temperature sensors is projected to grow at highest CAGR during 2020—2025
Among sensors, the temperature sensor is projected to witness the highest CAGR from 2020 to 2025.Temperature is one of the most common parameters that is measured across a wide variety of industries including food & beverages, retail, transport, pharmaceuticals, chemicals, and others.
Most frozen and packed food products are required to be stored at a specific temperature requirement in order to ensure that they remain.A temperature sensor is used to adjust the temperature of the refrigerator as required, according to the contents of the refrigerator.
The wide applicability of temperature sensors in the pharmaceutical, chemical, food & beverage, hospital, and residential sectors is likely to increase the worldwide demand for these sensors in the forecast period.
Refrigeration monitoring for storage accounted for largest market share in 2019
Among applications, the refrigeration monitoring market for storage is projected to lead from 2020 to 2025.To increase the availability of perishable food products and reduce losses due to wastage, retail companies and transport companies are deploying cold storage facilities to preserve food & beverages.
Rapid growth in the retail sector, such as an increase in the number of supermarkets and quick-service restaurants, is expected to increase demand for these commercial refrigerators. The rise in refrigerated capacity of cold storage in APAC is thus expected to accelerate the growth of the refrigeration monitoring market in the storage sector.
Market for food & beverages is projected to grow at highest CAGR during 2020—2025
Among industries, the food & beverages industry is projected to witness the highest CAGR from 2020 to 2025.The quality and durability of food are directly related to the efficient monitoring of the refrigeration unit.
With the increase in disposable income of individuals worldwide, the refrigerated foods market is growing at a fast pace. The growth in this industry is attributed to factors such as government regulations for food safety, a rise in demand for packaged food, and the adoption of refrigeration systems by retail, cold storage, and transport companies to minimize losses.
APAC is expected to hold largest share of refrigeration monitoring market in 2025
APAC is expected to hold the largest share of the refrigeration monitoring market in 2025.The growth in APAC is driven by the rising demand for high-quality food products, an increase in online food retail, increased consumer spending on eating out, and government initiatives to improve healthcare in the region.
Additionally, advancements in e-commerce, logistics, and warehouse management are contributing to the growth of the market in the APAC region.
APAC is the world's most densely populated region with diverse climatic conditions.This reflects the necessity for efficient cold chain services for the transportation of temperature-sensitive goods from one place to another.
Governments in various countries are also attempting to facilitate improvements in the cold chain service industry through regulations and subsidies.
Breakdown of profiles of primary participants:
• By Company: Tier 1 = 30%, Tier 2 = 45%, and Tier 3 = 25%
• By Designation: C-level Executives = 35%, Directors = 40%, and Others (Managers, Scientists, and University Researchers) = 25%
• By Region: APAC = 40%, Americas = 35%, Europe = 20%, and RoW = 5%
Major players profiled in this report:
• Emerson
• MONNIT
• Danfoss
• TE Connectivity
• Zebra Technologies
• Texas Instruments
• ORBCOMM
• Controlant
• Samsara
• SmartSense
Research coverage
This report offers detailed insights into the refrigeration monitoring market based on offering, sensor, application, industry, and region.Based on offering, the refrigeration monitoring market has been segmented into hardware, software, and service.
Based on sensor, the market has been divided into temperature sensors, defrost sensors, touch sensors, liquid level sensors, pressure sensors, contact sensors, AC current sensors, water detectors, gas detectors, and motion detectors.Based on application, the market has been divided into storage and transportation.
Based on industry, the refrigeration monitoring market has been classified into food & beverages, pharmaceuticals, chemicals, hospitals, residential, and others. The market has been studied for Asia Pacific (APAC); North America; Europe; and Rest of the World (RoW).
Reasons to buy the report
The report is expected to help market leaders/new entrants in this market in the following ways.
1. This report segments the refrigeration monitoring market comprehensively and provides the closest approximations of the overall size of the market, as well as its segments and subsegments.
2. The report is expected to help stakeholders understand the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities.
3. This report aims at helping stakeholders obtain an improved understanding of their competitors and gain insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem of the market, as well as growth strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions adopted by major market players.
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