The Asia Pacific Storage Refrigeration Monitoring Market would witness market growth of 9.1% CAGR during the forecast period (2023-2030).
The growing need for cold storage services in the food and beverage industry presents the market with substantial prospects. Demand for cold storage infrastructure is being driven by the rise of the food and beverage industry, shifting consumer preferences, and the development of e-commerce.
This demand fuels the need for cutting-edge storage refrigeration monitoring technologies to ensure the quality and safety of perishable commodities, monitor performance, and maintain optimal temperature settings. Continuous monitoring of temperature, humidity, and other crucial characteristics is made possible by storage refrigeration monitoring solutions. These systems support spoilage avoidance, waste minimization, and regulatory compliance by providing real-time indications and notifications.
The expansion of the market is related to advancements in product design. The main players in the market are working to create cutting-edge goods and services that will help market ecologically friendly technology by preserving energy and cutting carbon emissions. The market is expanding due to such advancements. These items are created with the most effective use of available technology to maximize customer convenience. They are also affordable, which accelerates market expansion.
Governments in the region are working to promote advancements in the cold chain service sector through laws and subsidies. As an illustration, the Indian government's Scheme for Cold Chain, Value Addition, and Preservation Infrastructure supports the development of cold chain facilities. The demand for frozen food has also increased as a result of the expansion of online shopping. Due to the region's proximity to major dairy producers like China and India, the dairy sector has flourished.
The People's Republic of China, the biggest consumer of dairy products worldwide, saw a 3.6% increase in milk production in 2019. It imported more dairy products in 2019 due to increased demand, particularly whole and skim milk powder. All of these developments have accelerated the construction of cold storage infrastructure throughout the region, driving rising demand for storage refrigeration monitoring.
The China market dominated the Asia Pacific Storage Refrigeration Monitoring Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.2 billion by 2030. The Japan market is estimated to grow at a CAGR of 8.5% during (2023 - 2030). Additionally, The India market would register a CAGR of 9.8% during (2023 - 2030).
Based on Industry, the market is segmented into Food & Beverages, Healthcare, Chemical & Pharmaceuticals, Residential, and Others. Based on Application, the market is segmented into Fresh Fruits & Vegetables, Beverages, Medical & Pharmaceutical Products, Dairy & Icecream, Meat, and Others. Based on Component, the market is segmented into Compressor, Condenser, Evaporator, Expansion Valve, and Others. Based on System Type, the market is segmented into Software, Hardware, and Services. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Storage Refrigeration Monitoring Market is Projected to reach USD 15.3 Billion by 2030, at a CAGR of 8.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carrier Global Corporation (Sensitech, Inc.), Raytheon Technologies Corporation, Evapco, Inc., The Danfoss Group, Daikin Industries Ltd., Emerson Electric Co., GEA Group AG, Ingersroll Rand, Inc., Johnson Controls International PLC, Mayekawa Mfg. Co., Ltd.
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