The Latin America, Middle East and Africa Storage Refrigeration Monitoring Market would witness market growth of 11.1% CAGR during the forecast period (2023-2030).
With the growth in concern for quality and health, there is an increasing demand for fresh food and beverages. The market is also being driven by the expansion of the middle-income class of people and the growing interest in nutritious eating. Customers now demand more expensive goods, like Alaskan salmon, which must ship quickly and travel great distances to ensure freshness and quality. As a result, keeping the necessary temperature is crucial for cold chain goods to avoid flavor and texture changes that can occur when a shipment is outside the acceptable range.
The market expansion is anticipated to be fueled by the rising demand for pharmaceutical items, particularly in emerging as well as developed nations. Due to the great temperature sensitivity of some pharmaceutical items, efficient temperature monitoring solutions are needed to keep them at the proper temperatures all along the supply chain. By maintaining the appropriate temperature throughout the transport, temperature monitoring technology can aid in reducing product spoiling.
The market is being driven by a number of important factors, such as a shift in consumer tastes for organic food products, changing food consumption patterns, a rise in the demand for high-quality packaged foods, an increase in the demand for drugs that are sensitive to temperature, a high level of disposable income, along with the need to reduce food waste.
The UAE government has made building a top-notch healthcare infrastructure a primary priority, which has led to the sector's rapid development and expansion in recent years. According to the World Health Organization, one in five UAE individuals is obese, and a third of the population has diabetes. Similarly, with a healthcare budget of 9.1% of its GDP, Brazil has the largest healthcare sector in Latin America. Additionally, an important part of healthcare infrastructure is refrigeration facilities. Hence, owing to all of the aforementioned factors, the regional market is bound to grow in the coming years.
The Brazil market dominated the LAMEA Storage Refrigeration Monitoring Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $295.6 million by 2030. The Argentina market is anticipated to grow at a CAGR of 11.7% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 10.8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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