The Global Storage Refrigeration Monitoring Market size is expected to reach $15.3 billion by 2030, rising at a market growth of 8.4% CAGR during the forecast period.
Dairy and ice cream products are extremely perishable and highly susceptible to temperature changes. Hence, Dairy and ice cream segment would capture approximately 1/5th share of the market by 2030. Such goods are stored at the proper temperatures, maintaining their freshness, taste, and texture, owing to proper refrigeration monitoring. It aids in stopping bacterial development, spoilage, and other problems that can jeopardize the security of the goods. Businesses can spot possible problems with refrigeration systems quickly with real-time temperature monitoring and notifications. Quick action can stop product degradation or spoiling, which ultimately saves money and cuts down on waste. Some of the factors impacting the market are raising awareness of food quality and safety among consumers, heightened awareness of energy efficiency in relation to cold storage facilities, and lack of established protocols.
Consumers are becoming more knowledgeable about the possible dangers of storing food improperly, such as bacterial development, deterioration, and contamination. Businesses may ensure compliance with rules and stay out of trouble by putting these measures in place. As consumer awareness of food safety continues to rise, it is essential for food producers, distributors, and retailers to adopt storage refrigeration monitoring systems to meet consumer expectations, uphold the brand reputation, adhere to regulations, guarantee transparency, and make wise business decisions. Therefore, all these aforementioned factors are expected to propel the growth of the market in the coming years. Companies have prioritized energy-efficient choices to lower costs and lessen their environmental impact as a result of these facilities' substantial energy use of refrigeration systems. Solutions for monitoring storage refrigeration that provide information on energy use and optimization have become more valuable. Businesses may improve their cooling procedures, lower equipment downtime, and increase the usefulness of their refrigeration systems by utilizing advanced analytics along with machine learning algorithms, which is expected to create excellent market opportunities.
However, compatibility problems between various monitoring systems may arise in the lack of global standards or protocols. Data integration and exchange may be challenging due to the usage of particular formats and protocols by each machine. Because of this, it may be difficult for enterprises to work with various stakeholders or implement complete monitoring solutions incorporating several systems. The ability to gain important insights or adopt consistent analytical processes is hampered by the heterogeneity in data collecting and storage techniques. During the forecast period, these factors will negatively impact the market share for storage refrigeration monitoring.
Based on industry, the market is segmented into food & beverages, chemical & pharmaceuticals, healthcare, residential, and others. The chemical and pharmaceuticals segment recorded a substantial revenue share in the market in 2022. In the upcoming years, the pharmaceutical sector is anticipated to expand dramatically. To ensure the secure transportation and storage of medications, increased global demand requires strict regulatory standards. The temperature of pharmaceuticals and medications that are temperature-sensitive must be maintained and administered at a steady level.
By storage application, the market is divided into fresh fruits & vegetables, beverages, dairy & ice cream, meat, medical & pharmaceutical products, and others. The fresh fruits and vegetables segment witnessed the maximum revenue share in the market in 2022. Since fresh fruits and vegetables need to be chilled for maintenance purposes, the segment is expanding as a result of the significant usage of refrigeration systems in this application. Additionally, it is anticipated that the category will develop as a result of the significant use of refrigeration systems by a number of industries involved in food processing.
On the basis of component, the market is classified into condenser, compressor, evaporator, expansion valve, and others. The condenser segment recorded a significant revenue share in the market in 2022. The data points or characteristics that a compressor driver monitors and controls are referred to as the condenser in a refrigeration system. These factors support controlling and improving the compressor's operation. The specifics may vary depending on the complexity and kind of compressor as well as the requirements of the refrigeration system.
Based on system type, the market is characterized into software, hardware, and services. The hardware segment garnered the highest revenue share in the market in 2022. To accurately verify the temperature of the storage refrigeration systems, hardware systems such as RFID devices, sensors for temperature and pressure, networking devices, and others are used. Hardware, which includes defrosting sensors, touch sensors, and liquid level sensors, as well as networking devices that monitor and control the refrigeration system and alert the user via alarms or notifications, is a crucial part of refrigeration monitoring units.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 8.1 Billion |
| Market size forecast in 2030 | USD 15.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 8.4% from 2023 to 2030 |
| Number of Pages | 333 |
| Number of Table | 510 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, System Type, Application, Industry, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed the largest revenue share in the market in 2022. The expansion of cold chain facilities and the requirement for monitoring systems are predicted to be facilitated by improvements in storage and distribution networks. The government's investments in creating more effective and cutting-edge cold chain monitoring and tracking systems to boost supply chain efficiency and productivity are anticipated to fuel market expansion in this region.
The market research report covers the analysis of key stakeholders 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.
Free Valuable Insights: Global Storage Refrigeration Monitoring Market size to reach USD 15.3 Billion by 2030
By Industry
By Application
By Component
By System Type
By Geography
The Market size is projected to reach USD 15.3 billion by 2030.
Heightened Awareness of Energy Efficiency in Relation to Cold Storage Facilities are driving the Market in coming years, however, A Lack of Established Protocols restraints the growth of the Market.
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.
The Compressor segment acquired maximum revenue share in the Market by Component in 2022; thereby, achieving a market value of $5.3 billion by 2030.
The Food & Beverages segment is leading the Market by Industry in 2022; thereby, achieving a market value of $5.2 billion by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5.2 billion by 2030.
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