Technological advancements in software systems are anticipated to drive the growth of the global storage refrigeration monitoring market during the forecast period from 2023 to 2032. The North America region is projected to grow at the highest CAGR by 2032.
PORTLAND, Ore., June 15, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Global Storage Refrigeration Monitoring Market by System Type (Software, Hardware, and Services), Component (Condenser, Compressor, Evaporator, Expansion Valve, and Others), Storage Application (Fresh Fruits & Vegetables, Beverages, Dairy & Ice Cream, Meat, Medical & Pharmaceutical Products, and Others), End-use Industry (Food & Beverages, Chemical & Pharmaceuticals, Healthcare, Residential, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global storage refrigeration monitoring market generated $8.3 billion in 2022, and is anticipated to generate $17.6 billion by 2032, witnessing a CAGR of 8.0% from 2023 to 2032.
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Prime Determinants of Growth
Technological advancements in the form of Internet of Things (IoT), cloud computing, and wireless communication are predicted to be one of the important factors driving the growth of the global storage refrigeration monitoring market in the forecast timeframe. However, the high initial investment involved in storage refrigeration monitoring systems may hamper the storage refrigeration monitoring market growth in the coming period. On the contrary, an increasing focus on food quality and extending the shelf life of perishable products is expected to offer remunerative opportunities for expansion of the storage refrigeration monitoring market in the 2023-2032 forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $8.3 billion |
Market Size in 2032 | $17.6 billion |
CAGR | 8.0 % |
No. of Pages in Report | 300 |
Segments covered | System Type, Component, Storage Application, End-Use Industry, and Region |
Drivers | Technological advancements in storage refrigeration monitoring in the form on Internet of Things and cloud computing The rising demand for cold storage services in the global food & beverage industry |
Opportunities | The growing focus on food quality and extending the shelf life of perishable products The rising focus on regulatory compliance and operational effectiveness |
Restraints | High initial investment of storage refrigeration monitoring systems |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global storage refrigeration monitoring market. The effective storage and transportation of vaccines, medicines, and perishable food items became critical during the pandemic which increased the demand for storage refrigeration monitoring.
- Also, the pandemic underlined the significance of maintaining food safety and quality standards and its positive effects on human health and immunity. This further pumped the demand for storage refrigeration monitoring systems.
- The storage refrigeration monitoring market is further anticipated to show steady growth in the future due to increasing adoption of advanced technologies.
System Type: Hardware Sub-segment Projected to be Highly Dominant During the Forecast Period
The hardware sub-segment accounted for the highest storage refrigeration monitoring market share in 2022 and is expected to show lucrative growth during the forecast period. Hardware devices like temperature and pressure sensors, RFID devices, networking devices, telematics and telemetry devices play an important role in the control and monitoring of refrigeration systems in cold storage and transportation units. The huge role played by these hardware devices is predicted to boost the sub-segment's growth by 2032.
Component: Compressor Sub-segment to Have a Significant Market Share by 2032
The compressor sub-segment of the storage refrigeration monitoring market accounted for the highest share in 2022 and is predicted to continue to maintain its dominance over the forecast period. The increasing use of compressors in air conditioning units in both industrial & residential refrigeration network applications including humidifiers, chillers, and others is expected to drive the sub-segment's growth by 2032.
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Storage Application: Fresh Fruits & Vegetables Sub-segment to Grow Rapidly by 2032
The fresh fruits & vegetables sub-segment accounted for the highest storage refrigeration monitoring market share in 2022 and is expected to continue its growth during the forecast period. Increasing use of cold storage refrigeration monitoring systems by variety of food processing enterprises while processing vegetables and fruits is predicted to boost the sub-segment's growth by 2032.
End-Use Industry: Food & Beverages Sub-segment to be Flourish Immensely by 2032
The food & beverages sub-segment generated the highest market share in 2022 and is predicted to grow with a CAGR of 10.0% by 2032. The well-organized monitoring and maintenance of storage refrigeration networks is important for the safety, durability, and quality of food & beverage items. As a result of this, there has been an increasing use of storage refrigeration monitoring systems by the food and beverage industry which is predicted to boost the sub-segment's growth by 2032.
Region: North America Market to be One of the Fastest Growing by 2032
The North America region accounted for the highest share in the global storage refrigeration monitoring market in 2022 and is expected to grow significantly during the forecast period. The rising need for temperature monitors from food storage facilities and food logistics operators due to the growing inclination of people in this region to consume fresh and organic food is expected to help the North America market to grow significantly by 2032.
Leading Players in the Storage Refrigeration Monitoring Market:
- Emerson Electric Co.
- Sensitech Inc.
- GEA Group Aktiengesellschaft
- Johnson Controls
- DAIKIN INDUSTRIES, Ltd
- Ingersoll Rand
- MAYEKAWA MFG. CO., LTD
- EVAPCO, Inc.
- LU-VE S.p.A.
- United Technologies
The report provides a detailed analysis of the key players of the global storage refrigeration monitoring market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the storage refrigeration monitoring market analysis and storage refrigeration monitoring market outlook from 2021 to 2031 to identify the prevailing market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global storage refrigeration monitoring market trends, key players, market segments, application areas, and market growth strategies.
Storage Refrigeration Monitoring Market Key Segments:
By System Type
- Software
- Hardware
- Services
By Component
- Condenser
- Compressor
- Evaporator
- Expansion Valve
- Others
By Storage Application
- Fresh Fruits and Vegetables
- Beverages
- Dairy and Ice Cream
- Meat
- Medical and Pharmaceutical Products
- Others
By End Use Industry
- Food and Beverages
- Chemical and Pharmaceuticals
- Healthcare
- Residential
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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