New York, USA, March 09, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global storage refrigeration monitoring market is anticipated to register a revenue of $7,227.5 million at a CAGR of 8.0% by 2026, increasing from $3,900.0 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Market Dynamics
There is growing awareness about the quality & durability of food & beverage products. Also, there is an increase in the demand for cold storage systems from different industry verticals. These are the major driving factors for the storage refrigeration monitoring market.
The cost associated with the maintenance and installation of the refrigeration systems is one of the major restraining factors for the market.
Technical advancements in software systems and growing online food & beverage stores are anticipated to create major investment opportunities for the growth of the market in the coming time.
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Segments of the Market
The report has divided the market into different segments based on system type, component, storage application, end-use, and regional analysis.
Hardware System sub-segment to be the Most Profitable
The hardware system sub-segment garnered a significant market share of 7.7% in 2018. This is because of the key role of hardware components in the control and monitoring of the refrigeration systems in the cold storage and transportations units.
Compressor Segment Expected to be the Most Lucrative
The compressor sub-segment is anticipated to account for $1,712.9 million by 2026, growing at a CAGR of 7.5%. This growth is attributed to the extensive use of compressors in air conditioning units in both industrial & residential refrigeration network applications including humidifiers, chillers, and others.
Fresh Fruits & Vegetables Storage Expected to Witness Considerable Growth
Fresh fruits & vegetables storage segment accounted for over $834.6 million in 2018 and is further anticipated to reach $1,503.3 million by the end of 2026. This growth is attributed to increasing use of refrigeration systems for fruits & vegetable storage. The reason behind this growth is the extensive use of refrigeration systems for fruits & vegetable storage as they require the temperature to be kept in minimal level constantly.
Food & beverages will be the Most Profitable
Food & beverages end use industry accounted for $1,251.9 million in 2018 and is further estimated to record the highest revenue during the forecast period. This growth is majorly due to wide usage of refrigeration units in the food & beverage application. A well-organized monitoring and maintenance system of the storage refrigeration networks is required for maintaining and storing the food & beverage products for a long time. This is the factor enhancing the growth of the segment.
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Asia-Pacific to dominate the market
Asia-Pacific regional market generated $1,263.6 million in 2018 and is projected to continue its growth at a healthy rate during the estimated period. This is because of wide usage of storage refrigeration systems by end use industry verticals in these regions to store products such as pharmaceutical medicines and processed foods. Besides, rising demand for the storage of high-quality foods along with growth of biopharmaceutical sector in developing countries such as China and India is expected to boost the market growth during the forecast period.
Key Players of the Market
The report enlists the leading players of the global storage refrigeration monitoring market. They include -
- MAYEKAWA MFG. CO., LTD
- Emerson Electric Co.
- United Technologies
- Sensitech Inc.
- Johnson Controls
- EVAPCO, Inc.
- GEA Group Aktiengesellschaft
- DAIKIN INDUSTRIES, Ltd
- LU-VE S.p.A.
- Ingersoll Rand
- The Danfoss Group
- Veridify Security Inc.
- ELPRO-BUCHS AG.
These market players are focusing on research and development, product launches, collaborations, and partnerships to sustain the growth of the market.
In September 2020, Carrier Global Corporation, a leading global provider of innovative heating, ventilating and air conditioning (HVAC), refrigeration, security and building automation technologies, launched the Healthy, Safe, Sustainable Cold Chain Program. The program is designed to help customers meet rapidly evolving supply chain demands and make their cold chain activities more effective.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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