New York, USA, Sept. 15, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive stated that the global storage refrigeration monitoring market is predicted to witness a significant rise in revenue from $3,900.0 million in 2018 to over $7,227.5 million by 2026 at a steady CAGR of 8.0% from 2019-2026.
Market Dynamics
Growth: Consumers have been placing extreme focus on the quality of food products and beverages as well which has led to the increased usage of cold storage solutions in several industries. To add further, the rate of meat consumption is predicted to contribute to the rapid growth of the market.
Restraints: The process of implementing refrigeration systems in different sectors requires large amount of investments. Additionally, the usage of coolants has certain regulations attached to it which along with the above mentioned factors could limit the growth of the market.
Opportunities: The rapid progress of technology has resulted in the application of Internet and Things (IoT) which helps in providing instantaneous updates about the functioning of the refrigeration systems. These benefits are predicted to further propel the growth of the storage refrigeration monitoring market in the forecast period.
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Segmental Analysis
The report has categorized the market into multiple segments based on system type, component, storage application, and end use industry.
Hardware System Sub-Segment Predicted to Dominate the Market
By system type, the hardware system sub-segment is set to garner significant revenue in 2018 and is expected to rise further at a CAGR of 7.7%. The monitoring process of refrigeration systems along with the controls are usually maintained by the hardware components which include RFID devices, temperature and pressure sensors. These factors are set to add to the growth of the sub-segment in the forecast period.
Condenser Sub-segment Set Gain Highest Market Share
By component, the condenser sub-segment is set to garner revenue of $1,698.4 million by 2026 and is predicted to rise further. One of the most prominent elements of a refrigeration system is the condenser. It absorbs the heat within the refrigerator and uses refrigerants to keep the items cool. These factors are anticipated to drive the growth of the sub-segment in the analysis period.
Fruits and Vegetables Sub-segment Set to Boost the Storage Refrigeration Monitoring Market Growth
By storage application, the fruits and vegetable sub-segment is anticipated to witness a rise in revenue from $834.6 million in 2018 to over $1,503.3 million by 2026. Fruits and vegetables are perishable by nature and require a strong refrigeration system to maintain their freshness. The need to keep them in a low temperature is set to boost the growth of the sub-segment.
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Food and Beverages Sub-segment Predicted to Dominate the Market
By end use, the food and beverage sub-segment generated revenue of $1,251.9 million by 2018. The rising demand for frozen food products is set to propel the growth of the sub-segment. Frozen food needs to be stored in a safe yet well-organized manner while also going through regular maintenance.
Regional Analysis
The Asia Pacific region garnered a revenue of $1,263.6 million in 2018 and is predicted to rise further in forecast period. The region has been experiencing an increase in demand for refrigeration solutions for various sectors which included pharmaceutical medicines along with processed food items. The biopharmaceutical industry has also been experiencing a strong growth in its presence in countries such as India and China, which has led to a boost in demand for safe storage. This is anticipated to propel the storage refrigeration monitoring market growth in the region.
Top 10 Key Players in the Global Storage Refrigeration Monitoring Market
The report contains a list of notable market players of the global storage refrigeration monitoring market who have been ensuring the constant growth of the market. They are as listed below:
- Emerso Electric Co.
- Johnson Controls
- Daikin Industries, Ltd
- GEA Group Aktiengesellschaft
- The Danfoss Group
- Veridify Security, Inc
- MayekawaMFG.Co,Ltd
- United Technologies
- Evapco, Inc
- LU-VE
These players are currently focusing on R&D activities, mergers & acquisitions, partnerships, and collaborations to sustain and attain a leading position in the storage refrigeration monitoring market. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in February 2020, Emerson Electric Co, a pioneer in commercial engineering launched the Copeland Scroll Digital Outdoor Refrigeration Unit X-Line Series. It has multiple features which include walk in coolers set at medium temperatures as well as display cases. They have a continuous capacity of over 20%-100% along with low consumption of energy.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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