New York, USA, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global storage refrigeration monitoring market is likely to register a revenue of $7,227.5 million by 2026, at a CAGR of 8.0% during the forecast period from 2019 to 2026. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
Market Dynamics
As per the analysts of Research Dive, the growing focus of people on the quality & durability of food & beverage products along with the rising demand for cold storage systems from several industry verticals across the globe are the major factors anticipated to accelerate the growth of the global storage refrigeration monitoring market over the forecast period. In addition, the increasing consumption of fast-moving consumer goods along with the growing number of meat consumers around the globe are other factors expected to drive the storage refrigeration monitoring market size.
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Moreover, the continuous technological progressions in software networks, such as RFID (radio frequency identification) for the storage components’ effective monitoring in the refrigeration units along with the rising trend towards use of IoT in the refrigerators are projected to create huge growth opportunities for the storage refrigeration monitoring market in the estimated timeframe. However, the high installation and maintenance cost of refrigeration systems may restrict the market growth in the coming years.
Hardware Sub-segment to be Most Profitable
By system type, the hardware sub-segment generated a significant market share in 2018 and is predicted to rise at a CAGR of 7.7% over the forecast period. This is mainly because hardware components play a key role in the control & monitoring of the refrigeration systems in the transportation and cold storage units. Hardware systems include RFID devices, temperature & pressure sensors, telematics & telemetry devices, networking devices, and other modules.
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Compressor Sub-segment to Hold the Largest Market Share
By component, the compressor sub-segment is projected to have a dominating market share and garner a revenue of $1,712.9 million in the analysis period. This is majorly because compressors are extensively used in air conditioning units in both residential & industrial refrigeration network applications including chillers, humidifiers, and others. These factors are driving the growth of the compressor sub-segment in the storage refrigeration monitoring market.
Fresh Fruits & Vegetables Sub-segment to Witness Prominent Growth
By storage application, the fresh fruits & vegetables sub-segment accounted for $834.6 million in 2028 and is predicted to observe substantial growth over the forecast period. The prominent growth of the sub-segment can be attributed to the wide usage of refrigeration systems for fruits & vegetable storage as they require the temperature to be kept in constant maintenance and chilling processes.
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Food & Beverages Sub-segment to be Most Lucrative
By end use, the food & beverages sub-segment garnered a revenue of $1,251.9 million in 2018 and is expected to witness significant growth during the analysis period. The rising demand for frozen and packaged food products along with the wide usage of refrigeration units in the food & beverage sector are the factors expected to bolster the sub-segment’s growth in the storage refrigeration monitoring market.
Asia-Pacific Region to Dominate in the Market
By region, the Asia-Pacific storage refrigeration monitoring market accounted for $1,263.6 million in 2018 and is predicted to subjugate in the global industry over the forecast period. This dominant growth can be attributed to the extensive usage of storage refrigeration systems by end-use industry verticals of the region to store products such as processed foods and pharmaceutical medicines. Besides, the increasing demand for the storage of high-quality foods and the rapid growth in the biopharmaceutical sector in the developing countries like India and China.
Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global storage refrigeration monitoring market are:
- Emerson Electric Co.
- MAYEKAWA MFG. CO., LTD
- Johnson Controls
- United Technologies
- DAIKIN INDUSTRIES, Ltd.
- Sensitech Inc.
- EVAPCO, Inc.
- Ingersoll Rand
- GEA Group Aktiengesellschaft
- LU-VE S.p.A.
- Veridify Security Inc.
- The Danfoss Group
- ELPRO-BUCHS AG.
These players are implementing several strategies to gain a chief position in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in February 2020, Emerson Electric Co, the leading designer & manufacturer of electronic and electrical equipment, announced the launch of the Copeland Scroll Digital Outdoor Refrigeration Unit X-Line Series. The new storage refrigeration series has multiple features including walk in coolers, display cases, and low energy consumption.
Porter’s Five Forces Analysis for Storage Refrigeration Monitoring Market
- Trading Power of Suppliers: Storage refrigeration monitoring market contains high number of large and small & medium size suppliers and changing price is predicted to be high.The tradingpower of suppliersis HIGH.
- Negotiating Control of Buyers: The market has high concentration of consumers, huge demand owingto absence of replacementsand keyparticipantsproviding a high-quality system; these aspects are resulting in moderate power of buyer.
The negotiatingcontrol of the buyer is MODERATE. - Threat of New Companies: Increasingrequirement of refrigeration arrangements, existence of major companies and stringent government guidelines on refrigerantsuse are bringing moderate threat for new candidates in the market.
The threat of new candidatesisMODERATE. - Risk of Alternates: Storage refrigeration monitoring market has no alternatives, and therefore very less risk of alternatives.The riskof alternatesis LOW.
- Competitiveness in the business: This market contains huge number of key players. These key players are focusing on various strategies such as geographical expansions, joint ventures and product developments to gain major market share. The competitiveness in the business is HIGH.
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