Refrigeration Monitoring Market worth $11.1 billion by 2025
According to the research report, "Refrigeration
Monitoring Market by Offering (Hardware, Software, and Service), Sensor
(temperature, defrost, touch, liquid level, gas detector, contact, motion
detector, pressure), Application, Industry, and Region - Global Forecast to
2025" is projected to grow from USD 7.4 billion in 2020 to USD 11.1
billion by 2025; it is expected to grow at a CAGR of 8.3% from 2020 to 2025.
Key factors fueling the growth of this market are changing consumption
patterns, shifting consumer preference for organic food products, increasing
demand for high-quality packed food products, growing demand for
temperature-sensitive drugs, high disposable income, and the need to reduce
food wastage.
Hardware accounted for largest share of refrigeration
monitoring market in 2019
In 2019, hardware captured the largest share of the
refrigeration monitoring market. The hardware segment includes various sensors
such as temperature sensors, defrost sensors, touch sensors, contact sensors,
motion detectors, and AC current meters used in the refrigeration unit and
networking devices such as routers and gateways. Sensors play an important role
in detecting analog/digital/electronic signals and responding to them to
optimize operation of the equipment. Thermal buffers are used to smooth rapid
temperature fluctuations due to compressor cycling, door opening, loading, or
removing products. The demand for hardware is increasing owing to the rising
use of refrigeration monitoring systems in cold storage and transportation
systems to preserve perishable products for longer durations.
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Market for temperature sensors is projected to grow at
highest CAGR during forecast period
Among sensors, the market for temperature sensors is
projected to grow at the highest CAGR from 2020 to 2025. Temperature is one of
the most common parameters that is measured across a broad variety of
industries such as food & beverages, retail, transport, pharmaceuticals,
chemicals, and others. The type of sensor used affects the accuracy of
measurement and the optimal temperature range. Most frozen and packed food
products are required to be stored at a specific temperature in order to ensure
the freshness of the food product. A temperature sensor is used to adjust the
temperature of the refrigerator as required according to its contents. The
applicability of temperature sensors in various industries is likely to
increase the worldwide demand for these sensors in the forecast period.
APAC is expected to hold largest share of refrigeration
monitoring market in 2025
APAC is expected to hold the largest share of the
refrigeration monitoring market in 2025. APAC is the world’s most densely
populated region with diverse climatic conditions. This reflects the necessity
for efficient cold chain services for the transportation of
temperature-sensitive goods from one place to another. The increasing
disposable income and aging population has resulted in an increase in the
healthcare expenditure in the region. This has led to a rise in the demand for
temperature-sensitive healthcare products such as vaccines, insulin, and blood
products. The rise in per capita income and shifting dietary patterns have led
to a rising demand for premium products such as seafood, frozen meat, dairy,
fruits, and vegetables, etc. These products need to be regularly monitored for
changes in temperature to ensure freshness and quality. Along with this shift
in trends, the growth of the e-commerce and online grocery shopping trend has
also boosted the demand for frozen food, contributing to the growth of the
refrigeration monitoring market in APAC.
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