Refrigeration Monitoring Market Set for Steady Growth, Projected to Reach USD 11.1 Billion by 2025, Reports MarketsandMarkets
The global refrigeration monitoring market is poised for significant growth, with a projected valuation of USD 11.1 billion by 2025, growing at a steady Compound Annual Growth Rate (CAGR) of 8.3% from 2020 to 2025. This substantial expansion is highlighted in the latest report by MarketsandMarkets, a leading market research firm recognized for its comprehensive analyses of refrigeration and monitoring technologies.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=131776121
Key Segments:
The refrigeration monitoring market is segmented into key
categories, providing a detailed overview of the industry landscape:
Component: Segmentation based on components includes
hardware (sensors, controllers, and data loggers) and software (monitoring and
analytics platforms), reflecting the diverse technologies employed in
refrigeration monitoring systems.
Application: The market is categorized by applications,
including commercial refrigeration, industrial refrigeration, transportation
refrigeration, and others, addressing the varied requirements of different
sectors and industries.
End-User: Segmentation by end-users encompasses
supermarkets/hypermarkets, food processing industries, pharmaceutical
industries, cold storage warehouses, and others, showcasing the diverse
applications of refrigeration monitoring solutions.
Growth Drivers:
The market's significant growth is driven by several key
factors:
Stringent Regulatory Requirements: Increasing regulatory
requirements for food safety and pharmaceutical storage drive the demand for
advanced refrigeration monitoring systems to ensure compliance.
Growing Emphasis on Energy Efficiency: The rising emphasis
on energy efficiency in refrigeration systems propels the adoption of
monitoring solutions to optimize energy consumption and reduce operational
costs.
Expansion of Cold Chain Logistics: The expansion of cold
chain logistics, driven by the growth of e-commerce and the increasing demand
for perishable goods, contributes to the adoption of refrigeration monitoring
solutions to maintain product quality and integrity.
Opportunity: Phasing out of fluorinated refrigerants,
which boosts retrofit market
The demand for refrigerators and air conditioners is
continuously increasing across the globe. In high-temperature regions, the use
of air conditioners is becoming a necessity. In emerging economies such as
India, China, and Brazil, the demand for household appliances such as
refrigerators and air conditioners is expected to increase in the coming years.
This growing demand is expected to lead to increased emission of harmful
greenhouse gases in the atmosphere. Thus, different countries across the globe
have formulated regulations such as the Kyoto Protocol, Regulation (EC) No.
1005/2009: to regulate the use of ozone layer depletion substances, and
Regulation (EU) No. 517/2014: to regulate the production and use of fluorinated
gas (F-gas) containing substances.
The increasing disposable income and aging population in the
region have resulted in an increase in the healthcare expenditure in the
region, resulting in the growth of multinational pharmaceutical and
biotechnology companies. This has eventually led to rising demand for
temperature-sensitive healthcare products such as vaccines, insulin, and blood
products.
Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=131776121
Emerson (US), Danfoss (Denmark), Monnit (US), TE
Connectivity (Switzerland), Zebra Technologies (Zebra) (US), Texas Instruments
(US), ORBCOMM (US), Controlant (Iceland), Samsara (US), and Smart Sense (Digi
International) (US) are the key players in the refrigeration monitoring market.
These players are undertaking strategies such as product launches, expansions,
agreements, partnerships, collaborations, and acquisitions to increase their
market share.
Emerson (US) was one of the leading companies in the
refrigeration monitoring market in 2019 with a focus on the refrigeration
monitoring sensors. The refrigeration monitoring solutions of the company are
offered under its Climate Technology division in the Commercial &
Residential Solution business unit. It manufactures and develops refrigerator
components and monitoring solutions for the residential, commercial, and
industrial sectors. Emerson delivers a wide range of refrigeration monitoring
solutions such as standard, programmable & Wi-Fi thermostats, sensors,
thermistors, and control systems. Emerson has adopted the strategy of
collaboration to strengthen its position in the market.
Comments
Post a Comment