APAC is expected to hold largest share of refrigeration monitoring market in 2025

(IT-NEWSWIRE.COM, May 22, 2020 ) The refrigeration monitoring market is projected to grow from USD 7.4 billion in 2020 to USD 11.1 billion by 2025, at a CAGR of 8.3%. Key factors fueling the growth of this market include changing food consumption patterns, shifting consumer preferences 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.

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Hardware accounted for largest share of refrigeration monitoring market in 2019

In 2019, hardware accounted for the largest share of the refrigeration monitoring market. Hardware is a major component used in refrigeration monitoring units and comprises temperature sensors, defrost sensors, touch sensors, liquid level sensors, pressure sensors, etc., and networking devices that monitor and control the refrigeration system and notify the user through alarms or notifications. The demand for hardware is increasing owing to the increasing use of refrigeration monitoring systems in cold storage and transportation systems to preserve perishable products.

Temperature sensors accounted for largest share of refrigeration monitoring market in 2019

Among sensors, the temperature sensors segment accounted for the largest share of the refrigeration monitoring market in 2019. Temperature is one of the most common parameters that is measured across a wide variety of industries, including food & beverages, retail, transport, pharmaceuticals, chemicals, and others. Most frozen and packed food products are required to be stored at a specific temperature requirement in order to ensure that they remain fresh. A temperature sensor is used to adjust the temperature of the refrigerator according to its contents. The applicability of temperature sensors in various industries such as pharmaceuticals, chemicals, food & beverages, hospitals, and residential is likely to increase the worldwide demand for these sensors in the forecast period.

Storage segment accounted for largest share of refrigeration monitoring market in 2019

Among applications, the storage accounted for the largest share of the refrigeration monitoring market in 2019. To increase the availability of perishable food products and decrease losses due to wastage, retail and transport companies are deploying cold storage facilities. Rapid growth in the retail sector, such as an increase in the number of supermarkets and quick-service restaurants, is expected to increase demand for these commercial refrigerators. The rise in refrigerated capacity of cold storage in APAC is expected to accelerate the growth of the refrigeration monitoring market in the storage sector.

Food & beverage industry accounted for largest share of refrigeration monitoring market in 2019

Among industries, food & beverages accounted for the largest share of the refrigeration monitoring market in 2019. The quality and durability of food are directly related to the efficient monitoring of the refrigeration unit. With the increase in disposable income of individuals worldwide, the refrigerated foods market is growing at a rapid pace. The growth in this industry is attributed to factors such as government regulations for food safety, a rise in demand for packaged food, and the adoption of refrigeration systems by retail, cold storage, and transport companies to minimize losses.

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.

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.

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APAC is expected to hold largest share of refrigeration monitoring market in 2025