The new report by Expert Market Research titled, ‘Global Refrigeration Monitoring Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global refrigeration monitoring market, assessing the market based on its segments like offerings, sensors, applications, industries, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 7.7 Billion
- Forecast CAGR (2023-2028): 8.4%
- Forecast Market Size (2028): USD 12.5 Billion
Increase in demand for quality packaged foods and organic food products owing to increase in awareness among the consumers, change in consumption behaviour, rise in number of quick-service restaurants and supermarkets and need for reduction of food wastage by keeping it fresh for longer period are driving the growth of the market and are expected to continue do so in the future as well.
In addition, increase in food retail chains in developing countries and the rise in demand for refrigeration systems in grocery stores, supermarkets, and convenience stores are anticipated to drive the market growth. Interactive notification and remote-control features of refrigeration monitoring systems are expected to further boost the refrigeration monitoring market growth.
Industry Definition and Major Segments
Refrigeration is a heat removal process from an enclosed space in an attempt to lower the temperature. A refrigeration monitoring possesses advanced IoT sensors, monitors the temperature in the refrigeration system and provides alerts for temperature fluctuations in artificial cooling system.
On the basis of offering, the market can be divided into:
- Hardware
- Software
- Services
- Others
Based on sensor, the market can be divided into:
- Temperature Sensor
- Defrost Sensors
- Liquid Level Sensors
- Pressure Sensor
- Gas Detector
- Motion Sensor
- Touch Sensors
- Contact Sensors
- AC Current Sensors
- Water Detection Sensors
On the basis of application, the market can be segmented into:
- Transportation
- Storage
On the basis of industry, the market can be segmented into:
- Food and Beverage
- Pharmaceuticals
- Chemicals
- Hospitals
- Residential
- Others
Global refrigeration monitoring market by region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Major players in the refrigeration monitoring market are looking to develop advanced products and solutions that can produce eco-friendly technologies by conserving power and reducing carbon emissions. Various government initiatives and ongoing technological advancements like the use of IoT and AI are expected to provide vast number of opportunities to the players in the refrigeration monitoring market.
The increasing market penetration of internet connection and the widespread use of smartphones are assisting the expansion of such digital technologies, giving the market a boost. The presence of many active players in the market shows the intensity of competitive landscape of the refrigeration monitoring market. These players are using various strategies to expand their business, which includes mergers, acquisitions, collaboration, and partnerships which in turn, are expected to bolster the growth of the refrigeration monitoring market.
Key Market Players
The major players in the global refrigeration monitoring market are Zebra Technologies Corporation, Emerson Electric Co., Danfoss, Daikin Industries, Ltd., and Samsara Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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