New York, USA, Aug. 31, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global storage refrigeration monitoring market is expected to surpass $7,227.5 million and grow at 8.0% CAGR over the forecast period from 2019-2026. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Storage Refrigeration Monitoring Market
Drivers: The wide range of applications of storage refrigeration monitoring systems like in household refrigerators, industrial freezers, air conditioning units, etc. along with their significant utilization in the healthcare, chemical and pharmaceutical, and other industries are some factors to drive the growth of the global storage refrigeration monitoring market by 2026. Moreover, growing emphasis on maintaining the durability of food products is also estimated to boost the market growth.
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Opportunities: The increasing number of meat consumers and the rising trend of online food and beverages shopping are the prime factors to offer abundant growth opportunities for the global storage refrigeration monitoring market during the analysis years. Furthermore, government’s increasing initiatives to minimize food wastage is also anticipated to augment the market growth by 2026.
Restraints: High cost for installation and maintenance of storage refrigeration systems is the major impeding factor for the market growth.
Segments of the Storage Refrigeration Monitoring Market
The report has divided the storage refrigeration monitoring market into multiple segments based on system type, component, storage application, end-use industry, and regional analysis.
System Type: Hardware Sub-segment to be Highly Dominant
The hardware sub-segment is predicted to hold the most dominant market share and garner a revenue of $2,339.5 million by 2026 due to the key role of hardware components in controlling and monitoring refrigeration systems in transportation units. Hardware systems include RFID devices, temperature and pressure sensors, networking devices, etc. that effectively check the temperature of the storage refrigeration systems. These factors are projected to bolster the sub-segment’s growth by 2026.
Component: Compressor Sub-segment to be the Most Lucrative
The compressor sub-segment of the global storage refrigeration monitoring market is estimated to have the highest growth rate of 7.5% CAGR during the forecast years. This immense growth rate is mainly attributed to their extensive usage in air conditioning nits in both residential and industrial refrigeration network applications including chillers, humidifiers, etc.
Storage Application: Fresh Fruits & Vegetables Sub-segment to be Most Beneficial
The fresh fruits & vegetables sub-segment is anticipated to register a revenue of $1,503.3 million during the 2019-2026 analysis timeframe due to high utilization of refrigeration systems for fresh fruits & vegetables storage since they require chilling temperature for their maintenance process. Moreover, the extensive usage of refrigeration systems by several food processing industries is also expected to propel the sub-segment’s growth by 2026.
End-use Industry: Healthcare Sub-segment to be Highly Progressive
The healthcare sub-segment of the global storage refrigeration monitoring market is predicted to gather a revenue of $1,727.3 million during the forecast years. This immense growth rate is attributed to the importance of refrigeration systems in hospitals, laboratories, clinics, etc. to preserve blood, human organs, drugs, vaccines, etc.
Region: Market in the North America Region to Witness More Growth Opportunities
The storage refrigeration monitoring market in the North America region is projected to register a revenue of $2,283.9 million during the analysis period mainly due to the rising demand for frozen food products by consumers. Moreover, the existence of highly renowned healthcare infrastructure in the region is also estimated to uplift the market growth in North America.
Significant Storage Refrigeration Monitoring Market Players
Some significant storage refrigeration monitoring market players include
- Emerson Electric Co.
- Johnson Controls
- MAYEKAWA MFG. CO., LTD
- United Technologies
- Sensitech Inc.
- DAIKIN INDUSTRIES, Ltd
- EVAPCO, Inc.
- GEA Group Aktiengesellschaft
- Ingersoll Rand
- LU-VE S.p.A.
- The Danfoss Group
- Veridify Security Inc.
- ELPRO-BUCHS AG, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Purchase Inquire to buy the full report
For example, in May 2022, Vertical Cold Storage, a leading developer of temperature-controlled distribution centers, announced its acquisition of three public refrigerated warehouses from US Cold Storage, to strengthen its foothold in some fast-growing regions. This strategic acquisition will also help the company expand its refrigerated meat, poultry, seafood, and protein business.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Storage Refrigeration Monitoring Market:
- Storage Refrigeration Monitoring Market Will Reach US$7,227.5 million By 2026
- Applications of Storage Refrigeration Monitoring and Its Impact on Our Lifestyle and Diet
