refrigeration monitoring market analysis

What are the drivers and opportunities for the refrigeration monitoring market?

Refrigeration Monitoring Market 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.

Factors such as the growth in the food retail sector, stringent regulatory reforms across North America and Europe, the increasing requirement for temperature-sensitive drugs, and the increasing focus on food wastage reduction are fueling the growth of the refrigeration monitoring market. The rising trend of online grocery shopping is one of the key opportunities for the refrigeration monitoring market in the storage sector.

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What are the opportunities for new market entrants?

Recent developments in real-time monitoring softwares to connect various sensors in the supermarket and cold storage led to the increased adoption of monitoring solution. The real-time monitoring has been highly adopted in food & beverages industry due to large use of cold storage in this industry. Therefore, this will presents a greater opportunity to the industry players in the refrigeration monitoring market.

Which are the major companies in the refrigeration monitoring market? What are their major strategies to strengthen their market presence?

The major companies in refrigeration monitoring includes Emerson (US), Danfoss (Denmark), Monnit (US), TE Connectivity (Switzerland), and Texas Instruments (US). Emerson (US) is the dominant player in the global refrigeration monitoring market. It is a leading companies in the refrigeration monitoring market in 2019 with main focus on refrigeration monitoring sensors. The major strategies adopted by these players are product launches, collaborations, and partnerships strategy.

Which are the major applications of refrigeration monitoring? How huge is the opportunity for their growth in the next five years?

The major applications of refrigeration monitoring includes food & beverages, pharmaceuticals, and hospitals and it is expected that increased volume of cold storage in food & beverages will lead to USD 4.9 billion opportunity till 2025.

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Which type of sensors are widely used in the refrigeration monitoring market?

Temperature sensors are widely used in the pharmaceutical, chemical, food & beverages, hospital, residential, and other sectors. The market for the temperature sensor is expected to grow at the highest CAGR during the forecast period. Additionally defrost sensors are also majorly used refrigeration monitoring market.