The global storage refrigeration monitoring market is anticipated to reach $17.56 Billion by 2032, growing from $8.33 Billion in 2022 at a CAGR of 8.0% from 2023 to 2032.
Storage refrigeration monitoring refers to the process of monitoring and managing the temperature and conditions of refrigeration systems used for storing perishable goods, such as food, pharmaceuticals, and different temperature-sensitive products. It Includes the usage of sensors, data logging devices, and monitoring systems to track and maintain the best storage conditions, ensuring that the goods remain fresh and safe. The reason for storage refrigeration monitoring is to prevent spoilage, maintain product quality, and comply with regulatory standards.
The market for storage refrigeration monitoring is mainly influenced by the rising demand for food safety. Food safety and quality are indeed essential concerns in the storage & refrigeration industry. Stringent regulations and guidelines have been implemented by governing bodies to make sure the protection of food throughout the supply chain. Therefore, organizations in the food enterprise are adopting monitoring solutions to maintain perfect storage conditions and comply with these regulations. Storage refrigeration monitoring systems play a fundamental role in making sure that the temperature and humidity levels are maintained within the required range for different types of food products. These systems continuously monitor and track the conditions of inner storage and refrigeration units, providing real-time information on temperature, humidity, and other relevant parameters. By adopting monitoring solutions, organizations can prevent food spoilage and limit waste. With monitoring systems in place, any deviations from the optimal storage conditions can be quickly identified, allowing timely corrective moves to be taken. This helps to minimize food spoilage and preserve the quality and freshness of stored products.
The high initial investment required for implementing a storage refrigeration monitoring system can be a restraining factor for small and medium-sized businesses. The cost of purchasing monitoring equipment, sensors, software, and installation can add up, making it difficult for businesses with limited budgets to afford such a system. Storage refrigeration monitoring structures require specialized equipment such as temperature sensors, humidity sensors, data loggers, and monitoring devices. These equipment can be expensive, mainly if high-quality and accurate monitoring is required. Proper installation and setup of the monitoring system are crucial for accurate and reliable information collection. Depending on the complexity of the machine and the facility, expert installation may also be required, which can further add to the upfront costs.
The Increasing adoption of the Internet of Things (IoT) and cloud-based technologies are revolutionizing the monitoring and control of refrigeration systems. IoT-enabled sensors and gadgets can collect real-time facts on temperature, humidity, electricity consumption, and equipment performance. These records can be analyzed and managed through cloud-based platforms, and organizations can make informed decisions to enhance efficiency, decrease costs, and ensure product quality. Companies offering progressive IoT and cloud-based storage refrigeration monitoring solutions have a significant growth opportunity in this market. Cloud-based structures supply agencies with remote access to their refrigeration systems. This permits real-time monitoring and management from anywhere, permitting immediate response to any issues or anomalies. Remote access also enables efficient management of multiple storage facilities from a centralized location. The insights gained from IoT-enabled monitoring and cloud-based analytics can help businesses optimize energy consumption, reduce waste, and decrease operational costs. By identifying energy-intensive processes or inefficient equipment, companies can implement energy-saving measures and improve overall sustainability.
The COVID-19 pandemic had a significant impact on the market for storage refrigeration monitoring market. The COVID-19 pandemic caused disruptions in global supply chains, affecting the availability and transport of storage refrigeration monitoring systems. Lockdown measures, travel restrictions, and manufacturing challenges resulted in delays and shortages of components and equipment. These supply chain disruptions impacted the market's expansion and slowed down the deployment of monitoring options in some regions. The storage refrigeration monitoring market is closely associated with the cold chain industry, which Includes the transportation and storage of temperature-sensitive products, along with vaccines, pharmaceuticals, and perishable goods. The COVID-19 pandemic created a surge in demand for cold chain management due to the need for storing and distributing vaccines across the globe. This has driven the demand for storage refrigeration monitoring systems to ensure the secure storage and transportation of vaccines and different scientific supplies. Governments and health authorities across the globe implemented strict regulations and guidelines to ensure the protection and efficacy of vaccines and pharmaceuticals during the pandemic.
The key players profiled in this report Include Emerson Electric Co., Johnson Controls, MAYEKAWA MFG. CO., LTD, United Technologies, Sensitech Inc., DAIKIN INDUSTRIES, Ltd, EVAPCO, Inc., GEA Group Aktiengesellschaft, Ingersoll Rand, and LU-VE S.p.A. The market players are continuously striving to achieve an upper hand in this competitive market using strategies such as collaborations and acquisitions.
Storage refrigeration monitoring refers to the process of monitoring and managing the temperature and conditions of refrigeration systems used for storing perishable goods, such as food, pharmaceuticals, and different temperature-sensitive products. It Includes the usage of sensors, data logging devices, and monitoring systems to track and maintain the best storage conditions, ensuring that the goods remain fresh and safe. The reason for storage refrigeration monitoring is to prevent spoilage, maintain product quality, and comply with regulatory standards.
The market for storage refrigeration monitoring is mainly influenced by the rising demand for food safety. Food safety and quality are indeed essential concerns in the storage & refrigeration industry. Stringent regulations and guidelines have been implemented by governing bodies to make sure the protection of food throughout the supply chain. Therefore, organizations in the food enterprise are adopting monitoring solutions to maintain perfect storage conditions and comply with these regulations. Storage refrigeration monitoring systems play a fundamental role in making sure that the temperature and humidity levels are maintained within the required range for different types of food products. These systems continuously monitor and track the conditions of inner storage and refrigeration units, providing real-time information on temperature, humidity, and other relevant parameters. By adopting monitoring solutions, organizations can prevent food spoilage and limit waste. With monitoring systems in place, any deviations from the optimal storage conditions can be quickly identified, allowing timely corrective moves to be taken. This helps to minimize food spoilage and preserve the quality and freshness of stored products.
The high initial investment required for implementing a storage refrigeration monitoring system can be a restraining factor for small and medium-sized businesses. The cost of purchasing monitoring equipment, sensors, software, and installation can add up, making it difficult for businesses with limited budgets to afford such a system. Storage refrigeration monitoring structures require specialized equipment such as temperature sensors, humidity sensors, data loggers, and monitoring devices. These equipment can be expensive, mainly if high-quality and accurate monitoring is required. Proper installation and setup of the monitoring system are crucial for accurate and reliable information collection. Depending on the complexity of the machine and the facility, expert installation may also be required, which can further add to the upfront costs.
The Increasing adoption of the Internet of Things (IoT) and cloud-based technologies are revolutionizing the monitoring and control of refrigeration systems. IoT-enabled sensors and gadgets can collect real-time facts on temperature, humidity, electricity consumption, and equipment performance. These records can be analyzed and managed through cloud-based platforms, and organizations can make informed decisions to enhance efficiency, decrease costs, and ensure product quality. Companies offering progressive IoT and cloud-based storage refrigeration monitoring solutions have a significant growth opportunity in this market. Cloud-based structures supply agencies with remote access to their refrigeration systems. This permits real-time monitoring and management from anywhere, permitting immediate response to any issues or anomalies. Remote access also enables efficient management of multiple storage facilities from a centralized location. The insights gained from IoT-enabled monitoring and cloud-based analytics can help businesses optimize energy consumption, reduce waste, and decrease operational costs. By identifying energy-intensive processes or inefficient equipment, companies can implement energy-saving measures and improve overall sustainability.
The COVID-19 pandemic had a significant impact on the market for storage refrigeration monitoring market. The COVID-19 pandemic caused disruptions in global supply chains, affecting the availability and transport of storage refrigeration monitoring systems. Lockdown measures, travel restrictions, and manufacturing challenges resulted in delays and shortages of components and equipment. These supply chain disruptions impacted the market's expansion and slowed down the deployment of monitoring options in some regions. The storage refrigeration monitoring market is closely associated with the cold chain industry, which Includes the transportation and storage of temperature-sensitive products, along with vaccines, pharmaceuticals, and perishable goods. The COVID-19 pandemic created a surge in demand for cold chain management due to the need for storing and distributing vaccines across the globe. This has driven the demand for storage refrigeration monitoring systems to ensure the secure storage and transportation of vaccines and different scientific supplies. Governments and health authorities across the globe implemented strict regulations and guidelines to ensure the protection and efficacy of vaccines and pharmaceuticals during the pandemic.
The key players profiled in this report Include Emerson Electric Co., Johnson Controls, MAYEKAWA MFG. CO., LTD, United Technologies, Sensitech Inc., DAIKIN INDUSTRIES, Ltd, EVAPCO, Inc., GEA Group Aktiengesellschaft, Ingersoll Rand, and LU-VE S.p.A. The market players are continuously striving to achieve an upper hand in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the storage refrigeration monitoring market analysis from 2022 to 2032 to identify the prevailing storage refrigeration monitoring market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the storage refrigeration monitoring market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global storage refrigeration monitoring market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By System Type
- Software
- Hardware
- Services
By Component
- Condenser
- Compressor
- Evaporator
- Expansion Valve
- Others
By Storage Application
- Fresh Fruits and Vegetables
- Beverages
- Dairy and Ice Cream
- Meat
- Medical and Pharmaceutical Products
- Others
By End Use Industry
- Food and Beverages
- Chemical and Pharmaceuticals
- Healthcare
- Residential
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of LAMEA
Key Market Players
- Emerson Electric Co.
- Johnson Controls
- Mayekawa Mfg. Co., Ltd.
- United Technologies Corporation.
- Sensitech Inc.
- Daikin Industries, Ltd.
- EVAPCO, Inc.
- GEA Group Aktiengesellschaft
- ingersoll rand
- The Danfoss Group
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: STORAGE REFRIGERATION MONITORING MARKET, BY SYSTEM TYPE
CHAPTER 5: STORAGE REFRIGERATION MONITORING MARKET, BY COMPONENT
CHAPTER 6: STORAGE REFRIGERATION MONITORING MARKET, BY STORAGE APPLICATION
CHAPTER 7: STORAGE REFRIGERATION MONITORING MARKET, BY END USE INDUSTRY
CHAPTER 8: STORAGE REFRIGERATION MONITORING MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Storage Refrigeration Monitoring Market,' The storage refrigeration monitoring market was valued at $8.3 billion in 2022, and is estimated to reach $17.6 billion by 2032, growing at a CAGR of 8% from 2023 to 2032.Storage refrigeration monitoring refers to the process of continually monitoring and controlling the temperature and conditions of refrigerated storage spaces. It includes the use of sensors, statistics collection systems, and analytics to ensure that the storage environment remains within the desired temperature range and meets the required standards for storing perishable goods, such as food, pharmaceuticals, and different temperature-sensitive products. Storage refrigeration monitoring is to maintain the quality, safety, and freshness of stored items. By intently monitoring the temperature, humidity, and different applicable factors, any deviations or fluctuations can be detected promptly. This approves timely corrective movements to be taken, such as adjusting the cooling system or resolving any issues that may also affect the storage conditions.
The cold chain enterprise is experiencing a significant increase due to a variety of factors, including the rising demand for perishable goods and the need for proper storage and transportation of temperature-sensitive products. Storage refrigeration monitoring systems are essential components of the cold chain infrastructure, and they play a vital role in maintaining the quality and integrity of these products. Perishable goods, such as fresh produce, pharmaceuticals, and vaccines, require specific temperature conditions to maintain their quality and efficacy. Storage refrigeration monitoring systems continuously monitor and regulate the temperature inside storage facilities, ensuring that the products are stored within the required temperature range. This helps to prevent spoilage, preserve product quality, and ensure consumer safety. Storage refrigeration monitoring systems detect any deviations from the preferred temperature range and provide real-time alerts, allowing prompt corrective actions to be taken. By minimizing temperature fluctuations, these systems help reduce product waste and financial losses for businesses.
However, limited awareness and understanding can be significant restraints to the adoption of storage refrigeration monitoring in the market. In the food industry, there are strict rules and guidelines governing food safety and storage conditions. Businesses might also not be fully aware of these requirements or the consequences of non-compliance. Storage refrigeration monitoring solutions can help in retaining compliance with regulations, however, if businesses are not aware of the potential risks and penalties associated with non-compliance, they may also not prioritize investing in monitoring systems. Businesses may struggle to evaluate different monitoring options and understand their functionalities without clear industry standards. This lack of standardization can create limitations to adoption and restrict the development of the market for storage refrigeration monitoring.
There is an increasing demand for energy-efficient refrigeration systems owing to the rising concern for environmental sustainability. Storage refrigeration monitoring options that can optimize energy consumption, realize equipment malfunctions, and prevent wastage can help companies reduce their carbon footprint and operating costs. The demand for energy-efficient refrigeration systems has grown substantially due to the rising emphasis on environmental conservation and the need for companies to reduce their carbon footprint. By decreasing electricity consumption and improving sustainability practices, agencies can enhance their company social accountability (CSR) efforts and contribute to a greener future. These factors are anticipated to boost the market growth in the upcoming years.
The storage refrigeration monitoring market share is segmented on the basis of system type, component, storage application, end-use industry, and region. By system type, it is classified into software, hardware, and services. By component, it is classified into condenser, compressor, evaporator, expansion valve, and others. By storage application, it is classified into fresh fruits & vegetables, beverages, dairy & ice cream, meat, medical & pharmaceutical products, and others. By end-use industry, it is classified into food & beverages, chemical & pharmaceuticals, healthcare, residential, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the storage refrigeration monitoring market report include Emerson Electric Co., Johnson Controls, MAYEKAWA MFG. CO., LTD, United Technologies, Sensitech Inc., DAIKIN INDUSTRIES, Ltd, EVAPCO, Inc., GEA Group Aktiengesellschaft, Ingersoll Rand, and LU-VE S.p.A.
The report offers a comprehensive analysis of the global storage refrigeration monitoring market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global Storage Refrigeration Monitoring Industry
The COVID-19 pandemic has had a significant impact on various industries worldwide, including the storage refrigeration monitoring market. The COVID-19 pandemic caused significant disruptions to global supply chains, including the storage and transportation of goods. This highlighted the need for robust storage refrigeration monitoring systems to recognize and address issues such as temperature excursions, equipment failures, and product spoilage.To decrease the risk of virus transmission and reduce the need for on-site personnel, there has been a shift in the direction of remote monitoring options in the storage refrigeration industry. Remote monitoring structures enable real-time monitoring and management of temperature and different environmental conditions in storage facilities, warehouses, and transportation vehicles.
Governments and regulatory bodies have implemented stricter regulations and guidelines for the storage and transportation of vaccines and different temperature-sensitive products during the pandemic. This has led to an increase in need for storage refrigeration monitoring systems that can provide real-time temperature monitoring, data logging, and compliance reporting.
Key Findings of the Study
- Based on system type, the hardware sub-segment emerged as the global leader in 2022 and the software sub-segment is anticipated to be the fastest growing during the forecast period.
- Based on component, the compressor sub-segment emerged as the global leader in 2022 and the condenser sub-segment is predicted to show the fastest growth in the upcoming years.
- Based on storage application, the fresh fruits & vegetables sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
- Based on end-use industry, the food and beverages sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
- Based on region, the North America market registered the highest market share in 2022 and Asia-Pacific is predicted to be the fastest growing during the forecast period.
Companies Mentioned
- Emerson Electric Co.
- Johnson Controls
- Mayekawa Mfg. Co., Ltd.
- United Technologies Corporation.
- Sensitech Inc.
- Daikin Industries, Ltd.
- EVAPCO, Inc.
- GEA Group Aktiengesellschaft
- ingersoll rand
- The Danfoss Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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