According to global storage refrigeration monitoring market analysis by Research Dive, the global market forecast will exceed $7,227.5 million till 2026, at an8.0% CAGR, growing from $3,900.0 million in the year 2018.
Storage Refrigeration Monitoring Market Drivers: The rising importance of refrigeration systems among the retailers to maintain the durability & quality of food products along with growing adoption of storage refrigeration systems from end use verticals are significantly driving the growth of the market. Moreover, stringent government regulations to reduce the food waste by updating the clod storages infrastructure and growing varietyof preserved foods are also estimated to drive the market growth.
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In addition, increasing demand for medical & pharmaceutical products especially in developing countries is also estimated to boost the market growth. Since most of the medical & pharmaceutical products such as drugs, blood bags, vaccines and others are extremely temperature sensitive, they need to be preserved in constant temperature places to reduce spoiling. The abovementioned aspects are fueling the storage refrigeration market growth in the forecast time. In addition, Internet of Things (IoT) has become popular in recent times and growing utilization of IoT networks for refrigeration systems for the continuous monitoring of humidity, power usage, temperature and other parameters is anticipated to drive the growth opportunities in the coming years. However, high investments are required for the installation of the refrigeration systems coupled with strict government rules related to utilization of refrigerants that are expected to restrict the market growth. Moreover, replacement and updating the old refrigeration systems is still a challenge for enterprises because of the huge cost involved.
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The hardware system segment accounted for highest market size in 2018; it was valued over $1,517.1 million and is estimated to register for $2,746.5 million till the end of 2026. Hardware components are inseparable units and have supreme importance in refrigeration monitoring and control to ensure the efficacy, integrity and security of the stored substance. The storage refrigeration monitoring market for software systems is anticipated to experience a noticeablegrowth and is estimated to grow at a notable rate of 8.3% CAGR during the projected time. This projected growth in the software system market is attributed to growing cloud-based software systems that provide real time monitoring and control of the refrigeration units.
The compressor component market is expected to apprehend the global storage refrigeration monitoring market and projected to continue its growth throughout the estimated time. This growth is majorly becausecompressorsare widely used as chillers and humidifiers in air conditioning systems in the residential and industrial storage refrigeration units. The condenser storage refrigeration monitoring market is expected to grow at a rate of 8.5% CAGR and is anticipated to account for $1,698.5 million by the end of 2026.
The market for fresh fruits & vegetables storage application segment held a major share of the global industry in the previous years and will witness to increase at a CAGR of 7.6% throughout the projected time. The dominance is accredited to significant utilization of refrigeration storage methods for fruits & vegetable preservation because this process needs to maintain continuous control and temperature. Medical & pharmaceutical storage segment is anticipated to experience a notable growth and is expected to reach $1,481.6 million by 2026. This expected growth is attributed to growing demand for refrigeration equipment for preservation of drugs, vaccines and other products.
Food & beverages sector contributed for major storage refrigeration monitoring market size; it was valued at $1,251.9 in 2018 and is estimated to grow at a rate of 7.6% CAGR throughout the forecast time. The growth in food & beverages sector is accredited to significant usage of storage refrigeration systems for the storage of food products to maintain quality and durability. In addition, upsurge in the demand for packaged and frozen products globally will further boost the growth of the market in the forecast time. Healthcare sector will witness to grow at a noticeable rate of 8.6% CAGR; it is predicted to generate a revenue of $1,727.4 million by 2026 and has been increasing from $893.1 million by the end of 2018. This expected growth is significantly due to increasing demand for storage of drugs, serum, tissues and human organs in clinics, laboratories and hospitals.
Asia-Pacific market accounted for majority of the global storage refrigeration monitoring market share in 2018, which was about 32.4% and is estimated to reach $2,273.1 million by the end of 2026. The growth of this market in Asia-Pacific is driven by increasing requirement of refrigeration storage systems for food & beverage products and increase in the online food suppliers. Moreover, rising demand from end use industries, including pharmaceutical & chemical and food & beverages sectors, due to rapid industrialization in the developing economies, such as India, China and Australia, is also estimated to drive the growth of the market. Also, governments in several economies forcing to facilitate developments in the storage refrigeration monitoring systems from health is estimated to enhance the market size in Asia-Pacific region.
North America registered for second highest market size; it generated over $1,201.2 million in 2018 and is anticipated to grow at a CAGR of 8.4% during the forecast time. Extensive usage of refrigeration systems due to growth awareness of safety and quality of food products is driving the market size in the North America. In addition, favorable government regulations on the use of storage refrigeration systems
for healthcare sector is also enhancing the market growth in this region.
The significant global storage refrigeration monitoring market players are United Technologies, Sensitech Inc., Johnson Controls, MAYEKAWA MFG. CO., LTD, DAIKIN INDUSTRIES, Ltd, The Danfoss Group, EVAPCO, Inc., Emerson Electric Co., GEA Group Aktiengesellschaft, Ingersoll Rand, Veridify Security Inc., ELPRO-BUCHS AG and LU-VE S.p.A. These significant players are implementing several strategies such as new technology introductions, R&D investments, collaborations & partnerships and joint ventures to gain competitive edge in the global storage refrigeration monitoring industry.
Porter’s Five Forces Analysis for Storage Refrigeration Monitoring Market:
Trading Power of Suppliers:Storage refrigeration monitoring market contains high number of large and small & medium size suppliers and changing price is predicted to be high.The tradingpower of suppliersis HIGH.
NegotiatingControl of Buyers: The market has high concentration of consumers, huge demand owingto absence of replacementsand keyparticipantsproviding a high-quality system; these aspects are resulting in moderate power of buyer.The negotiatingcontrol of the buyer is MODERATE.
Threat of New Companies: Increasingrequirement of refrigeration arrangements, existence of major companies and stringent government guidelines on refrigerantsuse are bringing moderate threat for new candidates in the market.The threat of new candidatesisMODERATE.
Risk of Alternates: Storage refrigeration monitoring market has no alternatives, and therefore very less risk of alternatives.The riskof alternatesis LOW.
Competitiveness in the business: This market contains huge number of key players. These key players are focusing on various strategies such as geographical expansions, joint ventures and product developments to gain major market share. The competitiveness in the business is HIGH.
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