Storage Refrigeration Monitoring Market Will Reach US$7,227.5 million By 2026
Refrigeration is a procedure of freezing or eliminating heat from a substance or an enclosed space or forcontrolling and lowering the temperature. This can be done by artificial cooling systems such as refrigerator, freezers, chillers, and coolers. The storage refrigeration system comprises of several components that includes metering device, evaporator, condenser, and compressor.
Storage refrigeration monitoring systems generate real-time alerts for fluctuations in temperature and also automatically monitors the temperature in the storage refrigeration systems. As the storage refrigeration monitoring systems are made up of advanced IoT(Internet of Things) sensor technology, they provide facilities like motion detection, humidity sensing, water detection, real-time alerts, wireless temperature control, etc. As per Research Dive blog, these systems are used for both storage as well as transportation purposes and lowers the production of bacteria. Due to several benefits associated with these systems, they are used majorly in the several industries including healthcare, food& beverages, chemical & pharmaceutical, and others to minimize the spoilage by preserve the essential items.
Recent Developments in the Industry
The storage refrigeration systems provide reliable and accurate temperature monitoring. Many industry players are now moving towards IoT to provide consumers with improved quality and reduced product waste. The players are now designing the storage refrigeration systems with advanced technology to reduce errors and time spent on noting manual readings. For instance, the UK-based Hanwell Solution Limited has launched a new product namely ‘Notion Lite’. This storage refrigeration system is wireless and is used in monitoring temperature of medical supplies and food for healthcare and food retailers such as high street pharmacies, Vets, Butchers, restaurants etc.
In April 2016, Daikin Industries, Ltd. through its subsidiary decided to acquire an Italy-based manufacturer of freezers &refrigerators,Zanotti S.p.A. at 98 million euros. The focus ofDaikin was to expand its freezer & refrigerators business in the Europe region. The acquisition was completed later in June 2016.
In May 2017, Daikin Industries, Ltd., launched the R-407H refrigerant system, which has around 62% lower GWP (global warming potential) than frequently used R-404A storage refrigeration system.A high GWP refrigeration system is widely used as a refrigeration equipment in marine vessel, warehouse, supermarket, and other industrial applications.
Forecast Analysis of Storage Refrigeration Monitoring Industry
Global storage refrigeration monitoring market is estimated to witness a positive growth during the forecast period. Continuous technical progressions in RFIDs for effective monitoring of software components in the refrigeration units is creating massive opportunities for the global market. Growing trend towards IoT is also predicted to drive the market growth from 2019 to 2026. However, stringent regulations on the usage of coolants and high installation & maintenance costs are considered to be the major factors restricting the growth of agriculture robot market.
Increasing consumption of fast moving consumer goods, along with rising number of meat consumers across the globe are some of the significant factors giving substantial uplift to the growth of storage refrigeration monitoring market in the near future. As per the Research Dive report statistics, the storage refrigeration monitoring market is expected to reach up to $$7,227.5 million by the end of 2026. Geographically, the Asia Pacific market is likely to create growth opportunities for market vendors owing to wide usage of storage refrigeration systems by end use industry verticals to store the products such as pharmaceutical medicines, processed foods and other applications. In addition, the report profiles prominent players operating in the global market who are focusing more R&D activities and product development to increase their market size in the global industry.
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