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Storage Refrigeration Monitoring Market, by System Type

RA00169

Storage Refrigeration Monitoring Market, by System Type (Software, Hardware, Services), Component (Condenser, Compressor, Evaporator, Expansion Valve, Others), Storage Application (Fresh Fruits & Vegetables, Beverages, Dairy & Ice Cream, Meat, Medical&Pharmaceutical Products, Others), End Use Industry (Food & Beverages, Chemical & Pharmaceuticals, Healthcare, Residential, Others), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026

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Global Storage Refrigeration Monitoring Market Insights 2026:

According to a new study by Research Dive, the global storage refrigeration monitoring marketforecast will be $7,227.5 million by 2026, at a CAGR of 8.0%, and is increasing from $3,900.0 million in 2018.Asia-Pacific region registered for significant global market size in previous years and is estimated to continue its dominance during the forecast period.This substantial growth is due to increasing number of end use industries in the Asia-Pacific region due to rapid industrialization.North America region market is expected to grow at a healthy rate in the projected time. 

Refrigeration is a procedure of removal of heat from substance, system or space to maintain and control temperature lower than surrounding temperature by using coolants. Refrigeration systems have a major role in the lifestyle, food & beverages industry, agriculture and others. These systems are used for both storage and transportation purposes sincethey lower the bacteria production. The storage refrigeration systems have several applications such as in industrial freezers, household refrigerators, cryogenics and air conditioning units. Due to benefits of these systems, they have major uses in several industries including food& beverages, healthcare, chemical & pharmaceutical and other industries to preserve the essential items and minimize the spoilage.
 
Driving Factors: Growing knowledge on quality & sensitivity of the products and increasing demand from end use industriesare major driving factors for the growth of the global Storage Refrigeration Monitoring Market

Storage Refrigeration Monitoring Market Drivers: The growing focus on quality & durability of food & beverage products coupled with increase in the demand for cold storage systems from industries verticals are major drivers for the storage refrigeration monitoring market. In addition, growing consumption of fast-moving consumer goods coupled with increasing number of meat consumers across the globe are also driving the demand for storage refrigerators to maintain the quality, freshness and durability of food products. This factor will drive the market size.Furthermore, growing government initiatives towards minimization of wastage of the consumer food products by upgrading the refrigeration storage infrastructure globally is anticipated to fuel the market growth. Moreover, major manufacturers are focusing on energy efficient and environmentally friendly coolants to minimize the pollutants coming from refrigeration units, which is also further predicted to boost the market growth. 

To know more about Storage Refrigeration Monitoring Market drivers, get in touch with our analysts here.

https://www.researchdive.com/connect-to-analyst/169

Huge investments for installation and maintenance is a major restraint for the growth of Storage Refrigeration Monitoring Market

The cost associated with the maintenance and installation of the refrigeration systems is significantly hampering the storage refrigeration monitoring market growth. Furthermore, stringent regulations on the usage of coolants are also projected to limit the growth of the market. In addition, upgradation of existing storage systems requires huge funds, which is projected to challenge for the market players.

Technical advancements in the software systems and growing online food & beverage shopping will createmajor investment opportunities for the growth of Storage Refrigeration Monitoring Market

Continuous technical progressions in software networks such as radio frequency identification (RFID) for the effective monitoring of the software components in the refrigeration units are giving vast growth opportunities for the storage refrigeration monitoring market. In addition, growing trend towards use of Internet of Things (IoT) in the refrigerators, that will provide real time visibility of performance of refrigeration systems, is also projected to impel the growth of the market.

The hardware system generated a significant market share in 2018, which was over 7.7%. This is owing to hardware components playing a key role in the control and monitoring of the refrigeration systems in the cold storage and transportations units. Hardware systems includes temperature & pressure sensors, RFID devices, networking devices, telematics & telemetry devices and other modules. For instance, temperature is one of key parameters that needs to be monitored and controlled in various applications such as food & beverages, transport, pharmaceutical and other applications. The market for software systems will experience a noteworthy growth and is anticipated to register for $2,399.5 million by the end of 2026. Both hardware and software systems will play important roles in the operational management of storage refrigeration monitoring chain. 

The storage refrigeration monitoring market for compressor is estimated to hold a good share of the global market and anticipated to account for $1,712.9 million by 2026 at a CAGR of 7.5%. This expected dominance is attributed to compressors being extensively used in air conditioning units in both industrial & residential refrigeration network applications including humidifiers, chillers and others. The market for condenser component is estimated to occupy second position in the global industry and is projected to generate a revenue of $1,698.4 million by 2026. Condenser is one of the main instruments in refrigeration systems that extracts heat from inside of refrigerator and cools it by refrigerants These aforementioned factors are estimated to drive the demand of condensers in the refrigeration system, consequently driving the market growth. 

The storage refrigeration monitoring market for fresh fruits & vegetables storage accounted for largest market size; it was over $834.6 million in 2018 and is anticipated to reach $1,503.3 million by the end of 2026. This growth is attributed to extensive usage of refrigeration systems for fruits & vegetable storage because they require the temperature to be kept constant in chilling and maintenance processes. Also, most of the food processing industries are using freezing systems while processing of vegetables and fruits, which is also estimated to drive the market size throughout the forecast time. The market for medical & pharmaceutical storage applications will experience remarkable growth and is anticipated to account for $1,481.6 million by the end of 2026. Some of the drugs need to be maintainedwith refrigeration, and the same is applicable for blood bags, vaccines, tissues and other substance, which is creating huge demand for refrigeration equipment. This factor will drive the market growth in the coming years. 

Food & beverages end use industry accounted for significant storage refrigeration monitoring market size in the 2018; it generated $1,251.9 million and is estimated to continue its potential growth during the forecast period. This growth is majorly due to wide usage of refrigeration units in the food & beverage application. The safety, durability and quality of the food & beverage products depend on the well-organized monitoring and maintenance of the storage refrigeration networks. Also, growing demand for frozen and packaged food products across the globe is anticipated to drive the market growth in the upcoming years. The healthcare end use industry will experience remarkable growth and is anticipated to produce enormous growth opportunities in the storage refrigeration monitoring industry in the forecast period. This is mainly owing to growing importance of refrigeration systems in hospitals, clinics and laboratories to preserve vaccines, drugs, blood, human organs and for other applications. Due to wide adoption of storage systems, the market for healthcare end use industry is predicted to account for $1,727.3 million till the end of 2026.

Asia-Pacific Storage Refrigeration Monitoring Market 2026:

Asia-Pacific region will have massivegrowth opportunities for the market participantsin the coming years

Asia-Pacific region contributed the highest storage refrigeration monitoring market size in 2018; it generated $1,263.6 million and is projected to continue its growth at a healthy rate during the estimated period. This dominance by Asia-Pacific region over the global market is because of wide usage of storage refrigeration systems by end use industry verticals to store products such as pharmaceutical medicines and processed foods. Also, growing demand for the storage of high-quality foods along with growth of biopharmaceutical sector indeveloping countries like China and India is also further projected to drive the market growth in the coming years. In addition, increasing governmentinitiatives to advance the healthcare infrastructure for the safe storage of medical products will improve the market growth in this region. 

North America Storage Refrigeration Monitoring Market 2026:

North America region accounted thesecond position in the global market and is projected to generate a revenue of $2,283.9 million by 2026. The growth in North America is attributed to growing demand for chilled and frozen food products by the consumers. Also, existence of well-established healthcare infrastructure in North America region supporting the growth of storage refrigeration monitoring systems is anticipated to propel the market growth. 

The global storage refrigeration monitoring market players are Emerson Electric Co., MAYEKAWA MFG. CO., LTD, Johnson Controls, United Technologies, Sensitech Inc., DAIKIN INDUSTRIES, Ltd, EVAPCO, Inc., GEA Group Aktiengesellschaft, LU-VE S.p.A., The Danfoss Group, Ingersoll Rand, Veridify Security Inc. and ELPRO-BUCHS AG. These players are adopting both organic and inorganic growth approaches including new productlaunches, collaborations, mergers & acquisitions and R&D investments to strengthen their company position in the overall storage refrigeration monitoring industry.

Porter’s Five Forces Analysis for Storage Refrigeration Monitoring Market:

  • Bargaining Power of Dealers: This market hashuge number of small & medium and large dealers and transferringcost is estimated to be high.
    The bargaining power of dealers is HIGH.

  • Bargaining Power of Buyer: This market contains huge number of buyers, high demand due to unavailability of alternatives and major players providing quality products.
    The bargaining power of the consumer is MODERATE.

  • Risk of New Players: Growing demand for refrigeration systems, presence of dominant players and strict government regulations on coolants use are delivering moderate risk for new entrants in the industry.
    The risk of new players is MODERATE.

  • Threat of Substitutes: This market has no alternatives, and thereby there is less threat of alternatives. 
    The threat of substitutes is LOW.

  • Intensity of rivalry in the industry: Storage refrigeration monitoring market has large number of significant participants. These significant participants are emphasizing on product developments and new technology introduction to increase market size. This aspect is resulting inhigh intensity of rivalrybetween the participants.
    The intensity of rivalry in the industry is HIGH.

 

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2018

  Forecast timeline for Market Projection

  2019-2026

  Geographical Scope

North America, Europe, Asia-Pacific, LAMEA

  Segmentation by System Type

  • Software
  • Hardware
  • Services

  Segmentation by Component

 

  • Condenser
  • Compressor
  • Evaporator
  • Expansion Valve
  • Others

  Segmentation by Storage Application

 

  • Fresh Fruits & Vegetables
  • Beverages
  • Dairy & Ice Cream
  • Meat
  • Medical & Pharmaceutical Products
  • Others

  Segmentation by End Use Industry

 

  • Food & Beverages
  • Chemical & Pharmaceuticals
  • Healthcare
  • Residential
  • Others

  Key Countries covered

U.S., Canada, Germany, UK, Italy, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil,Argentina, GCC and Saudi Arabia

  Key Companies Profiled

  • 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

 


FREQUENTLY ASKED QUESTIONS?
 

A. The global Storage Refrigeration Monitoring Market size was over $3,900.0million in 2018 and is further anticipated to reach $7,227.5million by 2026

A. Emerson Electric Co., Johnson Controls, United Technologies, Sensitech Inc. and DAIKIN INDUSTRIES, Ltdare some of the key players in the global Storage Refrigeration Monitoring Market.

A. North America region possesses great investment opportunities for the investors to witness the most promising growth in the coming years.

A. Asia-Pacific Storage Refrigeration Monitoring Marketaccounted for $1,263.6 million in 2018.

A. What are the strategies opted by the leading players in this market?

A. Emerson Electric Co., Johnson Controls, and DAIKIN INDUSTRIES, Ltdare investing more on R&D activities for developing new products and technologies.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.System type trends
2.3.Component trends
2.4.Storage application trends
2.5.End use industry trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview

4.Storage Refrigeration Monitoring Market, by System Type 

4.1.Software 

4.1.1.Market size and forecast, by region, 2018-2026
4.1.2.Comparative market share analysis, 2018 & 2026

4.2.Hardware

4.2.1.Market size and forecast, by region, 2018-2026
4.2.2.Comparative market share analysis, 2018 & 2026

4.3.Services

4.3.1.Market size and forecast, by region, 2018-2026
4.3.2.Comparative market share analysis, 2018 & 2026

5.Storage Refrigeration Monitoring Market, by Component

5.1.Condenser

5.1.1.Market size and forecast, by region, 2018-2026
5.1.2.Comparative market share analysis, 2018 & 2026

5.2.Compressor

5.2.1.Market size and forecast, by region, 2018-2026
5.2.2.Comparative market share analysis, 2018 & 2026

5.3.Evaporator

5.3.1.Market size and forecast, by region, 2018-2026
5.3.2.Comparative market share analysis, 2018 & 2026

5.4.Expansion Valve

5.4.1.Market size and forecast, by region, 2018-2026
5.4.2.Comparative market share analysis, 2018 & 2026

5.5.Others

5.5.1.Market size and forecast, by region, 2018-2026
5.5.2.Comparative market share analysis, 2018 & 2026

6.Storage Refrigeration Monitoring Market, by Storage Application

6.1.Fresh Fruits & Vegetables 

6.1.1.Market size and forecast, by region, 2018-2026
6.1.2.Comparative market share analysis, 2018 & 2026

6.2.Beverages

6.2.1.Market size and forecast, by region, 2018-2026
6.2.2.Comparative market share analysis, 2018 & 2026

6.3.Dairy & Ice Cream 

6.3.1.Market size and forecast, by region, 2018-2026
6.3.2.Comparative market share analysis, 2018 & 2026

6.4.Meat

6.4.1.Market size and forecast, by region, 2018-2026
6.4.2.Comparative market share analysis, 2018 & 2026

6.5.Medical & Pharmaceutical Products

6.5.1.Market size and forecast, by region, 2018-2026
6.5.2.Comparative market share analysis, 2018 & 2026

6.6.Others

6.6.1.Market size and forecast, by region, 2018-2026
6.6.2.Comparative market share analysis, 2018 & 2026

7.Storage Refrigeration Monitoring Market, by End Use Industry

7.1.Food & Beverages

7.1.1.Market size and forecast, by region, 2018-2026
7.1.2.Comparative market share analysis, 2018 & 2026

7.2.Chemical & Pharmaceuticals

7.2.1.Market size and forecast, by region, 2018-2026
7.2.2.Comparative market share analysis, 2018 & 2026

7.3.Healthcare

7.3.1.Market size and forecast, by region, 2018-2026
7.3.2.Comparative market share analysis, 2018 & 2026

7.4.Residential 

7.4.1.Market size and forecast, by region, 2018-2026
7.4.2.Comparative market share analysis, 2018 & 2026

7.5.Others

7.5.1.Market size and forecast, by region, 2018-2026
7.5.2.Comparative market share analysis, 2018 & 2026

8.Storage Refrigeration Monitoring Market, by Region

8.1.North America8.1.1.Market size and forecast, by system type, 2018-2026

8.1.2.Market size and forecast, bycomponent, 2018-2026
8.1.3.Market size and forecast, by storage application, 2018-2026
8.1.4.Market size and forecast, by end use industry, 2018-2026
8.1.5.Market size and forecast, by country, 2018-2026
8.1.6.Comparative market share analysis, 2018 & 2026
8.1.7.U.S.

8.1.7.1.Market size and forecast, by system type, 2018-2026
8.1.7.2.Market size and forecast, by component, 2018-2026
8.1.7.3.Market size and forecast, by storage application, 2018-2026
8.1.7.4.Market size and forecast, by end use industry, 2018-2026
8.1.7.5.Comparative market share analysis, 2018 & 2026

8.1.8.Canada

8.1.8.1.Market size and forecast, by system type, 2018-2026
8.1.8.2.Market size and forecast, by component, 2018-2026
8.1.8.3.Market size and forecast, by storage application, 2018-2026
8.1.8.4.Market size and forecast, by end use industry, 2018-2026
8.1.8.5.Comparative market share analysis, 2018 & 2026

8.1.9.Mexico

8.1.9.1.Market size and forecast, by system type, 2018-2026
8.1.9.2.Market size and forecast, by component, 2018-2026
8.1.9.3.Market size and forecast, by storage application, 2018-2026
8.1.9.4.Market size and forecast, by end use industry, 2018-2026
8.1.9.5.Comparative market share analysis, 2018 & 2026

8.2.Europe

8.2.1.Market size and forecast, by system type, 2018-2026
8.2.2.Market size and forecast, by component, 2018-2026
8.2.3.Market size and forecast, by storage application, 2018-2026
8.2.4.Market size and forecast, by end use industry, 2018-2026
8.2.5.Market size and forecast, by country, 2018-2026
8.2.6.Comparative market share analysis, 2018 & 2026
8.2.7.Germany 

8.2.7.1.Market size and forecast, by system type, 2018-2026
8.2.7.2.Market size and forecast, by component, 2018-2026
8.2.7.3.Market size and forecast, by storage application, 2018-2026
8.2.7.4.Market size and forecast, by end use industry, 2018-2026
8.2.7.5.Comparative market share analysis, 2018 & 2026

8.2.8.UK

8.2.8.1.Market size and forecast, by system type, 2018-2026
8.2.8.2.Market size and forecast, by component, 2018-2026
8.2.8.3.Market size and forecast, by storage application, 2018-2026
8.2.8.4.Market size and forecast, by end use industry, 2018-2026
8.2.8.5.Comparative market share analysis, 2018 & 2026

8.2.9.France

8.2.9.1.Market size and forecast, by system type, 2018-2026
8.2.9.2.Market size and forecast, by component, 2018-2026
8.2.9.3.Market size and forecast, by storage application, 2018-2026
8.2.9.4.Market size and forecast, by end use industry, 2018-2026
8.2.9.5.Comparative market share analysis, 2018 & 2026

8.2.10.Spain

8.2.10.1.Market size and forecast, by system type, 2018-2026
8.2.10.2.Market size and forecast, by component, 2018-2026
8.2.10.3.Market size and forecast, by storage application, 2018-2026
8.2.10.4.Market size and forecast, by end use industry, 2018-2026
8.2.10.5.Comparative market share analysis, 2018 & 2026

8.2.11.Italy 

8.2.11.1.Market size and forecast, by system type, 2018-2026
8.2.11.2.Market size and forecast, by component, 2018-2026
8.2.11.3.Market size and forecast, by storage application, 2018-2026
8.2.11.4.Market size and forecast, by end use industry, 2018-2026
8.2.11.5.Comparative market share analysis, 2018 & 2026

8.2.12.Rest of Europe

8.2.12.1.Market size and forecast, by system type, 2018-2026
8.2.12.2.Market size and forecast, by component, 2018-2026
8.2.12.3.Market size and forecast, by storage application, 2018-2026
8.2.12.4.Market size and forecast, by end use industry, 2018-2026

8.2.12.5.Comparative market share analysis, 2018 & 2026

8.3.Asia Pacific

8.3.1.Market size and forecast, by system type, 2018-2026
8.3.2.Market size and forecast, by component, 2018-2026
8.3.3.Market size and forecast, by storage application, 2018-2026
8.3.4.Market size and forecast, by end use industry, 2018-2026
8.3.5.Market size and forecast, by country, 2018-2026
8.3.6.Comparative market share analysis, 2018 & 2026
8.3.7.China

8.3.7.1.Market size and forecast, by system type, 2018-2026
8.3.7.2.Market size and forecast, by component, 2018-2026
8.3.7.3.Market size and forecast, by storage application, 2018-2026
8.3.7.4.Market size and forecast, by end use industry, 2018-2026
8.3.7.5.Comparative market share analysis, 2018 & 2026

8.3.8.India 

8.3.8.1.Market size and forecast, by system type, 2018-2026
8.3.8.2.Market size and forecast, by component, 2018-2026
8.3.8.3.Market size and forecast, by storage application, 2018-2026
8.3.8.4.Market size and forecast, by end use industry, 2018-2026
8.3.8.5.Comparative market share analysis, 2018 & 2026

8.3.9.Japan 

8.3.9.1.Market size and forecast, by system type, 2018-2026
8.3.9.2.Market size and forecast, by component, 2018-2026
8.3.9.3.Market size and forecast, by storage application, 2018-2026
8.3.9.4.Market size and forecast, by end use industry, 2018-2026
8.3.9.5.Comparative market share analysis, 2018 & 2026

8.3.10.Australia 

8.3.10.1.Market size and forecast, by system type, 2018-2026
8.3.10.2.Market size and forecast, by component, 2018-2026
8.3.10.3.Market size and forecast, by storage application, 2018-2026
8.3.10.4.Market size and forecast, by end use industry, 2018-2026
8.3.10.5.Comparative market share analysis, 2018 & 2026

8.3.11.Rest of Asia Pacific

8.3.11.1.Market size and forecast, by system type, 2018-2026
8.3.11.2.Market size and forecast, by component, 2018-2026
8.3.11.3.Market size and forecast, by storage application, 2018-2026
8.3.11.4.Market size and forecast, by end use industry, 2018-2026
8.3.11.5.Comparative market share analysis, 2018 & 2026

8.4.LAMEA

8.4.1.Market size and forecast, by system type, 2018-2026
8.4.2.Market size and forecast, by component, 2018-2026
8.4.3.Market size and forecast, by storage application, 2018-2026
8.4.4.Market size and forecast, by end use industry, 2018-2026
8.4.5.Market size and forecast, by country, 2018-2026
8.4.6.Comparative market share analysis, 2018 & 2026
8.4.7.Latin America 

8.4.7.1.Market size and forecast, by system type, 2018-2026
8.4.7.2.Market size and forecast, by component, 2018-2026
8.4.7.3.Market size and forecast, by storage application, 2018-2026
8.4.7.4.Market size and forecast, by end use industry, 2018-2026
8.4.7.5.Comparative market share analysis, 2018 & 2026

8.4.8.Middle East 

8.4.8.1.Market size and forecast, by system type, 2018-2026
8.4.8.2.Market size and forecast, by component, 2018-2026
8.4.8.3.Market size and forecast, by storage application, 2018-2026
8.4.8.4.Market size and forecast, by end use industry, 2018-2026
8.4.8.5.Comparative market share analysis, 2018 & 2026

8.4.9.Africa

8.4.9.1.Market size and forecast, by system type, 2018-2026
8.4.9.2.Market size and forecast, by component, 2018-2026
8.4.9.3.Market size and forecast, by storage application, 2018-2026
8.4.9.4.Market size and forecast, by end use industry, 2018-2026
8.4.9.5.Comparative market share analysis, 2018 & 2026

9.Company profiles

9.1.Emerson Electric Co.

9.1.1.Business overview
9.1.2.Financial performance
9.1.3.Product portfolio
9.1.4.Recent strategic moves & developments
9.1.5.SWOT analysis

9.2.Johnson Controls

9.2.1.Business overview
9.2.2.Financial performance
9.2.3.Product portfolio
9.2.4.Recent strategic moves & developments
9.2.5.SWOT analysis

9.3.MAYEKAWA MFG. CO., LTD

9.3.1.Business overview
9.3.2.Financial performance
9.3.3.Product portfolio
9.3.4.Recent strategic moves & developments
9.3.5.SWOT analysis

9.4.United Technologies

9.4.1.Business overview
9.4.2.Financial performance
9.4.3.Product portfolio
9.4.4.Recent strategic moves & developments
9.4.5.SWOT analysis

9.5.Sensitech Inc.

9.5.1.Business overview
9.5.2.Financial performance
9.5.3.Product portfolio
9.5.4.Recent strategic moves & developments
9.5.5.SWOT analysis

9.6.DAIKIN INDUSTRIES, Ltd

9.6.1.Business overview
9.6.2.Financial performance
9.6.3.Product portfolio
9.6.4.Recent strategic moves & developments
9.6.5.SWOT analysis

9.7.EVAPCO, Inc.

9.7.1.Business overview
9.7.2.Financial performance
9.7.3.Product portfolio
9.7.4.Recent strategic moves & developments
9.7.5.SWOT analysis

9.8.GEA Group Aktiengesellschaft

9.8.1.Business overview
9.8.2.Financial performance
9.8.3.Product portfolio
9.8.4.Recent strategic moves & developments
9.8.5.SWOT analysis

9.9.Ingersoll Rand

9.9.1.Business overview
9.9.2.Financial performance
9.9.3.Product portfolio
9.9.4.Recent strategic moves & developments
9.9.5.SWOT analysis

9.10.LU-VE S.p.A.

9.10.1.Business overview
9.10.2.Financial performance
9.10.3.Product portfolio
9.10.4.Recent strategic moves & developments
9.10.5.SWOT analysis

9.11.The Danfoss Group

9.11.1.Business overview
9.11.2.Financial performance
9.11.3.Product portfolio
9.11.4.Recent strategic moves & developments
9.11.5.SWOT analysis

9.12.Veridify Security Inc.

9.12.1.Business overview
9.12.2.Financial performance
9.12.3.Product portfolio
9.12.4.Recent strategic moves & developments
9.12.5.SWOT analysis

9.13.ELPRO-BUCHS AG

9.13.1.Business overview
9.13.2.Financial performance
9.13.3.Product portfolio
9.13.4.Recent strategic moves & developments
9.13.5.SWOT analysis


 

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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