DUBLIN--(BUSINESS WIRE)--The "Refrigeration Monitoring Market by Offering (Hardware, Software, and Service), Sensor (Temperature, Defrost, Touch, Liquid Level, Gas Detector, Contact, Motion Detector, Pressure), Application, Industry, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
Refrigeration monitoring market is projected to grow at CAGR of 8.3% from 2020 to 2025
Key factors fueling the growth of this market include changing food 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.
Market for software is projected to grow at highest CAGR during forecast period among offerings
Among the different offerings in this market, software is expected to grow at the highest CAGR from 2020 to 2025. The demand for software is increasing owing to its benefits of real-time monitoring of refrigeration systems, remote control, and predictive maintenance for the [reservation of food & beverages, drugs, vaccines, and chemicals. Refrigeration monitoring is available with software for quality-controlled, interactive notification & alarming, and platform for the Internet of Things (IoT) monitoring.
Market for temperature sensors is projected to grow at highest CAGR during 2020-2025
Among sensors, the temperature sensor is projected to witness the highest CAGR from 2020 to 2025. Temperature is one of the most common parameters that is measured across a wide variety of industries including food & beverages, retail, transport, pharmaceuticals, chemicals, and others. Most frozen and packed food products are required to be stored at a specific temperature requirement in order to ensure that they remain. A temperature sensor is used to adjust the temperature of the refrigerator as required, according to the contents of the refrigerator. The wide applicability of temperature sensors in the pharmaceutical, chemical, food & beverage, hospital, and residential sectors is likely to increase the worldwide demand for these sensors in the forecast period.
Refrigeration monitoring for storage accounted for largest market share in 2019
Among applications, the refrigeration monitoring market for storage is projected to lead from 2020 to 2025. To increase the availability of perishable food products and reduce losses due to wastage, retail companies and transport companies are deploying cold storage facilities to preserve food & beverages. Rapid growth in the retail sector, such as an increase in the number of supermarkets and quick-service restaurants, is expected to increase demand for these commercial refrigerators. The rise in refrigerated capacity of cold storage in APAC is thus expected to accelerate the growth of the refrigeration monitoring market in the storage sector.
Market for food & beverages is projected to grow at highest CAGR during 2020-2025
Among industries, the food & beverages industry is projected to witness the highest CAGR from 2020 to 2025. The quality and durability of food are directly related to the efficient monitoring of the refrigeration unit. With the increase in disposable income of individuals worldwide, the refrigerated foods market is growing at a fast pace. The growth in this industry is attributed to factors such as government regulations for food safety, a rise in demand for packaged food, and the adoption of refrigeration systems by retail, cold storage, and transport companies to minimize losses.
APAC is expected to hold largest share of refrigeration monitoring market in 2025
APAC is expected to hold the largest share of the refrigeration monitoring market in 2025. The growth in APAC is driven by the rising demand for high-quality food products, an increase in online food retail, increased consumer spending on eating out, and government initiatives to improve healthcare in the region. Additionally, advancements in e-commerce, logistics, and warehouse management are contributing to the growth of the market in the APAC region.
APAC is the world's most densely populated region with diverse climatic conditions. This reflects the necessity for efficient cold chain services for the transportation of temperature-sensitive goods from one place to another. Governments in various countries are also attempting to facilitate improvements in the cold chain service industry through regulations and subsidies.
Reasons to buy the report
1. This report segments the refrigeration monitoring market comprehensively and provides the closest approximations of the overall size of the market, as well as its segments and subsegments.
2. The report is expected to help stakeholders understand the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities.
3. This report aims at helping stakeholders obtain an improved understanding of their competitors and gain insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem of the market, as well as growth strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions adopted by major market players.
Key Topics Covered:
1.1 Study Objectives
1.6 Market Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in Refrigeration Monitoring Market
4.2 Market, By Offering
4.3 Market, By Country
4.4 Market, By Industry and APAC Country
5 Market Overview
5.2 Market Dynamics
5.3 Value Chain Analysis
5.4 Key Industry Trends
6 Refrigeration Monitoring Market, By Offering
7 Refrigeration Monitoring Market, By Sensor
7.2 Temperature Sensors
7.3 Defrost Sensors
7.4 Touch Sensors
7.5 Liquid Level Sensors
7.6 Gas Detectors
7.7 Contact Sensors
7.8 Motion Detectors
7.9 Pressure Sensors
7.10 AC Current Sensors
7.11 Water Detection Sensors
8 Refrigeration Monitoring Market, By Application
9 Refrigeration Monitoring Market, By Industry
9.2 Food & Beverages
10 Refrigeration Monitoring Market, By Region
10.2 North America
10.5 Rest of the World (RoW)
11 Competitive Landscape
11.2 Key Players in Refrigeration Monitoring Market
11.3 Competitive Leadership Mapping
11.4 Competitive Benchmarking
11.5 Competitive Scenario
12 Company Profiles
12.2 Key Players
12.2.3 TE Connectivity
12.2.4 Texas Instruments
12.2.10 Smartsense (Digi International)
12.3 Other Companies
12.3.2 Tempmate (Imec Messtechnik GmbH)
12.3.3 TEK Troniks
12.3.5 Swift Sensors
12.3.8 Cargo Data Corporation
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