According to a new report, published by KBV research, The Global Storage Refrigeration Monitoring Market size is expected to reach $15.3 billion by 2030, rising at a market growth of 8.4% CAGR during the forecast period.
The Food & Beverages segment is leading the Global Storage Refrigeration Monitoring Market by Industry in 2022; thereby, achieving a market value of $5.2 billion by 2030. Since processed goods need temperature-controlled storage facilities, consumers' preferences for high-quality processed meals have changed as a result of dietary changes and rising living standards. This has increased the demand for refrigeration surveillance equipment in the food and beverage industries. These monitoring systems are in high demand in the food and beverage industry due to the growing need to reduce food loss.
The Medical & Pharmaceutical Products segment is showcasing a CAGR of 8.1% during (2023 - 2030). Many pharmaceutical and medical items, including vaccines, insulin, and other medicines, are extremely temperature sensitive. Their efficiency must be maintained under ideal storage conditions. Healthcare professionals may make sure that products are stored within the appropriate temperature range via refrigeration monitoring, protecting the items' effectiveness and integrity. Some monitoring systems permit remote access, allowing authorized people to verify the state of the storage facility from off-site locations.
The Compressor segment acquired maximum revenue share in the Global Storage Refrigeration Monitoring Market by Component in 2022; thereby, achieving a market value of $5.3 billion by 2030. In both commercial and residential refrigeration network uses like humidifiers, chillers, and others, compressors are widely employed in refrigerating equipment. A compressor is a mechanical tool that decreases a gas's volume to raise its pressure. The compressor is a crucial part of refrigeration systems because it removes heat from the refrigerator's interior and uses refrigerants to cool it.
The Software segment is exhibiting a CAGR of 7.6% during (2023 - 2030). Software is more sought-after because of its benefits in remote control, real-time refrigeration system monitoring, and predictive maintenance for the safekeeping of food and drinks, pharmaceuticals, vaccines, and chemicals. For example, the software may aid in choosing the optimum refrigerant for a particular commodity. The refrigerants used in industrial refrigeration are ammonia and CO2. In situations where toxicity or flammability is a problem, CO2 is employed.
The North America region dominated the Global Storage Refrigeration Monitoring Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5.2 billion by 2030. The Europe region is anticipated to grow at a CAGR of 7.9% during (2023 - 2030). Additionally, The Asia Pacific region would experience a CAGR of 9.1% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/storage-refrigeration-monitoring-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Carrier Global Corporation (Sensitech, Inc.), Raytheon Technologies Corporation, Evapco, Inc., The Danfoss Group, Daikin Industries Ltd., Emerson Electric Co., GEA Group AG, Ingersroll Rand, Inc., Johnson Controls International PLC, Mayekawa Mfg. Co., Ltd.
By Industry
By Application
By Component
By System Type
By Geography
Companies Profiled
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