According to MarketsandMarkets Report, ‘Refrigeration Monitoring Market’ is estimated to grow from USD 7.4 billion in 2020 to USD 11.1 billion by 2025 and it is expected to grow at a CAGR of 8.3 per cent from 2020 to 2025 owing to enhanced demand for high quality packed food products, and temperature-sensitive drugs. Key factors fueling the growth of this market are changing consumption patterns, shifting consumer preference for organic food products, increasing demand for high-quality packed food products, high disposable income, and the need to reduce food wastage.
Hardware accounted for largest share of refrigeration monitoring market in 2019
In 2019, hardware captured the largest share of the refrigeration monitoring market. The hardware segment includes various sensors such as temperature sensors, defrost sensors, touch sensors, contact sensors, motion detectors, and AC current meters used in the refrigeration unit and networking devices such as routers and gateways. Sensors play an important role in detecting analog or digital or electronic signals and responding to them to optimise operation of the equipment. Thermal buffers are used to smooth rapid temperature fluctuations due to compressor cycling, door opening, loading, or removing products. The demand for hardware is increasing owing to the rising use of refrigeration monitoring systems in cold storage and transportation systems to preserve perishable products for longer durations.
Market for temperature sensors is projected to grow at highest CAGR during forecast period
Among sensors, the market for temperature sensors is projected to grow at the highest CAGR from 2020 to 2025. Temperature is one of the most common parameters that is measured across a broad variety of industries such as food & beverages, retail, transport, pharmaceuticals, chemicals, and others. The type of sensor used affects the accuracy of measurement and the optimal temperature range. Most frozen and packed food products are required to be stored at a specific temperature in order to ensure the freshness of the food product. A temperature sensor is used to adjust the temperature of the refrigerator as required according to its contents. The applicability of temperature sensors in various industries is likely to increase the worldwide demand for these sensors in the forecast period.
APAC is expected to hold the largest share of the refrigeration monitoring market in 2025. 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. The increasing disposable income and aging population has resulted in an increase in the healthcare expenditure in the region.
This has led to a rise in the demand for temperature-sensitive healthcare products such as vaccines, insulin, and blood products. The rise in per capita income and shifting dietary patterns have led to a rising demand for premium products such as seafood, frozen meat, dairy, fruits, and vegetables, etc. These products need to be regularly monitored for changes in temperature to ensure freshness and quality.
Along with this shift in trends, the growth of the e-commerce and online grocery shopping trend has also boosted the demand for frozen food, contributing to the growth of the refrigeration monitoring market in APAC.
Emerson (US), Danfoss (Denmark), Monnit (US), TE Connectivity (Switzerland), Zebra Technologies (Zebra) (US), Texas Instruments (US), ORBCOMM (US), Controlant (Iceland), Samsara (US), and Smart Sense (Digi International) (US) are the key players in the refrigeration monitoring market. These players are undertaking strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to increase their market share.