Storage Refrigeration Monitoring Market Expected to Reach $17.6 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Storage Refrigeration Monitoring Market," The storage refrigeration monitoring market size was valued at $8.3 billion in 2022, and is estimated to reach $17.6 billion by 2032, growing at a CAGR of 8% from 2023 to 2032.

Storage refrigeration monitoring refers to the process of continually monitoring and controlling the temperature and conditions of refrigerated storage spaces. It includes the use of sensors, statistics collection systems, and analytics to ensure that the storage environment remains within the desired temperature range and meets the required standards for storing perishable goods, such as food, pharmaceuticals, and different temperature-sensitive products. Storage refrigeration monitoring is to maintain the quality, safety, and freshness of stored items. By intently monitoring the temperature, humidity, and different applicable factors, any deviations or fluctuations can be detected promptly. This approves timely corrective movements to be taken, such as adjusting the cooling system or resolving any issues that may also affect the storage conditions.

The cold chain enterprise is experiencing a significant increase due to a variety of factors, including the rising demand for perishable goods and the need for proper storage and transportation of temperature-sensitive products. Storage refrigeration monitoring systems are essential components of the cold chain infrastructure, and they play a vital role in maintaining the quality and integrity of these products. Perishable goods, such as fresh produce, pharmaceuticals, and vaccines, require specific temperature conditions to maintain their quality and efficacy. Storage refrigeration monitoring systems continuously monitor and regulate the temperature inside storage facilities, ensuring that the products are stored within the required temperature range. This helps to prevent spoilage, preserve product quality, and ensure consumer safety. Storage refrigeration monitoring systems detect any deviations from the preferred temperature range and provide real-time alerts, allowing prompt corrective actions to be taken. By minimizing temperature fluctuations, these systems help reduce product waste and financial losses for businesses.

However, limited awareness and understanding can be significant restraints to the adoption of storage refrigeration monitoring in the market. In the food industry, there are strict rules and guidelines governing food safety and storage conditions. Businesses might also not be fully aware of these requirements or the consequences of non-compliance. Storage refrigeration monitoring solutions can help in retaining compliance with regulations, however, if businesses are not aware of the potential risks and penalties associated with non-compliance, they may also not prioritize investing in monitoring systems. Businesses may struggle to evaluate different monitoring options and understand their functionalities without clear industry standards. This lack of standardization can create limitations to adoption and restrict the development of the storage refrigeration monitoring market growth.

There is an increasing demand for energy-efficient refrigeration systems owing to the rising concern for environmental sustainability. Storage refrigeration monitoring options that can optimize energy consumption, realize equipment malfunctions, and prevent wastage can help companies reduce their carbon footprint and operating costs. The demand for energy-efficient refrigeration systems has grown substantially due to the rising emphasis on environmental conservation and the need for companies to reduce their carbon footprint. By decreasing electricity consumption and improving sustainability practices, agencies can enhance their company social accountability (CSR) efforts and contribute to a greener future. These factors are anticipated to boost the market growth in the upcoming years.

The storage refrigeration monitoring market share is segmented on the basis of system type, component, storage application, end-use industry, and region. By system type, it is classified into software, hardware, and services. By component, it is classified into condenser, compressor, evaporator, expansion valve, and others. By storage application, it is classified into fresh fruits & vegetables, beverages, dairy & ice cream, meat, medical & pharmaceutical products, and others. By end-use industry, it is classified into food & beverages, chemical & pharmaceuticals, healthcare, residential, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the storage refrigeration monitoring market analysis report include Emerson Electric Co., Johnson Controls, MAYEKAWA MFG. CO., LTD, United Technologies, Sensitech Inc., DAIKIN INDUSTRIES, Ltd, EVAPCO, Inc., GEA Group Aktiengesellschaft, Ingersoll Rand, and LU-VE S.p.A.

The report offers a comprehensive analysis of the global storage refrigeration monitoring market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global Storage Refrigeration Monitoring Industry

• The COVID-19 pandemic has had a significant impact on various industries worldwide, including the storage refrigeration monitoring market. The COVID-19 pandemic caused significant disruptions to global supply chains, including the storage and transportation of goods. This highlighted the need for robust storage refrigeration monitoring systems to recognize and address issues such as temperature excursions, equipment failures, and product spoilage.
• To decrease the risk of virus transmission and reduce the need for on-site personnel, there has been a shift in the direction of remote monitoring options in the storage refrigeration industry. Remote monitoring structures enable real-time monitoring and management of temperature and different environmental conditions in storage facilities, warehouses, and transportation vehicles.
• Governments and regulatory bodies have implemented stricter regulations and guidelines for the storage and transportation of vaccines and different temperature-sensitive products during the pandemic. This has led to an increase in need for storage refrigeration monitoring systems that can provide real-time temperature monitoring, data logging, and compliance reporting.

Key Findings of the Study

• Based on system type, the hardware sub-segment emerged as the global leader in 2022 and the software sub-segment is anticipated to be the fastest growing during the forecast period.
• Based on component, the compressor sub-segment emerged as the global leader in 2022 and the condenser sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on storage application, the fresh fruits & vegetables sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
• Based on end-use industry, the food and beverages sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
• Based on region, the North America market registered the highest market share in 2022 and Asia-Pacific is predicted to be the fastest growing during the forecast period.