A refrigeration monitoring system includes advanced IOT sensors that are used for monitoring temperature and provides real-time alerts for temperature fluctuations in artificial cooling systems. This system helps to save time and money by cutting energy cost of appliances, improving performance and customer value. Incorporation of advanced IOT sensors in refrigeration monitoring system provides real-time alerts instantly regarding temperature fluctuations. This feature assists in improving product quality and standard in the market. In addition, sensors can be configured to report historical data to cloud to analyze trends and improve quality control. Presently, the refrigeration monitoring market share is at a growing stage, and is expected to grow steadily in the coming years.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in demand for high-quality packaged foods; organic food products; changing consumption behavior, owing to surge in number of supermarkets and quick-service restaurants; need to reduce food wastage by keeping it fresh for longer period; and government initiatives to improve healthcare drive growth of the refrigeration monitoring market. Liability laws and fluctuations regarding product standards in different countries and change in consumer behavior in recent years cause swings in sales figure, which hinders the market growth.
However, remote control, interactive notification features of refrigeration systems further boosts the market revenue. Ongoing technological advancements and investments by the governments worldwide is anticipated to present new pathways to the overall refrigeration monitoring industry.
New product launches to flourish the market
The key refrigeration monitoring market players aim to develop advanced products and solutions that can promote environment-friendly technologies by reducing carbon emission and conserve power. Products are developed with maximum equipment efficiency to be more cost-effective and to increase convenience of end users. For instance, Emerson Automation Solutions introduced a WirelessHart Pressure Gauge, which enables remote collection of field data. This decreases manual operation improving personnel safety. The gauge uses piezoresistive sensor technology, which has flexibility to change with changing process conditions and keep operator updated automatically with changing field conditions. Such precise, real-time temperature readings prove to be efficient and provide system security.
In addition, Emerson also launched District Heating ZW 25HP compressors in China, which has excellent operational efficiency and operational condition with evaporating temperature as low as -35 degree Celsius. Innovative technological developments of Danfoss, a Danish multinational company dedicated to engineering solutions include Scrolls with Insured Declared Value (IDVs), Electronics Voltage Regulator (EVR), Solenoid valves, Micro channels, and microplate heat exchangers.
Surge in use in industrial applications:
Cold chain reliability to suffice never-ending demands of end users and pressure to reduce overall cost of ownership boosts innovations in the competitive marketplace. Solutions are required to be user-friendly and satisfy a wide range of applications. The refrigeration monitoring system is used for cooling purposes by measuring temperature at specific intervals.
Using software like Coolselector2, Danfoss strives to deliver latest in refrigeration monitoring technology. Ammonia and CO2 are used as refrigerants in industrial refrigeration. CO2 is used where toxicity or inflammability is a concern. The implementation of such technology provides optimized project deliveries along with lowest total cost of ownership and environment-friendly cooling solution. China is expected to offer growth opportunities by increased sales in this sector during the forecast period.
Key benefits of the stakeholders:
- The study gives an analytical overview of Refrigeration Monitoring market forecast with current trends and future estimations to determine imminent investment pockets.
- The report provides information related to key drivers, restraints, and opportunities along with detailed Refrigeration Monitoring market analysis.
- The current Refrigeration Monitoring market trends are quantitatively analyzed.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
COVID Scenario Analysis:
- China is the manufacturing hub of semiconductor and electronic items, however, owing to the COVID-19 outbreak, most manufacturing units have been shut down, creating a no-growth environment. The ultimate impact attributed to the effect of coronavirus on sales loss is still uncertain.
- Global sourcing and manufacturing strategies need to be established to minimize disruption or interruption in customer support and product delivery at global front during COVID-19.
- The market has also developed virtual capabilities such as cloud engineering and other digital tools to minimize human exposure, by promoting advanced engineering solutions and conducting procurement processes virtually.
- Long duration of COVID-19 pandemic is anticipated to ensure low chances of sales recovery, leading to job cuts and considerable hike in product price.
Questions answered in the Refrigeration Monitoring Market research report:
- Who are the leading players in the refrigeration monitoring market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the refrigeration monitoring market?
- What are the projections for the future that would help in taking further strategic steps?
- What would be the detailed impact of COVID-19 on the refrigeration monitoring market?
Refrigeration Monitoring Market Report Highlights
By Industry Vertical
Key Market Players
TE Connectivity, Smartsense(Digi International), Danfoss, Texas Instruments, Emerson Electric Co, Berlinger, Tek Troniks Limited, Samsara, Monnit Corporation, ORBCOMM