The global storage refrigeration monitoring market is projected to experience notable growth in the upcoming years. Growing demand for cold storage systems from various industrial sectors is driving the growth of the market. The software system type sub-segment, fresh fruits & vegetables storage sub-segment, food & beverages sub-segment, and compressor sub-segment are projected to dominate the market. The Asia pacific region market is estimated to grow extensively.
New York, USA, July 27, 2021 (GLOBE NEWSWIRE) -- Research Dive has added a report on the global storage refrigeration monitoring market to its repository. The report states that the market is estimated to hit $7,227.5 million and grow with a CAGR of 8.0% from 2019 to 2026. The report is an in-depth study presenting thorough lookout of the present scenario and future perspective of the global market. The report is articulated by veteran market analysts and assures to be a reliable source of data, recent trends, and all-encompassing market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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Factors Impacting the Market Growth:
A notable rise in the emphasis on quality & durability of food & beverage products and growth in the demand for cold storage systems from various industrial sectors are propelling the global storage refrigeration monitoring market growth. Additionally, increasing technological developments in the software systems and rising online food & beverage shopping are expected to unlock rewarding opportunities for the market growth during the forecast period. However, huge investments involved in the maintenance and installation of the refrigeration systems is projected to hinder the growth of the global market.
The report segments the global storage refrigeration monitoring market based on system type, component, application, end use industry, and region.
Software System Type Sub-Segment to Experience Remarkable Growth
The software sub-segment of the system type segment is anticipated to observe significant growth and garner $2,399.5 million in the forecast period. This growth is mostly because software systems play a vital role in the operational management of storage refrigeration monitoring chain.
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Compressor Sub-Segment to Observe Outstanding Growth
The compressor sub-segment of the component segment is anticipated to experience outstanding growth with a CAGR of 7.5% in the forecast period. This growth is mostly attributed to the widespread use of compressors in air conditioners in both industrial as well as residential refrigeration network applications such as chillers, humidifiers, and others.
Fresh Fruits & Vegetables Storage Sub-Segment to Grab Major Market Share
The fresh fruits & vegetables storage sub-segment of the application segment is anticipated to grab leading market share and garner $1,503.3 million during the estimated period. This growth is mostly attributed to the increasing use of refrigeration systems for the storage of fresh fruits & vegetable as they need constant temperature in chilling and maintenance procedures.
Food & Beverages Sub-Segment to Observe Remarkable Growth
The food & beverages sub-segment of the application segment is anticipated to observe noteworthy growth during the estimated period. This growth is mostly attributed to the increasing use of refrigeration systems in the food & beverage sectors.
Asia-Pacific Region to Observe Speedy Growth
The report analyzes the global storage refrigeration monitoring market across various regions including North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is projected to rise significantly during the estimated period. The growth of this region market is mainly due to the growing use of storage refrigeration systems by various end use industries to store products like pharmaceutical drugs and processed food items in this region.
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Major Players in the Market:
The report lists some of the leading players functioning in the global storage refrigeration monitoring industry including
Emerson Electric Co.
DAIKIN INDUSTRIES, Ltd
MAYEKAWA MFG. CO., LTD
GEA Group Aktiengesellschaft
The Danfoss Group
Veridify Security Inc.
The report also offers several industry-top strategies and tactics like top tactical initiatives & advances, new launch of product/compressor range, business performance, Porter five forces analysis, and SWOT analysis of the leading players, operating in the global industry. For instance, in April 2021, Thermo King®, a front-runner in transport temperature control solutions and a brand of Trane Technologies, launched a new Container Fresh & Frozen (CFF) refrigeration solutions for containers. The newly launched product has a built-in remote monitoring module which allows the controller to interface with customers’ vessel monitoring systems.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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