Name: Refrigeration Monitoring Market by Type (Hardware, Software, and Service), Components (Sensors, Thermistors, Display, Condenser, Monitoring Meter, and Others), Application (Temperature Monitoring, Storage, and Others) and Region (APAC, North America, Europe, MEA and South America) - Global Forecast 2022-2029
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Author: Exactitude Consultancy
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Refrigeration Monitoring Market Overview

The refrigeration monitoring market is projected to grow from USD 7.4 billion in 2020 to USD 15.17 billion by 2029, at a CAGR of 8.3% during the forecast period.

Key drivers underpinning the expansion of this market encompass evolving dietary trends, a shift towards organic food preferences among consumers, burgeoning demand for premium packaged food items, increasing reliance on temperature-sensitive pharmaceuticals, rising levels of disposable income, and imperatives to mitigate food wastage.

The surge in demand for temperature-sensitive medical goods stems from their capacity to harmonize with natural biological processes within the human body, thereby mitigating adverse effects. As per the International Institute of Refrigeration (IIR), global requisites for thermally sensitive medicinal items, including medications, vaccines, insulin, blood derivatives, oncology treatments, and similar products, are on an upward trajectory, with annual turnovers exceeding 20%.

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The transportation of such pharmaceuticals constitutes a pivotal juncture within the cold chain, given the susceptibility to unforeseen environmental fluctuations. Any deviation in temperature during transit jeopardizes the potency of medicinal substances, resulting in compromised therapeutic efficacy and ineffective treatment outcomes. Hence, meticulous adherence to prescribed air quality standards and temperature parameters specific to the product's requisite environment is imperative to avert pharmaceutical degradation.

The proliferation of refrigeration and air conditioning systems is relentless across global domains, with air conditioning becoming indispensable in regions characterized by high ambient temperatures. Emerging economies such as India, China, and Brazil are poised to witness escalated demand for household appliances like refrigerators and air conditioners in the foreseeable future. However, this escalating demand portends heightened emissions of deleterious greenhouse gases into the atmosphere. Consequently, various nations worldwide have instituted regulatory frameworks such as the Kyoto Protocol and Regulations (EC) No. 1005/2009 and (EU) No. 517/2014 to govern the use of ozone-depleting substances and fluorinated gas-containing compounds, respectively.

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Refrigeration Monitoring Market Segment Analysis

By type, the global refrigeration monitoring market is categorized into hardware, software and service. Hardware accounted for the largest share of the refrigeration monitoring market. Hardware is a key component in refrigeration monitoring units, and it includes temperature sensors, defrost sensors, touch sensors, liquid level sensors, pressure sensors, and so on, as well as networking devices that monitor and control the refrigeration system and notify the user via alarms or notifications. The use of refrigeration monitoring systems in cold storage and transportation systems to preserve perishable products is increasing the demand for hardware.

On the basis of components, the global refrigeration monitoring market is segmented into sensors, thermistors, display, condenser, monitoring meter and others. The sensors segment is expected to lead the market during the forecast period. The refrigeration systems are made up of advanced IOT sensors technologies to provide facilities like humidity sensing, motion detection, water detection, wireless temperature control, real-time alerts and etc. Sensors can be configured to report historical data to cloud to analyze trends and improve quality control.

Temperature monitoring, storage, and others are the bifurcation of global refrigeration monitoring market by application. Retail and transportation companies are deploying cold storage facilities to increase the availability of perishable food products and reduce losses due to wastage. Rapid growth in the retail sector, such as the expansion of supermarkets and quick-service restaurants, is expected to drive up demand for these commercial refrigerators. Temperature is one of the most commonly measured parameters in a wide range of industries, including food and beverage, retail, transportation, pharmaceuticals, chemicals, and others. Most frozen and packed food products must be stored at a specific temperature in order to remain fresh. A temperature sensor, which is responsible for temperature monitoring, is used to adjust the refrigerator's temperature based on its contents. Temperature sensors' applicability in various industries such as pharmaceuticals, chemicals, food & beverages, hospitals, and residential is expected to boost global demand for these sensors, thus increasing the demand for temperature monitoring during the forecast period.

Refrigeration Monitoring Market Players

The key market players of refrigeration monitoring market include 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).

New strategies such as product launches, enhancements, partnerships, collaborations, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the market.

Who Should Buy? Or Key Stakeholders

Food and Beverage Industry
R&D
Commercial Sector
Industrial Developers
Chemical Industry
Pharmaceuticals
Others

Refrigeration Monitoring Market Regional Analysis

Geographically, the refrigeration monitoring market is segmented into North America, South America, Europe, Asia Pacific and Middle East & Africa (MEA). Asia-Pacific occupies largest part of the refrigerated transport market owing to the significant growth in commercial and industrial sectors, combined with increased industrialization.

Asia Pacific: includes China, Japan, South Korea, India, Australia, and Rest of APAC
Europe: includes UK, Germany, France, Italy, Spain, and Rest of Europe
North America: includes the US, Canada, Mexico
South America: Brazil and Rest of South America
Middle East & Africa: includes Saudi Arabia, South Africa, and Rest of MEA

The rise in refrigerated capacity of cold storage in APAC is expected to accelerate the growth of the refrigeration monitoring market.

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Key Market Segments: Global Refrigeration Monitoring Market

Refrigeration Monitoring Market by Type, 2020-2029 (In USD Million, Kilotons)

Hardware
Software
Services

Refrigeration Monitoring Market by Components, 2020-2029 (In USD Million, Kilotons)

Sensors
Thermistors
Display
Condenser
Monitoring Meter
Others

Refrigeration Monitoring Market by Application, 2020-2029 (In USD Million, Kilotons)

Temperature Monitoring
Storage
Others

Refrigeration Monitoring Market by Region, 2020-2029 (In USD Million, Kilotons)

Asia Pacific
Europe
North America
South America
Middle East And Africa

Important Countries In All Regions Are Covered.

Key Question Answered

What is the current scenario of the global refrigeration monitoring market?
What are the emerging technologies for the development of refrigeration monitoring market?
What are the historical size and the present size of the market segments and their future potential?
What are the major catalysts for the market and their impact during the short, medium, and long terms?
What are the evolving opportunities for the players in the market?
Which are the key regions from the investment perspective?
What are the key strategies being adopted by the major players to up their market shares?

Introduction
1. Market Definition
2. Market Segmentation
3. Research Timelines
4. Assumptions and Limitations

Research Methodology
1. Data Mining
  1. Secondary Research
  2. Primary Research
  3. Subject-Matter Experts’ Advice
2. Quality Checks
  1. Final Review
3. Data Triangulation
  1. Bottom-Up Approach
  2. Top-Down Approach
  3. Research Flow
4. Data Sources

Executive Summary

Market Overview
1. Global Refrigeration MONITORING Market Outlook
  1. Market Drivers
  2. Market Restraints
  3. Market Opportunities
2. Impact Of Covid-19 On Refrigeration Monitoring Market
3. Porter’s Five Forces Model
  1. Threat From New Entrants
  2. Threat From Substitutes
  3. Bargaining Power Of Suppliers
  4. Bargaining Power Of Customers
  5. Degree Of Competition
4. Industry Value Chain Analysis

Global Refrigeration Monitoring Market By Type
1. Hardware
2. Software
3. Services

Global Refrigeration Monitoring Market By Components
1. Sensors
2. Thermistors
3. Display
4. Condenser
5. Monitoring Meter
6. Others

Global Refrigeration Monitoring Market By Application
1. Temperature Monitoring
2. Storage
3. Others

Global Refrigeration Monitoring Market By Region
1. North America
  1. Us
  2. Canada
  3. Mexico
2. South America
  1. Brazil
  2. Rest Of South America
3. Europe
  1. Germany
  2. UK
  3. France
  4. Italy
  5. Spain
  6. Rest Of Europe
4. Asia Pacific
  1. India
  2. China
  3. Japan
  4. South Korea
  5. Australia
  6. Rest Of Asia Pacific
5. Middle East And Africa
  1. Saudi Arabia
  2. South Africa
  3. Rest Of Middle East And Africa

Company Profiles* (Business Overview, Company Snapshot, Products Offered, Recent Developments)

Emerson Electric Co

Danfoss

Monnit Corporation

ORBCOMM

TE Connectivity

Texas Instruments

Samsara

Smartsense(Digi International)

Berlinger

Tek Troniks Limited*The Company List Is Indicative

LIST OF TABLES

TABLE 1                 GLOBAL REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 2                 GLOBAL REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 3                 US REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 4                 US REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 5                 US REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 6                 CANADA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 7                 CANADA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 8                 CANADA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 9                 MEXICO REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 10              MEXICO REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 11              MEXICO REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 12              BRAZIL REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 13              BRAZIL REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 14              BRAZIL REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 15              ARGENTINA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 16              ARGENTINA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 17              ARGENTINA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 18              COLOMBIA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 19              COLOMBIA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 20              COLOMBIA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 21              REST OF SOUTH AMERICA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 22              REST OF SOUTH AMERICA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 23              REST OF SOUTH AMERICA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 24              INDIA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 25              INDIA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 26              INDIA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 27              CHINA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 28              CHINA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 29              CHINA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 30              JAPAN REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 31              JAPAN REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 32              JAPAN REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 33              SOUTH KOREA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 34              SOUTH KOREA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 35              SOUTH KOREA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 36              AUSTRALIA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 37              AUSTRALIA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 38              AUSTRALIA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 39              SOUTH-EAST ASIA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 40              SOUTH-EAST ASIA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 41              SOUTH-EAST ASIA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 42              REST OF ASIA PACIFIC REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 43              REST OF ASIA PACIFIC REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 44              REST OF ASIA PACIFIC REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 45              GERMANY REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 46              GERMANY REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 47              GERMANY REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 48              UK REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 49              UK REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 50              UK REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 51              FRANCE REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 52              FRANCE REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 53              FRANCE REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 54              ITALY REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 55              ITALY REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 56              ITALY REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 57              SPAIN REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 58              SPAIN REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 59              SPAIN REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 60              RUSSIA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 61              RUSSIA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 62              RUSSIA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 63              REST OF EUROPE REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 64              REST OF EUROPE REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 65              REST OF EUROPE REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 66              UAE REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS) 2020-2029

TABLE 67              UAE REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS) 2020-2029

TABLE 68              UAE REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS) 2020-2029

TABLE 69              SAUDI ARABIA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS)

TABLE 70              SAUDI ARABIA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS)

TABLE 71              SAUDI ARABIA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS)

TABLE 72              SOUTH AFRICA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS)

TABLE 73              SOUTH AFRICA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS)

TABLE 74              SOUTH AFRICA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS)

TABLE 75              REST OF MIDDLE EAST AND AFRICA REFRIGERATION MONITORING MARKET BY TYPE (USD MILLIONS)

TABLE 76              REST OF MIDDLE EAST AND AFRICA REFRIGERATION MONITORING MARKET BY COMPONENTS (USD MILLIONS)

TABLE 77              REST OF MIDDLE EAST AND AFRICA REFRIGERATION MONITORING MARKET BY APPLICATION (USD MILLIONS)

LIST OF FIGURES

FIGURE 1             MARKET DYNAMICS

FIGURE 2             MARKET SEGMENTATION

FIGURE 3             REPORT TIMELINES: YEARS CONSIDERED

FIGURE 4             DATA TRIANGULATION

FIGURE 5             BOTTOM-UP APPROACH

FIGURE 6             TOP-DOWN APPROACH

FIGURE 7             RESEARCH FLOW

FIGURE 8             GLOBAL REFRIGERATION MONITORING MARKET BY TYPE, USD MILLION, 2020-2029

FIGURE 9             GLOBAL REFRIGERATION MONITORING MARKET BY COMPONENTS, USD MILLION, 2020-2029

FIGURE 10           GLOBAL REFRIGERATION MONITORING MARKET BY APPLICATION, USD MILLION, 2020-2029

FIGURE 11           GLOBAL REFRIGERATION MONITORING MARKET BY REGION, USD MILLION, 2020-2029

FIGURE 12           PORTER’S FIVE FORCES MODEL

FIGURE 13           MARKET SHARE ANALYSIS

FIGURE 14           EMERSON ELECTRIC CO: COMPANY SNAPSHOT

FIGURE 15           DANFOSS: COMPANY SNAPSHOT

FIGURE 16           MONNIT CORPORATION: COMPANY SNAPSHOT

FIGURE 17           ORBCOMM: COMPANY SNAPSHOT

FIGURE 18           TE CONNECTIVITY: COMPANY SNAPSHOT

FIGURE 19           TEXAS INSTRUMENTS: COMPANY SNAPSHOT

FIGURE 20           SAMSARA: COMPANY SNAPSHOT

FIGURE 21           SMARTSENSE(DIGI INTERNATIONAL): COMPANY SNAPSHOT

FIGURE 22           BERLINGER: COMPANY SNAPSHOT

FIGURE 23           TEK TRONIKS LIMITED: COMPANY SNAPSHOT

Identifying Key Products in the Market

The identification of key products in any market is pivotal for understanding what drives consumer interest, technological innovation, and competitive advantage. Here’s how to approach this:
Market Analysis Reports: Start with syndicated market analysis reports from firms like Nielsen, Euromonitor, or specialized industry analysts. These reports often highlight leading products based on sales data, innovation, and consumer feedback.
Patent Filings: Reviewing patent filings can provide insight into technological innovations and future products that may impact the market. Databases like the United States Patent and Trademark Office (USPTO) or the World Intellectual Property Organization (WIPO) can be invaluable.
Ecommerce Platforms and Retailer Websites: Analyzing bestselling products and customer reviews on platforms such as Amazon, Flipkart, or direct retailer websites can offer direct insights into consumer preferences and product popularity.
Consumer Surveys and Feedback: Conducting surveys or analyzing online forums and social media can reveal consumer preferences, pain points, and desired features in products. Tools like SurveyMonkey, Google Surveys, or social listening platforms can facilitate this process.

Segmenting the Market and Products

Market and product segmentation is crucial for targeting marketing efforts and product development. Here’s a methodology for segmenting based on technical specifications:
Technical Specifications Review: Compile a comprehensive list of products within the market, focusing on their technical specifications. This could involve processor speeds for electronics, ingredients for food products, or material composition for apparel.
Factor Analysis: Use statistical techniques like factor analysis to group products based on shared technical specifications. This method helps identify underlying relationships between different specifications and how they cluster together.
Expert Consultation: Engage with industry experts or technical specialists to ensure that the segmentation makes sense from both a market and a technical perspective. This step ensures the practical relevance of the segments identified.

Identifying and Classifying Key Application Segments

Understanding how products are used in different applications is essential for market strategy:
Use Case Analysis: Identify common use cases for products by reviewing product literature, customer testimonials, and case studies. This helps understand the variety of applications each product serves.
Industry Surveys: Conduct surveys targeting professionals in the field to understand how and why certain products are preferred in specific applications. This can also reveal unmet needs in the market.
ApplicationBased Segmentation: Group products based on their primary applications, considering factors such as industry use, consumer vs. professional use, and environmental conditions.

Calculating Market Size Using TopDown and BottomUp Approaches

Estimating the market size accurately is fundamental for strategic planning:
TopDown Approach: Start with global industry data and narrow down to the target market by applying known market shares or segmentation percentages. Industry reports and financial databases are key sources for this approach.
BottomUp Approach: Aggregate sales data or unit shipments from all known market participants. This might require gathering data from company reports, industry associations, and sales channels.
Combining Approaches: Validate the market size estimates by comparing the results from both approaches. Discrepancies can highlight areas requiring further investigation.

Calculating the CAGR for the Market

The Compound Annual Growth Rate (CAGR) is a useful measure to understand market growth over time:
Historical Sales Data: Gather historical sales or market size data over a defined period. Public company filings, industry reports, and government databases can be sources for this data.
CAGR Formula: Apply the CAGR formula \[CAGR = (EV/BV)^{1/n} 1\], where EV is the end value, BV is the beginning value, and n is the number of periods.
Segment and Overall Market CAGR: Calculate CAGR for both the overall market and individual segments to understand growth patterns.

Sources for Secondary or Desk Research

Identifying the right sources is crucial for accurate desk research:
Industry and Market Research Reports: Sources like IBISWorld, Statista, and Frost & Sullivan offer comprehensive industry reports.
Government and International Organizations: Websites of the U.S. Census Bureau, World Bank, and OECD provide economic and industry specific data.
Academic Journals: Platforms like Google Scholar and JSTOR can offer peer reviewed articles on market trends and consumer behavior.
News Archives and Trade Publications: Stay informed on industry developments through sources like Bloomberg, Reuters, and specific trade journals relevant to the market in question.
Each of these steps requires careful consideration and a systematic approach to ensure that the market research report is robust, insightful, and actionable.

Refrigeration Monitoring Market

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CAGR ()

Forecast Year Value ()

Historical Data Period

Largest Region

Forecast Period

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