The refrigerant monitoring system market size is projected to reach US$ 1341.26 million by 2031 from US$ 612.22 million in 2023. The market is expected to register a CAGR of 10.3% in 2023–2031. The need to reduce food waste by keeping it fresh for a longer period is likely to remain key refrigerant monitoring system market trends.
The growing number of supermarkets and quick-service restaurants worldwide is one of the major factors fueling the growth of the refrigerant monitoring system market. In addition, the need for organic food products due to changing consumption habits is driving the growth of the refrigeration monitoring market. Furthermore, refrigeration systems' interactive notification and remote control capabilities are expected to boost the growth of the market in the forecasted period. Moreover, ongoing technological advancements in the refrigerant monitoring system is creating an opportunity for the growth of the refrigerant monitoring system market in the coming years.
A refrigerant monitoring system is used to monitor indoor air for any refrigerant leaks. This system is used for various refrigeration applications, which include cold rooms, freezer rooms, machinery rooms, and others. In addition, these systems are capable of initiating alarms, and triggering building ventilating systems and can be incorporated with Building Automation Systems.
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Refrigerant Monitoring System Market: Strategic Insights
Because working professionals are facing more time constraints and convenience food products are becoming more widely available, there is a growing demand for packaged food items. Additionally, packaged food offers enhanced physical security, barrier defense, accumulation containment, advertising, comprehensive ingredient information, safety, and appropriateness, among other benefits, which is further raising its demand globally. Furthermore, as most customers have variable work schedules, there is a growing demand for packaged or ready-to-eat goods due to time restrictions. Hence, the rise in the demand for packaged food is fueling the growth of the refrigerant monitoring system market.
The market players are continuously working on integrating advanced technologies in the refrigerant monitoring system. Various companies on integrating advanced IoT sensors that monitor temperature and provide real-time notifications when temperature fluctuates in artificial cooling systems. In addition, this solution saves time and money by reducing appliance energy costs, enhancing performance, and increasing customer value. Thus, such technological advancements in the refrigerant monitoring system can create an opportunity for market growth in the forecasted period.
Key segments that contributed to the derivation of the refrigerant monitoring system market analysis are component, type, and application.
The geographic scope of the Refrigerant Monitoring System Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America accounted for the largest refrigerant monitoring system market share. The market in this region is segmented into the US, Canada, and Mexico. The demand for organic fresh food and vegetables is increasing in the region due to rapid urbanization and an increase in healthy dietary lifestyle adoption. In addition, diseases such as diabetes, obesity, and high blood pressure are further raising the demand for organic food. Also, the COVID-19 pandemic has shifted consumers’ preferences toward a healthy diet. According to the Organic Trade Association, in the US, organic packaged food consumption was valued at more than US$ 22.2 billion in 2022, with a growth rate of 5% compared to 2021. Moreover, the rising demand for frozen foods such as meat, seafood, ice cream, and others is propelling the need for refrigerant monitoring systems in the region, further fueling the growth of the refrigerant monitoring system market.
The regional trends and factors influencing the Refrigerant Monitoring System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Refrigerant Monitoring System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 612.22 Million |
| Market Size by 2031 | US$ 1341.26 Million |
| Global CAGR (2023 - 2031) | 10.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Refrigerant Monitoring System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Refrigerant Monitoring System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Refrigerant Monitoring System Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
The “Refrigerant Monitoring System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global refrigerant monitoring system market was estimated to be US$ 612.22 million in 2023 and is expected to grow at a CAGR of 10.3% during the forecast period 2023 - 2031.
Increased demand for packaged food storage is the major factors that propel the global refrigerant monitoring system market.
Rising need to reduce food waste by keeping it fresh for a longer period is anticipated to play a significant role in the global refrigerant monitoring system market in the coming years.
The key players holding majority shares in the global refrigerant monitoring system market are Air-Met Scientific, AquaGas Pty Ltd, Bacharach, Inc., Emerson Electric Co, Genesis International, Honeywell International, Trane, TQ Environmental, Toshiba Carrier Corporation, and Daikin.
The global refrigerant monitoring system market is expected to reach US$ 1341.26 million by 2031.