Refrigerant Monitoring System Market | Drivers and Opportunities
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.
Refrigerant Monitoring System Market Analysis
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.
Refrigerant Monitoring System Market Overview
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
Market Size Value in US$ 375.0 Million in 2018 Market Size Value by US$ 990.0 Million by 2027 Growth rate CAGR of 11.7% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Refrigerant Monitoring System Market: Strategic Insights
| Market Size Value in | US$ 375.0 Million in 2018 |
| Market Size Value by | US$ 990.0 Million by 2027 |
| Growth rate | CAGR of 11.7% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Refrigerant Monitoring System Market Drivers and Opportunities
Increased Demand for Packaged Food Storage
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.
Growing Technological Advancement
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.
Refrigerant Monitoring System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the refrigerant monitoring system market analysis are component, type, and application.
- Based on component, the refrigerant monitoring system market is bifurcated into detector, monitor, controller, and others. The controller segment held a larger market share in 2023.
- By type, the market is segmented into fixed and portable. The fixed segment held the largest share of the market in 2023.
- By application, the market is segmented into commercial and industrial. The industrial segment held the largest share of the market in 2023.
Refrigerant Monitoring System Market Share Analysis by Geography
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.
Refrigerant Monitoring System Market Report Scope
Refrigerant Monitoring System Market News and Recent Developments
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:
- Sensata Technologies announced the launch of the Sensata ResonixTM RGD sensor, the first leak detection sensor with UL certification for multiple A2L refrigerant gases used in heating, ventilation, and air conditioning (HVAC) equipment. The new leak detection sensors support HVAC manufacturers’ transition to refrigerants with a lower global warming impact. (Source: Sensata Technologies, Press Release, 2023)
- Daikin announced the launch of a new, smart Refrigeration Leak Detection feature to assist chiller equipment and plant users with safety management and F-Gas compliance. The technology behind the new function is based on a unique new software algorithm developed by Daikin, which uses historical data to raise the alarm in the event of potential leakage and to report on the frequency of occurrences over time, allowing users to decide whether action is required. The new algorithm detects even slow gas leakages over an extended load range, starting at 33% of unit load compared to 50% for other applications on the market, while referencing data from one month up to 12 months previously. (Source: Daikin, Press Release, 2021)
Refrigerant Monitoring System Market Report Coverage and Deliverables
The “Refrigerant Monitoring System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component ; Type ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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