Connected Refrigeration Systems Market Sales Size Share Forecast 2027

Connected refrigeration systems market

Internet of Things (IoT) is a computing concept, which turns devices into smart systems by a connecting it with internet. IoT connected machines include machine-to-machine (M2M) and industrial communication technologies with automation applications. IoT connected machines help better understand the production process and enhance production efficiency of connected refrigeration systems.
IoT connected machines, a basic pillar of digital manufacturing, connect all the industrial assets with machines and control systems. Connected Refrigeration systems are similar type of IoT-enabled system that are used in multiple industries such as fruit and vegetable processing, chemicals, pharmaceuticals, and refrigerated transportation.
Sensors and connected devices gather a large amount of data for the smart connected refrigeration systems which is fed to analytics solutions in order to analyze and automate the processing
Rapidly changing demand from consumers has fueled the need for connected refrigeration systems manufacturing.

Increase in Use of Connected Refrigeration Systems in Fast Moving Consumer Goods (FMCG) Industry

Increase in consumption of processed and packaged food has been observed as it requires lesser time to cook and majority of the population prefers fast food. This, in turn, increases the use of connected refrigeration systems in FMCG industry. Rise in trend of upgrading cold storage infrastructure across food-related industry verticals is expected to boost the connected refrigeration systems market
Connected refrigeration systems are used in hotels, malls, and other places where storage of food is crucial
Transportation of various non-veg food products such as, eggs, meat, and fish requires connected refrigeration systems, which, in turn, drives the market

Significant Drop in Sensor Prices Drives Connected Refrigeration Systems Market

IoT solutions and likewise, connected refrigeration systems cannot be implemented without the help of sensors. This has increased the demand for sensors. Many connected systems rely on multiple sensors to monitor data. According to a report published by BI Intelligence in 2014, cost of these sensors was declined by 50%. Also, a study conducted by Ericsson on ‘Internet of Things’ in collaboration with DI Digital reveals that the cost of sensors in 2014 with respect to 1996 dropped by 95%.
Decrease in cost of sensors is set to act as a driving factor for the connected refrigeration systems market as the requirement of sensors in manufacturing processes increases every day.

North America Expected to Hold Major Share of Global Connected Refrigeration Systems Market

In terms of region, the global connected refrigeration systems market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
North America is expected to account for major share of the global connected refrigeration systems market during the forecast period, due to advancements in technology and introduction of Internet of things (IoT) applications with enhanced customer experience in the region
Europe and North America are expected to hold significant shares of the global connected refrigeration systems market from 2019 to 2027. However, the markets in Asia Pacific and Middle East & Africa are expected to expand at a significant rate during the forecast period.

Key Players Operating in Global Connected Refrigeration Systems Market