In 2018, the global market for refrigerant monitoring systems was valued at US$ 375.0 million and is projected to expand at a compound annual growth rate (CAGR) of 11.7% during the period from 2019 to 2027, ultimately reaching US$ 990.0 million by 2027.
Recently, there has been a notable surge in the consumption of packaged foods worldwide, particularly in regions such as North America and Asia-Pacific. In the United States, the demand for packaged and frozen food products has escalated by 50% over the last ten years. Consumers in North America are increasingly focused on lifestyle changes, convenience in consumption, and health consciousness. These elements are driving the global demand for packaged foods. The packaged food sector has seen significant growth in North America, largely due to the rising consumption of savory items, dairy products, confectionery, and meat products, which are all contributing to this trend.
Within the Asia-Pacific region, key players in the refrigerant monitoring system market include Australia, China, India, Japan, South Korea, and other nations in the area. This region exhibits a more optimistic economic outlook compared to others globally, showcasing substantial growth potential. Rapidly developing countries like China and India, alongside established economies such as Japan, are propelling the region to become the fastest-growing market for refrigerant monitoring systems. The economic advancements in Asia-Pacific are fostering growth across various sectors, including manufacturing and technology. Many developing nations in this region are experiencing significant expansion in their manufacturing industries, particularly in food processing. As China evolves into a hub for high-skilled manufacturing, other countries like India, South Korea, Taiwan, and Vietnam are becoming attractive destinations for businesses looking to shift their low to medium-skilled manufacturing operations to locations with lower labor costs.
Additionally, the increasing consumer preference for packaged and perishable foods, coupled with the growth of international trade driven by trade liberalization, and the rise of food retail chains, are all contributing to the heightened demand for refrigerated logistics. Government initiatives aimed at enhancing infrastructure are further stimulating the refrigerant monitoring market.
The overall size of the refrigerant monitoring market has been calculated using both primary and secondary research methods. The research process commences with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative insights related to the refrigerant monitoring market. This research also includes an overview and forecast for the global refrigerant monitoring market, segmented by five primary regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. To validate the data and analysis, primary interviews were conducted with industry participants and experts. These participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders who specialize in the refrigerant monitoring sector.