Growing pharmaceutical industry in North America and Europe to provide growth opportunities for refrigerant monitoring system market
Latest market study on "Refrigerant Monitoring System Market to 2027 by Component (Detector, Monitor, Controller, Others); Type (Fixed and Portable); Application (Commercial and Industrial); - Global Analysis and Forecast", the refrigerant monitoring system market is estimated to reach US$ 990.0 Mn by 2027 from US$ 375.0 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
The refrigeration monitoring systems play a crucial role in the pharmaceutical industry and have gained popularity in North American, and European market for decades. Over the years, the US, UK, Germany, and France have experienced significant demand for drugs and the trend is rapidly increasing, which is propelling the pharmaceutical companies to increase their production and sales over the years. According to International Federation of Pharmaceutical Manufacturers & Associations the global pharmaceutical market is expected to reach around US$ 1,430 billion by 2020. Owing to the increase in drugs consumption, the US based pharmaceutical companies are experiencing a huge pressure to meet the demand of their consumers. In order to meet the surging requirements, the pharmaceutical companies are also increasing their production and storing them at a maintained and desirable temperatures.
With an aim to store the medicines or other drugs in the desired temperature, the well-established as well as emerging pharmaceutical companies are procuring or upgrading the industrial refrigerators in a large number, which is catalyzing the growth of the industrial refrigerators in the US pharmaceutical companies. Various Canadian and Mexican pharmaceutical companies are obtaining industrial refrigerators in order to meet the surging demand from the mass. On the other hand, several pharmaceutical companies based out of US and globally, are establishing their production centers in Canada and Mexico, which is also facilitating the pharmaceutical refrigerators manufacturers to increase their business in these two regions. Hence, the there is a global growth in the pharmaceutical industry being experienced, which is a major factor bolstering the growth of the market for industrial refrigerator across the globe. This, in turn, is expected to increase the demand for refrigerant monitoring system in the pharmaceuticals industry. The trend is expected to remain the same during the forecast period.
Geographically, North America region holds the largest share in the refrigerant monitoring system market for the current year. Further Asia Pacific region is projected to witness the highest growth rate over the forecast period 2019 to 2027. The market for refrigerant monitoring system has been segmented on the basis of component, type, application, and geography. The refrigerant monitoring system market based on component is sub-segmented into detector, monitor, controller, and others. The controller segment is expected to hold the prime market share in the refrigerant monitoring system market. The refrigerant monitoring system market on the basis of type is segmented into fixed and portable. The fixed type led the refrigerant monitoring system market and it is anticipated to continue its dominance during the forecast period. The market for refrigerant monitoring system by application is further segmented into industrial and commercial. The commercial sector is expected to hold the lion’s share in the year 2018 and is expected to continue its dominance till 2027.
The major companies operating in refrigerant monitoring system market include Air-Met Scientific Pty Ltd., AquaGas Pty Ltd., Bacharach Inc., Emerson Electric Co., Genesis International, Inc., Honeywell International Inc., LumaSense Technologies, Inc., Toshiba Carrier Corporation, TQ Environmental Limited, and Trane (Ingersoll-Rand Plc) among others. Several other companies are also offering these refrigerant monitoring system products and solutions for various organisations, which is facilitating the market to propel over the years.
Refrigerant Monitoring System Market - Geographic Breakdown, 2018
