The global refrigerant monitoring system market accounted to US$ 375.0 Mn in 2018 and is expected to grow at a CAGR of 11.7% during the forecast period 2019 – 2027, to account to US$ 990.0 Mn by 2027.
Refrigerant monitoring system market is led by the North American region in 2018. The North American region includes the US, Canada, and Mexico. The uptake in the frozen food consumption across North America has had a direct impact on the growth of refrigerant monitoring system in the region. Also, the increased cold storage capacity of the region owing to huge demands from the consumers for frozen food, vegetable and dairy products has resulted in larger installations of the refrigeration system across North America, which in turn has led to adoption of refrigerant monitors. The usage of refrigerants in the food processing supply chain have reduced the losses caused due to wastage of the products, also it reduces the total cost of ownership in the entire supply chain. Energy efficiencies achieved in the cold storage industries due to the use of refrigerant monitors is another major driving factor for this market across North America.
Lucrative Regional Refrigerant Monitoring System Market
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Market Insights
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Rising Demand for Packaged Food Storage Capabilities Is Triggering the Market
The increase in consumption of packaged foods has also grown in the recent times attributing to the substantial increase in retail stores and departmental stores in the region. Owing to the increasing trend of packaged food consumption, several companies are emerging along with well-established companies in the region. The growth of food packaging companies in the region has simultaneously led the region to witness the growth of industrial refrigerators. This is due to the fact that; these industrial refrigerators are capable of maintaining temperatures that vary widely. In addition to temperature variation, these industrial refrigerators use Ammonia and CO2 in their volatile form or cascade form as the cooling agent or refrigerants, which is energy efficient and combination enhances the safety of the food production as well as food packaging and storing areas. Thus, the packaged processing and packaging, as well as storage capabilities, are the major factors triggering the growth of the market for industrial refrigerators in the current scenario. Also, as the market for industrial refrigerators is booming, it leads to increasing sales of refrigerant monitoring system for these refrigerators.
Lack of Skilled Personnel
The strain on labor capacity in HVACR industry globally is becoming increasingly well-known. The skilled trades shortage in the HVACR industry is a supply and demand issue, as the field is growing, it requires more skilled professionals. In 2018, The Bureau of Labor Statistics (BLS) of the US estimated that there was a shortage of technicians 70,000 in the HVACR, and the industry requires 115,000 new HVACR professionals to meet the demand within the coming four years. However, the association also projects the shrinkage of current working professionals of around 12,000 per year. The gas leaks are becoming more prevalent, and the factor contributing to this is direct indicators of lower quality in workmanship and lack of training to handle these systems.
Type Insights
The refrigerant monitoring system market on the basis of type is segmented into fixed and portable. In 2018, the fixed type segment held the largest share in the global refrigerant monitoring system market and it is anticipated to continue its dominance during the forecast period of 2019 to 2027.
Component Insights
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 and it is anticipated to continue its dominance during the forecast period.
Application Insights
The refrigerant monitoring system market by application is further segmented into commercial and industrial. 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 commercial refrigerant monitoring system is used in various applications including walk ins, warehouses, rooms, trucks, ultra-cold freezers, cryogenic freezers, heat blocks, and ovens.
Rest of APAC Refrigerant Monitoring System Market by Application
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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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Market Initiatives was observed as the most adopted strategy in global refrigerant monitoring system market. Few of the recent market initiatives are listed below:
2019:Bacharach opened a new office in Dublin, Ireland to offer constant expansion as well as growth across Europe region. The new office will include a team of experts focused on sales, service, and training for refrigerant monitoring as well as leak detection instrumentation to service customers as well as partners across the region.
2018:Toshiba Carrier Corporation established Toshiba Carrier Air-Conditioning India Private Ltd., a joint venture with United Technologies Corporation, in Gurgaon, Haryana, India. Toshiba Carrier Air-Conditioning India will benefit from the manufacturing operations of Carrier Air-conditioning & Refrigeration Ltd., the Carrier entity in India. It is also expected to utilize the robust nationwide distribution network and existing sales force, striving to lead the fast-growing VRF segment in India.
2017:TQ Environmental launched a refrigerant leak detection sensor TQ31 and area alarm panel TQ32. TQ31 is a stand-alone, single-point refrigerant detector and alarm unit ideal for room monitoring. It is specifically designed to monitor for the buildup of refrigerant gases from air conditioning systems.
GLOBAL REFRIGERANT MONITORING SYSTEM MARKET SEGMENTATION
Global Refrigerant Monitoring System Market – By Component
- Detector
- Monitor
- Controller
- Others
Global Refrigerant Monitoring System Market – By Type
- Fixed
- Portable
Global Refrigerant Monitoring System Market – By Application
- Commercial
- Industrial
Global Refrigerant Monitoring System Market - By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Global Refrigerant Monitoring System Market - Company Profiles
- 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
- Trane (Ingersoll-Rand Plc)
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 growth of the refrigerant monitoring system market is primarily attributed to the rising demand for packaged food storage capabilities and growing cold chain logistics market. Moreover, the increase in the demand for refrigerant monitoring system in the pharmaceuticals industry in European and North American regions is boosting the market growth.
Combination of CO2 and Ammonia (NH3) as refrigerant provides opportunity for the market growth. The combination of CO2/NH3 and the benefits of this system is rapidly influencing the end users and thus, the adoption of this system significantly increasing across industries in the current scenario.
Fixed refrigerant monitoring system is the most widely used type for monitoring refrigerant leaks. These systems have capabilities that are designed to make the chiller easier for the end users and maintenance contractor to operate. These help reduce the cost of ongoing maintenance by automating checks under f-gas regulations.
The List of Companies
- 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
- Trane (Ingersoll-Rand Plc)
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