Storage Refrigeration Monitoring Market to Reach $17.6 Billion

According to a new report, the global storage refrigeration monitoring market generated $8.3 billion in 2022, and is anticipated to generate $17.6 billion by 2032, witnessing a CAGR of 8.0% from 2023 to 2032.

Technological advancements in the form of Internet of Things (IoT), cloud computing, and wireless communication are predicted to be one of the important factors driving the growth of the global storage refrigeration monitoring market in the forecast timeframe. However, the high initial investment involved in storage refrigeration monitoring systems may hamper the storage refrigeration monitoring market growth in the coming period. On the contrary, an increasing focus on food quality and extending the shelf life of perishable products is expected to offer remunerative opportunities for expansion of the storage refrigeration monitoring market in the 2023-2032 forecast period.

The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global storage refrigeration monitoring market. The effective storage and transportation of vaccines, medicines, and perishable food items became critical during the pandemic which increased the demand for storage refrigeration monitoring.

The storage refrigeration monitoring market is further anticipated to show steady growth in the future due to increasing adoption of advanced technologies.