$7.2 Billion Worldwide Refrigeration Monitoring Industry to 2027 - Impact of COVID-19 on the Market - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jul 16, 2021--
The “Refrigeration Monitoring - Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Amid the COVID-19 crisis, the global market for Refrigeration Monitoring estimated at US$7.2 Billion in the year 2020, is projected to reach a revised size of US$11.5 Billion by 2027, growing at a CAGR of 7% over the analysis period 2020-2027.
Hardware, one of the segments analyzed in the report, is projected to record a 6.7% CAGR and reach US$5.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 7.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.9 Billion, While China is Forecast to Grow at 10.7% CAGR
The Refrigeration Monitoring market in the U.S. is estimated at US$1.9 Billion in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of US$2.5 Billion by the year 2027 trailing a CAGR of 10.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 6.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR.
Service Segment to Record 7.1% CAGR
In the global Service segment, USA, Canada, Japan, China and Europe will drive the 6.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1 Billion in the year 2020 will reach a projected size of US$1.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.6 Billion by the year 2027, while Latin America will expand at a 8.4% CAGR through the analysis period.
Select Competitors (Total 36 Featured):
- Cargo Data Corporation
- Smartsense (Digi International)
- Swift Sensors
- TE Connectivity
- TEK Troniks
- Tempmate (Imec Messtechnik GmbH)
- Texas Instruments
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- UNITED STATES
- UNITED KINGDOM
- REST OF EUROPE
- SOUTH KOREA
- REST OF ASIA-PACIFIC
- LATIN AMERICA
- REST OF LATIN AMERICA
- MIDDLE EAST
- SAUDI ARABIA
- UNITED ARAB EMIRATES
- REST OF MIDDLE EAST
For more information about this report visit https://www.researchandmarkets.com/r/wm9hao
View source version on businesswire.com:https://www.businesswire.com/news/home/20210716005360/en/
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SOURCE: Research and Markets
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PUB: 07/16/2021 11:10 AM/DISC: 07/16/2021 11:10 AM