According to latest research estimates, Refrigeration Gauge market growth is projected around 4.5 to 5% CAGR during the assessment period of 2021-2031. The refrigeration gauge market has experienced negative growth during the pandemic outbreak in 2020.
Market growth is however expected to gain traction within next 2 quarters of ongoing fiscal by resumption of productions and related supplies.
Growing industrialization coupled expansion of cold storage facilities is considered as the primary factor which is fueling the demand of the product at a healthy rate.
In addition to this, refrigerant gauge is considered as critical parameter while measuring pressure of flow of gas in reiteration system and air conditioning system which is boosting the market growth of the product.
Also, government regulatory framework on the usage of machineries and equipment in various industries is also one of the aspect drives the market. Growing end-user demand for better, accurate and impact resistant is anticipated to fuel the demand for the product. Furthermore, the aftermarket of the product is totally influence by the sales of the product.
Due to all these factor, the market is likely to grow across the global during the forecast period.
According to study, Digital gauge sales is expected to gain significant traction over analog prototype during the forecast period 2021-2031. Analog gauges works efficiently but have large limitations in terms of number of refrigerant i.e. users can sets work for up to 3 specific refrigerants.
Digital Gauges has been observed to address this issue via providing multiple sets of gauges as per refrigerants and are better & accurate over the analog model.
U.S. and Canada are expected to contribute a prominent share in the global market over the forecast period. U.S. is considered as one of the leading markets which is attributed to the demand from manufacturing sector as well as industrial cryogenic vertical.
Growing industrialization and various other industries in South East Asia countries is expected to drive the demand of the product in incoming years. Hence, this region is expected to grow with the significant growth rate over the forecast period.
The developing countries consisting of ASEAN, China and India have been understood to moderately impacted by the COVID-19 crisis. However, post the initial financial quarters of 2020, resumption of operations at threshold rates is estimated to create sound growth opportunity for refrigeration gauge market in the region.
The regional market is also expected to grow at moderate CAGR with notable growth expected to be observed from Eastern Europe nations of Serbia, Hungary and Czech Republic, Western Europe market is anticipated to observe a slower growth rate due to government regulations towards research activities in various industries and the usage of industrial machineries and equipment which is catalyzing the demand for the product over the forecast period.
Some of the leading manufacturers and suppliers of the product
Key market players which are operating in the Refrigeration Gauges market are increasingly investing in research and development activities to develop new and innovative techniques to manufacture the most advanced gauge and digital gauges which will provide more accurate pressure measurement, system analysis and built in saturation temperature for several refrigerants
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Refrigerant gauge is well suited for application in the abattoirs, retail and industrial cold storage facilities to measure the operating condition of refrigeration system accurately. Periodic maintenance of operating temperatures via refrigeration equipment as well as specific troubleshooting incidents is expected to be the primary driver for the market growth of refrigeration gauges.
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Refrigeration Gauge Market
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