Cold Chain Monitoring Market – Overview
Cold chain monitoring has become popular in the past few years due to rise in the demand for items such as pharmaceutical and food & beverage products. Market reports linked to the semiconductors & electronics sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this market. The industry is likely to grow with a CAGR of 10% while achieving revenues worth US 7 billion approximately in the forecast period.
High productivity and supply chain benefits that can be derived from the implementation of cold chain monitoring have increased the popularity of the market. Rising demand for frozen products due to increasing urbanization has contributed significantly to the growth of the market and will continue to contribute to the growth of the industry in the forecast period. Reduced cycle times and operational costs will maintain the growth pace of the industry through the forecast period.
Aug 2017 A leading global provider of Machine-to-Machine (M2M) and Internet of Things (IoT) solutions, ORBCOMM, recently stated that it has launched the next generation of its cold chain monitoring solution which is the ORBCOMM’s PT 6000, which is accessible as a 3G or LTE dual-mode or cellular satellite-cellular version, it also aids fuel and temperature management, logistics, maintenance and regulatory compliance for refrigerated transport resources. The telematics solution includes connectivity, sensors and the CargoWatch application. The compact PT 6000 model allows complete control and visibility of cold chain operations to aid in ensuring the integrity of temperature-controlled cargo along the supply chain.
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The cold chain monitoring industry has been segmented on the basis of application, components and logistics. The application segment of the industry comprises of chemicals, pharmaceutical, foods & beverages and others. The segmentation on the basis of components includes radio frequency devices, sensors, telematics device, and software among others. Lastly, the logistics based segment includes transportation and warehousing.
Global Competitive Analysis
Contenders who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario. With the ability to sustain their competitive edge being one of the primary factors driving their efforts, the scope for growth in the industry appears to be promising through the forecast period. The rising affinity for diversification in the market has indirectly enabled the players to utilize the many prospects available. This specific trend has enabled portfolio improvements along with the affinity for diversification in the sector, which has helped the market competitors tremendously in this industry. The companies in this particular industry are also trying to maintain and enhance financial liquidity that can be instrumental to invest in growth strategies as and when they become available.
The noteworthy contenders in the industry for Cold Chain Monitoring Market are NXP Semiconductors N.V. (Netherlands), ORBCOMM (U.S.), Sensitech, Inc. (U.S.), NEC Corp. (Japan), Berlinger & Co. AG (Switzerland), Infratab Inc. (U.S.), Controlant EHF (Iceland) and Monnit Corporation (U.S.).
Detailed Regional Analysis
The North American region is leading the industry for Cold Chain Monitoring owing to the developments in the frozen food industry and high expenditure directed towards these foods. Increased consumption of meat products and a high standard of living is motivating the growth of the market in the North American region. The Asia-Pacific region has appeared as the fastest growing region and also stands as second major market for the Cold Chain Monitoring industry owing to the rising chemical industry. China has established itself as one of the biggest industry for pharmaceutical and chemicals which has provided unparalleled growth opportunities to the Asia Pacific region.
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- Logistics Company
- Pharmaceutical Distributors
- Food processing units
- Government organizations
- Sensor Manufacturers & Distributors
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