The global cold chain monitoring market is poised to reach a valuation of USD 7.15 Bn by the end of 2023, marking an above-average CAGR during the forecast period (2017 to 2023). This consistent growth during the review period can primarily be attributed to the increase in refrigerated warehouses to meet the growing demand for cold supply chain solutions. Stringent government rules regarding food wastage and the increasing number of pharmaceutical drugs, which require continuous temperature monitoring are some other factors driving market growth.
A growing need for consensus across logistics with regards to pharmaceutical trade has been identified, thus driving the growth of the global market. Moreover, ongoing transitions in product development are responsible for the rapid adoption of cold chain monitoring solutions. Other drivers of growth for the market during the assessment period include the increased administration of appropriate vaccinations, globally growing use of insulin products and inarguable need for reliable cold supply chain solutions in food safety.
Cold chain monitoring solutions offer many advantages over conventional storage monitoring methods such as control over energy costs, downtime, safety and other relevant factors. This allows organizations to reduce costs and improve overall efficiency. The recognition of these benefits have prompted demand for such solutions and is expected to motivate growth during the assessment period. The development of new technologies that work in tandem with cold chain monitoring solutions such as real-time monitoring and application of wireless sensor networks are expected to create opportunities for growth and market expansion.
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The Market of Cold Chain Monitoring appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
ORBCOMM (U.S.), NXP Semiconductors N.V. (Netherlands), Berlinger & Co. AG (Switzerland), Sensitech, Inc. (U.S.), NEC Corp. (Japan), Controlant EHF (Iceland), Infratab Inc. (U.S.), Monnit Corporation (U.S.), Zest Labs, Inc. (U.S.), Sensitech Inc. (U.S.) are some of the prominent players at the forefront of competition in the Global Cold Chain Monitoring Market and are profiled in MRFR Analysis.
North America is dominating the global cold chain monitoring market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2023. High standard of living and high consumption of meat products is driving the market in the North America. Cold Chain Monitoring Market in Asia Pacific market is expected to witness a fastest growing CAGR during forecast period, due to the growing chemical industry. China stands as one of the biggest market of chemicals and pharmaceutical which is giving Asia Pacific a competitive advantage over other regions. The increasing demand for quality regulation the food industry to incorporate is boosting the cold chain monitoring solutions in its supply chainis one of the significant factor strengthening the growth of cold chain monitoring market in the European region.
The global cold chain monitoring market has been segmented on the basis of component, application, logistics, and region. By component, the market has been segmented into software, hardware, and services, with the hardware segment accounting for the most significant segment which is expected to surpass USD 3 Bn by 2023. The segment is led by the RFID devices sub-segment, which is extremely popular due its advanced temperature and humidity sensor technology, which allow real-time monitoring. Moreover, with the advent of the internet of things (IoT), food supply chains have been revolutionized as the technology is increasingly used in tracking freshness of food and avoiding wastage.
By applications, the market has been segmented into food & beverages (FnB), chemicals, and pharmaceuticals & healthcare. Of these, the food & beverages segment dominates the total market due to a visible emergence of consumer preferences for healthy and fresh products over processed food products, which is prompting cold chain providers to adopt new strategies in the FnB sector.
By logistics, the market has been segmented into warehousing and transportation, with the warehousing segment set to grow at a steady CAGR of 8.6% during the forecast period. This is primarily due to the increase in demand for refrigerated warehouses. Additionally, to meet the growing pharmaceutical and FnB needs, organizations are increasing their transportation fleets, leading to an overall increase in the logistics segment.
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- Logistics Company
- Pharmaceutical Distributors
- Food processing units
- Government organizations
- Sensor Manufacturers & Distributors
List of Tables
TABLE 1 MARKET SYNOPSIS
TABLE 2 LIST OF ASSUMPTIONS
TABLE 3 GLOBAL COLD CHAIN MONITORING MARKET, BY COMPONENT, 2017-2023 (USD MILLION)
List of Figures
FIGURE 1 GLOBAL COLD CHAIN MONITORING MARKET: MARKET STRUCTURE
FIGURE 2 KEY TAKEAWAYS OF COLD CHAIN MONITORING MARKET
FIGURE 3 NORTH AMERICA MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
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