Global market for cold chain monitoring is set to soar at a healthy CAGR of 9.6% during the assessment period (2018-2023). The need for higher efficiency in temperature-controlled supply chain has made a positive impact on the cold chain monitoring market. Moreover, the rising demand for refrigeration in industries such as food and beverage (F&B) and healthcare has boosted the popularity of cold chain monitoring. F&B remains the primary application area for cold chain monitoring solutions as frozen or cooled food categories continue to witness unwavering expansion all over the world.
The key factors responsible for the increase in the cold chain monitoring market is the focus on quality and product sensitivity, growth in organized retail, increase in refrigerated warehouses, government changing policies and regulations, and growth in pharmaceutical sector. However, the factor such as lack of standardization and high operational cost slow down the growth of cold chain monitoring market.
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Major Key Players
- NXP Semiconductors N.V.,
- Sensitech, Inc.,
- Monnit Corporation,
- NEC Corporation,
- ORBCOMM Inc.,
- Berlinger & Co AG,
- Infratab Inc.,
- Elpro-Buchs A G.,
- Zest Labs Inc. (Ecoark Holdings)
The report offers information on the leading companies operating in the market and evaluates their current market share. The company information presented in the report highlights revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives.
According to MRFR, 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 of 9.6% during the forecast period (2017 to 2023).
This MRFR study delivers an objective analysis of the global cold chain monitoring market for the next five years, keeping calender year 2017 as the base year. The study also offers an assessment of the market revenue on a global level and growth rate for the total market during the forecast period. A historical data showing key market trends and vendor activity is also available. The study segments the cold chain monitoring market based on component, application, logistics, and region. This allows a greater understanding of segments that hold significant growth opportunities.
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.
North America, with its inclusion of the U.S, accounts for the most significant share of the global cold chain monitoring market. In 2017, North America possessed over a third of total market share and is expected to retain its position over the assessment period. The market in this region is driven by factors such as an increasing preference for fresh produce, sustainable investments in cold chain solutions and a growing demand for cold storage in the pharmaceutical sector. The pharmaceutical sector in the U.S has gained global significance over the years due to the development of a variety of drugs in the country, many of these drugs require temperature controlled storage making this application a quickly growing one which is motivating further market growth.
Meanwhile, the accelerated economic growth and the growth of cold chain monitoring in the Asia Pacific have triggered a strong demand for current cold storage technologies and transportation. The region has been recognized as the fastest growing region in the global cold chain monitoring market due to the expansion of the manufacturing sector. The region features emerging economies such as India, China, and Japan which are rapidly urbanizing and have high disposable incomes. These countries account for the most significant contributors to market growth and are witnessing a growing demand for fresh products as well as a strong demand for current pharmaceutical drugs, many of which require refrigerated storage.
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Market Research Future has developed several systematic & scientific frameworks which act as research standards to ensure objectivity and accuracy in reports. Reports are underpinned using both primary and secondary research methods. Primary data has been gathered from management and operational level participants, while secondary data has been obtained from a variety of credible sources such as annual reports and white papers. Top-down and bottom-up approaches have been utilized to provide a reliable validation and estimation of the market. MRFR’s expert data analysts offer unique perspectives on the pertinent field of study which reveal predictions and statements using historical, factually correct data with a view toward the future of the market.
- Logistics Company
- Pharmaceutical Distributors
- Food processing units
- Government organizations
- Sensor Manufacturers & Distributors
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