Cold chain monitoring is attracting major traction globally due to the increasing demand for the technology across various verticals. A report on the global cold chain monitoring market by Market Research Future (MRFR) reveals the growth drivers, geographical distribution, competitive landscape and other information. The report also states that the global cold chain monitoring market is expected to touch USD 7.15 billion by the end of 2023. The market is slated to grow at a healthy annual growth rate during the forecast period between 2018 and 2023.
The expansion of the market is also substantially dependent on the rise in the food & beverage and pharmaceutical sector globally. The market’s expansion is anticipated to be further fuelled by the regulatory frameworks that are being reinforced in the upcoming forecast period.
The rising demand for the market is driven by the expanding popularity of refrigerated warehouses. The ongoing changes being made in product development is majorly responsible for the expansion of the market. The market is also anticipated to be positively influenced by the various regulatory frameworks that are being imposed by the government.
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The global cold chain monitoring market segmentation is based upon the following key dynamics: application, logistics, and component.
By component, the market includes hardware, software, and services. The hardware segment accounted for the highest share in the global cold chain monitoring market. The segment, alone, is expected to reach a valuation of USD 3 billion by 2023. The RFID devices sub-segment under hardware cold chain component is the biggest contributor. The sub-segment is popular due to the advanced humidity and temperature sensor technology, one which enables real-time monitoring. Furthermore, the emergence of the Internet of Things (IoT) has revolutionized the entire food supply chains. This is because of the increasing use of the technology in tracking freshness of food and for avoiding wastage.
By applications, the market segments into chemicals, food & beverages, and pharmaceuticals & healthcare. Among these, the food & beverages segment hold the dominant slot in the global market. This is due to the visible change in preference among consumers for healthy and fresh products over processed food items.
By logistics, the market divides into transportation and warehousing. The warehousing segment is projected to grow during the forecast period at a CAGR of 8.6%. This notable growth of the segment is due to the rising demand for refrigerated warehouses. Add to this, in order to meet the surging needs from the food & beverage and pharmaceutical industry, organization are reportedly increasing their transportation fleets which is subsequently increasing the demand for the logistics market.
The regional analysis of the cold chain monitoring market consists of regions such as North America, Asia Pacific, Europe and rest of the world. The North American region, with its inclusion of the U.S, is responsible for the most important share of the cold chain monitoring market. The market in this region is found to be driven by factors such as a growing preference for fresh produce, sustainable investments in cold chain solutions and mounting demand for cold storage in the pharmaceutical sector. Meanwhile, the enhanced economic growth and the development of cold chain monitoring in the Asia Pacific region have activated a robust demand for existing cold storage technologies and transportation. The region also has been recognized as a quickly growing region in the cold chain monitoring market owing to the growth of the manufacturing sector.
The global cold chain monitoring market includes a number of key players. Some of the key players identified by MRFR are NXP Semiconductors N.V., Sensitech, Inc., Berlinger & Co AG, Controlant, Infratab Inc., Zest Labs Inc. (Ecoark Holdings), NEC Corporation, ORBCOMM Inc., Monnit Corporation, Elpro-Buchs A G.
10th June 2019, FedEx Express, part of the world’s biggest express transport organization – FedEx Corp, announced the launch of Medpak VIoC Solution. It is a pioneering temperature-controlled cold chain shipping solution.
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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)
FIGURE 4 EUROPE MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 5 ASIA-PACIFIC & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 6 REST OF THE WORLD MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 7 RESEARCH PROCESS OF MRFR
FIGURE 8 TOP DOWN & BOTTOM UP APPROACH
FIGURE 9 DOC ANALYSIS OF GLOBAL COLD CHAIN MONITORING MARKET
FIGURE 10 DRIVERS IMPACT ANALYSIS: COLD CHAIN MONITORING MARKET
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