Global Cold Chain Monitoring Market: by Product, by Type, by Application - Forecast to 2030
Overview
Cold Chain Monitoring Market is expected to reach US$ 20.58 Bn by 2030, at a CAGR of 17% during the forecast period.
Cold Chain Monitoring Market Introduction
Cold chain tracking and monitoring refers to using a set of sensors and regulating devices to keep a particular temperature range of items (food stocks and medicines) in cold storages. These are used to preserve perishable food products sent to the army camps, pharmacies, and distant locations. Maintaining the ideal temperature for cold chain items and pharmaceuticals are critical to avoid changes in texture, taste, or quality that occurs when a shipment deviates from the prescribed temperature, and as a result, the market is being driven by a greater emphasis on quality and product sensitivity.
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Cold Chain Monitoring Market Dynamics
As various governments across the world focus on improving the efficiency of supply chains for processed food, frozen food, dairy goods, pharmaceutical goods, and other items that require cold chain monitoring solutions, demand for cold chain monitoring solutions are expected to grow. Cold chain monitoring systems are likely to be in high demand as a result of new rules governing the storage and shipping of pharmaceutical goods. Furthermore, growing commercial and government investments in refrigerated warehouses, as well as government initiatives to decrease food and other temperature-sensitive products spoilage, are likely to drive the growth of the market for cold chain solutions to new heights.
The market for cold chain monitoring is expected to grow in response to rising demand for pharmaceutical goods, particularly in emerging nations. Some pharmaceutical goods are very temperature sensitive, necessitating the use of sophisticated temperature monitoring devices to keep them at the proper temperature throughout the supply chain. Temperature monitoring devices can aid in the prevention of product spoiling by ensuring that the temperature remains constant during the transport. Other regional markets, such as the United States and Canada, are likely to drive growth in the cold chain monitoring market since they already have well-developed transportation and distribution network.
Modern cold chain monitoring systems track and monitor goods throughout their storage and transportation cycles. They can monitor temperature-sensitive products in real-time, such as processed foods, frozen foods, and other edibles. The rising trade of perishable goods between developed and emerging nations looks well for growing market at this time. Advances in linked device technologies, including as Radio Frequency Identification (RFID) and the Internet of Things (IoT), are expected to pave the way for the creation of novel cold chain monitoring systems.
Cold Chain Monitoring Market Segment Analysis
The efficient administration of cold chain monitoring relies heavily on software and hardware components. RFID devices, sensors, data loggers, networking devices, and telematics, and telemetry devices are some of the most widely utilized hardware components for tracking and tracing activities. Over the projection period, the telematics & telemetry devices category is anticipated to increase at the quickest rate. Telematics systems provide managers complete control over cold chain fleets by allowing them to track trucks and monitor the temperature and humidity levels of refrigerated goods throughout transit.
The way the hardware components in a cold chain monitoring process interact with each other and log the data is determined by software components. On-premise and cloud-based software have been separated from the software category. Over the forecast period, the cloud-based sector is expected to grow at the fastest rate. Real-time temperature monitoring and reporting are possible thanks to cloud-based software. Cloud-based software also aids in improving the cold chain's efficiency and effectiveness, particularly during long-distance transit. Cloud-based inventory management software, robots, barcode scanners, and RFID technologies can all help to speed up product identification procedures while also lowering operational costs per unit.
The processed food segment is expected to have the highest CAGR xx% throughout the forecast period, based on application. The increase is due to people's shifting dietary habits and a rising predilection for processed foods. Fish, meat, and seafood, on the other hand, emerged as the market's largest category in 2019 and is projected to continue to do so during the forecast period. Also, over the forecast period, the pharmaceuticals segment is expected to grow at a significant rate. The rise might be ascribed to the strict regulatory standards in place across the world to ensure the safe and secure storage and transportation of pharmaceutical items.
Cold Chain Monitoring Market Regional Insights
Asia Pacific region is anticipated to be the fastest-growing regional market, providing considerable growth potential for firms considering long-term investments. Emerging economies like India and China are projected to add to the regional market's growth. The regional market is anticipated to grow due to rising population, increasing industrialization, continuous expansion of transportation and warehousing networks, and increased demand for processed and canned foods. India and China are likely to play a key role in the regional growing market.
Over the forecast period, the China regional market is anticipated to grow significantly. Various causes, including advancements in temperature monitoring technology, the introduction of smart sensors, and the expansion of the pharmaceutical and processed food sectors, among others, have contributed to the increase. The growth of China's biopharmaceutical industry is expected to boost demand for cold chain monitoring technologies. Cold chain companies are being prompted to install temperature monitoring systems as a result of the Chinese government's strict rules to maintain food quality.
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| Cold Chain Monitoring Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 6.85 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 17 % | Market Size in 2030: | US $ 20.58 Bn. |
| Segments Covered: | by Product | Hardware RFID devices Telematics and telemetry devices Sensors and data loggers Networking devices Software On-premise Cloud-based |
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| by Type | Storage Transportation |
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| by Application | Fruits & vegetables Fruit pulp & concentrates Dairy products Fish, meat & seafood Processed food Pharmaceuticals |
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Cold Chain Monitoring Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Cold Chain Monitoring Market, Key Players are
1. Sensitech Inc.
2. ORBCOMM
3. Berlinger & Co. AG
4. Monnit Corporation
5. ELPRO-BUCHS AG
6. Controlant
7. SecureRF Corporation
8. Savi Technology
9. Zest Labs, Inc.
10. Infratab, Inc
11. Sensitech
12. Controlant EHF
13. Americold Logistics, LLC
14. Lineage Logistics Holdings, LLC
15. Klinge Corporation
16. Daikin Industries, Ltd
Frequently Asked Questions:
1. Which region has the largest share in Global Cold Chain Monitoring Market?
Ans: Asia Pacific region held the highest share in 2023.
2. What is the growth rate of Global Cold Chain Monitoring Market?
Ans: The Global Cold Chain Monitoring Market is growing at a CAGR of 17% during forecasting period 2024-2030.
3. What is scope of the Global Cold Chain Monitoring market report?
Ans: Global Cold Chain Monitoring Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Cold Chain Monitoring market?
Ans: The important key players in the Global Cold Chain Monitoring Market are – Sensitech Inc., ORBCOMM, Berlinger & Co. AG, Monnit Corporation, ELPRO-BUCHS AG, Controlant, SecureRF Corporation, Savi Technology, Zest Labs, Inc., Infratab, Inc, Sensitech, Controlant EHF, Americold Logistics, LLC, Lineage Logistics Holdings, LLC, Klinge Corporation, Daikin Industries, Ltd, and
5. What is the study period of this market?
Ans: The Global Cold Chain Monitoring Market is studied from 2023 to 2030.