The cold chain monitoring market, in
terms of value, is expected to grow from USD 3.80 billion in 2018 to USD 6.46
billion by 2023, at a CAGR of 11.17% between 2018 and 2023. Major factors
driving the growth of the market are growing governmental focus on issuing
policies impacting the supply chain efficiency of fast-growing pharmaceuticals
sector in Europe and North America, increasing demand for temperature-sensitive
drugs, rising demand for better food quality and need to reduce food wastage,
growing demand for generic drugs owing to higher accessibility.
This
report covers the cold chain monitoring market based on component, application,
logistics, and region. The market for the software segment is expected to
grow at a higher CAGR between 2018 and 2023. The key reasons for this growth
are increasing adoption of cloud-based software across different verticals and
deployment of on-premises software solutions at storage facilities to enable
faster evaluation of localized data for quick action. Also, the software helps
in improving analytics support that provides actionable insights to
transporters about delays and rerouting maneuvers to increase the efficiency in
the transportation industry.
The
market for the food & beverages application is expected to grow at the
highest CAGR between 2018 and 2023. Food quality and durability are directly
related to the effective maintenance of cold chain operations. The dependence
of the food & beverages industry on cold chain monitoring solutions has
been gradually increasing. The rising demand for high-quality food products has
resulted in the growth of the cold chain monitoring market for the food &
beverages application. The growing demand for meat and seafood owing to the
dietary changes of people in various countries is driving the use of cold chain
monitoring solutions in this application.
The
Americas is accounting for the largest share of the cold chain monitoring
market. The market in APAC is expected to grow at the highest CAGR between
2018 and 2023. The highest growth of the market in APAC can be attributed to
the high demand for quality food in urban areas, extensive
government vaccination drives being carried out in countries such as China and
India, and major investments in the cold chain industry in India and China. All
these factors are pushing the demand for cold chain monitoring solutions in
APAC.
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Major
players in the market are Sensitech (US), ORBCOMM (US), Berlinger & Co.
(Switzerland), Monnit Corporation (US), Elpro – Buchs (Switzerland), Controlant
(Iceland), SecureRF Corporation (US), Savi Technology (US), Zest Labs (US), and
Infratab (US). These players have adopted strategies such as product launches,
product developments, collaborations, agreements, and acquisitions to meet the
needs of their customers.
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