According to the new market research report on
the "Cold
Chain Monitoring Market by Offering (Hardware and Software),
Temperature Type (Frozen and Chilled), Logistics (Storage and Transportation),
Application (Pharmaceuticals & Healthcare, Food & Beverages,
Chemicals), Region - Global Forecast to 2025", the cold chain
monitoring market size is expected to grow from USD 4.6 billion in 2020 to USD
8.2 billion by 2025; it is expected to grow at a CAGR of 12.5% from 2020 to
2025. The key factors driving the growth of the market include the increasing
global demand for temperature-sensitive drugs, surging demand for better food
quality, intensifying need to reduce food wastage, surging demand for generic
drugs owing to higher accessibility, and increasing government focus on issuing
policies impacting the supply chain efficiency of the fast-growing
pharmaceuticals sector in Europe and North America.
“Offering-wise, hardware segment to capture
largest market size of overall cold chain monitoring market in 2020 “
The hardware segment is expected to account
for the largest share of the global cold chain monitoring market in 2020.
Hardware is an essential part of cold chain monitoring solutions, which include
critical devices to sense and measure temperature, humidity, and other
environmental parameters. These include RFID devices, and telematics and
telemetry devices that can track the product quality in the cold chain, as well
as its location. Additionally, various networking devices that help in
transmitting the collected data and allowing real-time monitoring have also
started finding applications in cold chain monitoring.
“Temperature type-wise, frozen segment to
dominate cold chain monitoring market during forecast period”
The frozen segment is expected to continue to
hold a larger market size since a wide variety of hardware components with
varying prices are deployed to monitor the cold chain for various frozen
products, such as meat, ice cream, and seafood that are stored at temperatures
between -18°C to -24°C. Throughout the frozen food cold chain process, it is
imperative to ensure food safety and quality.
“Logistics-wise, storage segment to
continue to hold largest market size of overall cold chain monitoring market”
The storage segment is expected to continue to
hold a larger share of the cold chain monitoring market during the forecast
period. Growing consumer inclination toward packaged food, changing lifestyles
and dietary patterns, and the intensifying need to protect pharmaceutical
products from unsuitable climatic conditions are the prime factors that are
favoring the deployment of storage solutions at production sites, distribution
centers, and at final delivery points. A well-structured cold storage
monitoring setup reduces wastage and facilitates better resource utilization,
thereby reducing the cost of operations.
“Application-wise, food & beverages
segment to grow at highest rate from 2020 to 2025”
Food & beverages applications are expected
to capture the highest CAGR in the cold chain monitoring market during the
forecast period. This growth is mainly driven by the growing demand for
high-quality food products across the globe. Additionally, with rapid urbanization,
there has been an increase in the number of fast-food chains, where the food
quality and the timely delivery of resources are of paramount importance.
Moreover, rising awareness regarding the importance of food quality and safety
and the nutritional value of food is driving the growth of the cold chain
monitoring market for the food & beverages application.
“APAC to record highest CAGR from 2020
to 2025”
APAC is expected to be the fastest-growing
cold chain monitoring market during the forecast period. The growth of the
market in APAC is driven by rising demand for high-quality food products and
government initiatives in the emerging economies to bring maximum people under
the modern healthcare umbrella. Additionally, increasing government investments
towards logistics infrastructure development and penetration of warehouse
management systems are other major factors supporting the growth of the market
in APAC.
Major players involved in the cold chain
monitoring market include Sensitech Inc. (US), ORBCOMM (US), Berlinger &
Co. AG (Switzerland), Monnit Corporation (US), ELPRO-BUCHS AG (Switzerland),
Controlant (Iceland), SecureRF Corporation (US), Savi Technology (US), Zest
Labs, Inc. (US), and Infratab, Inc. (US).
Other notable players in this market include
Temperature Monitor Solutions Africa (South Africa), Lineage Logistics Holdings
(US), Klinge Corporation (US), Daikin Industries (Japan), Nimble Wireless
(India), Tagbox Solutions (India), Verigo (US), FreshSurety (US), and
SafeTraces (US), among others.
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