According to
the new market research report "Cold Chain Monitoring Market
with COVID-19 Impact by Offering (Hardware and Software), Logistics (Storage
and Transportation), Application (Pharmaceuticals & Healthcare, Chemicals),
Temperature, and Region - Global Forecast to 2026", the global cold
chain monitoring market was valued at USD 4.7 billion in 2021 and is projected
to reach USD 10.2 billion by 2026; it is expected to grow at a CAGR of 16.6%
from 2021 to 2026. The increasing demand for temperature-sensitive drugs, rising
demand for better food quality, surging need for reducing food wastage, and
growing demand for generic drugs owing to higher accessibility are anticipated
to drive the market’s growth. The growing focus on improving the supply chain
efficiency of the fast-growing pharmaceuticals sector in Europe and North
America through governmental policies is also expected to contribute to the
market’s growth. The high implementation cost of cold chain monitoring
solutions is the major factor restraining the market’s growth. The better
control over assets in warehouses achieved using automation and cold storage
technologies and the demand for cold chain logistics in developing countries
are anticipated to be the major opportunities for the market. The complexity
involved in the installation and monitoring of cold chain monitoring solutions
is the major challenge faced by many providers of cold chain monitoring
solutions.
Hardware segment to hold the largest
share of the Cold chain monitoring market, by offering, in 2021
Hardware such as sensors, data
loggers, RFID devices, and telematics and telemetry devices, and networking
devices are used in applications ranging from the sensing of environment to the
relaying of data to a centralized database for further evaluation. For most
cold chain applications, accuracy and reliability of hardware are critical
parameters. Data loggers are used throughout the cold chain to monitor the
temperature of food, pharmaceuticals, chemicals, and other
temperature-sensitive products. Sensors and data loggers are important
components of the sensory network of a cold chain. Various types of sensors,
such as temperature sensors, humidity sensors, chemical indicators, and impact
and tilt sensors, are used in this network. Temperature sensors sense the
temperature at a specific location within a cold room, freezer room,
refrigerator, or freezer unit. These are generally environmental sensors that
measure environmental parameters such as temperature and humidity with more
importance given to temperature information. The data from sensors would
normally be periodically stored on separate storage elements called data
loggers, which could make the necessary data available in readable formats such
as PDF files and e-mail. Sensors and data loggers are now being integrated into
a single package to form a more compact product.
The market for transportation
logistics to grow at the highest CAGR during the forecast period
Transportation is the most important
phase in the cold chain due to the possibility of unforeseen environmental
variations. Cold chain transportation is a temperature-controlled supply chain
used in industries such as pharmaceuticals, healthcare, food & beverages,
and chemicals. The efficient management of cold chain transportation is
essential for maintaining the integrity of the products being transported, for
instance, the cold chain transportation of pharmaceuticals, many of which must
be maintained at a specific temperature. Medical and high-end products have a
lower tolerance for temperature excursions, and product spoilage leads to a
significant loss of capital. To minimize the chances of temperature
irregularities in transit, transporters use simple measures such as dedicated
vehicles, phase-change gel bricks to identify excursions, doubling up on
packaging, and active cooling to secure their shipments.
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Americas to hold the largest share of
Cold chain monitoring market by 2021
North America is the largest market
for cold chain monitoring in the Americas at present and is likely to exhibit a
similar trend during the forecast period. Increasing demand for chilled and
frozen food products in North American countries is likely to trigger the
demand for cold chain monitoring solutions in the region. Cold chain monitoring
infrastructure includes refrigerated storage and refrigerated transport. The
escalating demand for dairy products, vegetables, and fruits is increasing the
imports, as well as exports of exotic vegetables and fruits and dairy products,
which is also boosting the demand for cold chain monitoring solutions.
According to the United Nations COMTRADE database, in 2012, North America was
one of the largest exporters and importers of perishable food, including meat,
fish, and seafood, across the world. It was also the largest importer of fruits
and vegetables. The pharmaceutical and healthcare industries also have
noteworthy contributions toward the cold chain monitoring market growth in the
region. The pharmaceutical industry is subject to stringent regulations aimed
at ensuring safety and good storage and distribution practices. Stringent
government regulations toward food safety and Global Cold Chain Alliance (GCCA)
initiatives help shape the environment in this region, which indirectly impacts
the cold chain monitoring market.
Key Players:
A few key cold chain monitoring
market players are ORBCOMM (US), Sensitech (US), Elpro-buchs (Switzerland),
Berlinger & Co. (Switzerland),
Monnit (US), and Controlant (Iceland) are among a few key players in this
market.
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