Overview and Scope
Cold chain monitoring refers to the monitoring of temperature-sensitive products in a cold chain with the use of Internet of Things (IoT) technology. The primary goal is to provide a secure and temperature-controlled environment for sensitive and perishable items. It ensures that perishable products are kept at safe and high-quality temperatures until they are consumed.
Sizing and Forecast
The cold chain monitoring market size has grown rapidly in recent years. It will grow from $5.52 billion in 2023 to $6.44 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to demand for fresh produce, healthcare industry growth, quality and safety assurance, supply chain optimization, logistics industry evolution..
The cold chain monitoring market size is expected to see rapid growth in the next few years. It will grow to $11.82 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to rising global demand, expanding pharmaceutical industry, regulatory stringency, focus on food safety, integration of blockchain, sustainability initiatives.. Major trends in the forecast period include pharmaceutical supply chain demands, focus on sustainability.
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Segmentation & Regional Insights
The cold chain monitoring market covered in this report is segmented –
1) By Temperature Type: Frozen, Chilled
2) By Components: Hardware, Software
3) By Logistics: Storage, Transportation
4) By Applications: Beverages and Foods, Chemicals, Pharmaceuticals, Other Applications
North America was the largest region in the cold chain monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cold chain monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for pharmaceutical products is expected to propel the growth of the cold chain monitoring market going forward. Pharmaceutical products refer to substances used for the diagnosis, treatment, prevention, or cure of diseases and medical conditions in humans and animals. Cold chain monitoring keeps inside environment colder and unaffected by outside temperature, which helps in the transportation of pharmaceutical products safely. For instance, according to an annual report published by the Government of India, Ministry of Chemicals & Fertilizers, Department of Pharmaceuticals, India’s drug and pharmaceutical exports increased to $24.62 billion in 2021–22. Therefore, the increase in demand for pharmaceutical products will drive the cold chain monitoring market.
Key Industry Players
Major companies operating in the cold chain monitoring market report are Elpro-Buchs AG, Sensitech Inc., Monnit Corporation, Berlinger & Co. AG, Klinge Corporation, Savi Technology, Zest Labs Inc., Daikin Industries, Lineage Logistics Holdings LLC, Ambetronics Engineers Pvt. Ltd., GND Solutions India Pvt. Ltd., Accent Systems S.L., Trailermatics, Tenova S.p.A, MosChip Technologies Limited, ORBCOMM Inc., Geotab Inc., Controlant, Infratab, Americold Logistics LLC, Hanwell Solutions Limited, Securerf Corporation, Temperature Monitoring Solutions Africa, Honeywell International Inc., Emerson Electric Co., Schneider Electric SE, Rockwell Automation Inc., Mitsubishi Electric Corp., General Electric Co., Huawei Technologies Co. Ltd.
The cold chain monitoring market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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