Globally, the Size of Cold Chain Monitoring Market is set to grow at a CAGR of 14.7% to hit USD 12.6 Billion by 2030 driven by the growing awareness among customers for better food quality and demand for packaged foods and beverages. Major drivers such as rising demand for warehousing of cold storage and increased use of packaged foods are propelling the Cold Chain Monitoring Market. Also, the growing urbanization and emergence of solutions for monitoring cold chain temperature are improving the market growth.
Mainly due to the good availability of Cold chain monitoring devices and developed infrastructure for transportation and technological advancements. Especially, the US there are several providers for the solution in the cold chain monitoring Market that is highly responsible for efficient growth. Apart from that, the Asia-Pacific region is estimated to record the fastest growth during the forecast period.
The spread of coronavirus disease or COVID-19 began in late 2019 from Wuhan, China. Later, it spread across several countries across the world that resulted in huge economic disruption. To prevent the spread important measures such as social distancing, lockdowns, etc. were implemented. This also caused the shutdown of different industries for several months. It also had a positive effect such as awareness about packaged food items and better cold chain monitoring equipment.
Majorly, the rising demand for cold chain monitoring especially in the pharmaceutical industry is a major driver for Cold Chain Monitoring Market. Strict rules and regulations for the shipment and storage of pharmaceutical products can also improve market growth. The growing awareness among customers for better food quality and demand for packaged foods and beverages will be beneficial as well. Also, the investments by private organizations and the government in this sector will push the market growth.
A crucial restraint is the absence of standardization of cold chain monitoring equipment. This factor will lead to confusion among users. This will lead to the emission of carbon and greenhouse gases which can slow down the Cold Chain Monitoring Market growth during the forecast period.
The rising need to lessen the spoilage and wastage of food will lead to open new opportunities as well. Along with that, the rising need for the better quality of food and temperature-sensitive products will further result in offering several opportunities for significant growth.
The rising costs can pose a huge challenge for market growth. Issues regarding installation and monitoring can increase the costs that will be challenging to solve for the market players. With technological advancements and sustainable options, these costs can be mitigated to a certain extent.
According to MRFR analysis, the Cold Chain Monitoring Market is evaluated to grow at significant growth. The Compound Annual Growth Rate (CAGR) is evaluated to reach up to 14.7%. Along with that, the market value will reach up to USD 12.6 Billion during the forecast period 2022-2030. With several driving factors and trends, North America will hold the largest share in the market. Also, there are various Cold chain monitoring companies that are using various techniques to improve the market situation hampered due to coronavirus.
The value of the Cold Chain Monitoring Market will increase simultaneously with the increased use of frozen food products. With the presence of several companies across the world increasing demand for refrigeration especially for the pharmaceutical company will also elevate its value. However, the importance of storing the coronavirus vaccines, the demand for cold chain monitoring will further thrive.
The Cold Chain Monitoring Market Size is segmented into application, logistics, and components. On the basis of logistics, the Cold Chain Monitoring Industry is segmented into Warehousing and Transportation. The warehousing segment is estimated to grow at a significant CAGR of 14.7& during the forecast period.
On the basis of application, the Cold Chain Monitoring Industry is further bifurcated into Beverages and Foods, Chemicals, Pharmaceuticals, and others. In this section, the beverages and food sub-segment will contribute to the largest market share.
On the basis of components, the Cold Chain Monitoring Industry is again segmented into Software, Telematics Devices, Radio Frequency Devices, and others. In the components category, the radiofrequency devices are projected to dominate the market during the forecast period.
Geographically, the Cold Chain Monitoring Market is segmented into North America, South America, Europe, Middle East, and Africa. North America is estimated that to have the largest market share in the forecast period. The growing frozen food industry and rising meat consumption and sustainable investments by the key players is the main reason for the exponential growth. Also, the availability of better monitoring solutions for maintaining the performance of several cold chains will help to abide by the guidelines.
The Asia-Pacific region will record the fastest growth during the forecast period. The rising chemical industry is a major reason for the rising growth. Countries like China and India are having rapid development in the chemicals and pharmaceutical industry. Also, the increasing urbanization and demand for high-quality food products are a major reason for the rapid expansion.
Several key players across the world play a huge role in enhancing the growth of the Cold Chain Monitoring Market. With several techniques such as market analysis, collaboration, new product launches, acquisition, expansion, partnerships, etc. they try to build a strong business portfolio. These are the following key players in the cold chain monitoring industry-
September 2022 - India's fastest-growing cold-chain marketplace startup, Celcius Logistics, launched its smart last-mile delivery platform in September 2022. The company's new system is designed to address key pain points within India's fragile cold-supply chains by providing better visibility over goods handover between different stages along such chains where there are often gaps leading to spoilage perishable items like fruits or vegetables due to poor handling practices during transportation from farm gate through various distribution points including wholesale markets up until retail stores located in cities across India. To create an effective on-ground network of reefer vehicles, the firm has partnered with vehicle owners and automotive manufacturers, which will be integrated into the smart platform that utilizes the IMS-Inventory Management System. It is being launched initially across six metros, but plans are already underway for rollout into other tier-2 towns within the next six months, according to the company’s CEO, Mr.Bhatt
The report overview of the global cold chain monitoring market is as follows-
Report Score and Segmentation
The report score is to give substantial information about the Cold Chain Monitoring Market Trends. It highlights various aspects affecting the market growth such as opportunities, restraints, challenges, etc. Along with that, it highlights the key players and recent developments. The information collected in this report is collected from several secondary and primary sources.
| Report Attribute/Metric | Details |
| Market Size 2030 | USD 12.6 Billion |
| CAGR | 14.7% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Application, Logistics |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Zest Labs Inc. (U.S.), Sensitech Inc. (U.S.), Controlant EHF (Iceland), Monnit Corporation (U.S.), Infratab Inc. (U.S.), Berlinger & Co. AG (Switzerland), NEC Corp. (Japan), Sensitech Inc. (U.S.), ORBCOMM (U.S.), NXP Semiconductors N.V. (Netherlands) |
| Key Market Opportunities | Constant investments being made by government agencies and private sector companies to roll out cold storage warehouse networks. |
| Key Market Drivers | Growing Demand for Refrigeration in Pharmaceutical and F&B Industry. Rapid urbanization. Rising awareness of quality food. Growing health consciousness. |
Cold Chain Monitoring Market Highlights:
Frequently Asked Questions (FAQ) :
The global cold chain monitoring market can thrive at 14.7% CAGR through the study period (2022-2030).
Berlinger & Co AG, Elpro-Buchs A G., Infratab Inc., and Zest Labs Inc. (Ecoark Holdings) are some renowned names in the cold chain monitoring market.
Intensifying competition and relationships among these players can benefit the cold chain monitoring market.
The rise in demand for convenient food can support the cold chain monitoring market growth.
Drivers and pitfalls of the cold chain monitoring market are vividly discussed in the report.
Pharmacy, warehouse, and logistics are major areas of application of cold chain monitoring solutions.
By logistics, warehousing and transportation are major cold chain monitoring market segments.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
