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The global cold chain monitoring market is expected to grow from USD 4.5 billion in 2021 to USD 17.65 billion by 2030, at a CAGR of 16.40% during the forecast period 2022-2030, according to a new report published by The Brainy Insights.
The increasing need for pharmaceutical products, especially in developing nations, is anticipated to propel market growth for cold chain monitoring. Few pharmaceutical products are temperature-sensitive, and proper temperature monitoring technologies are needed to hold them at preferred temperatures throughout the supply chain process. The technologies of temperature monitoring can help control product spoilage by controlling the temperature at expected levels throughout the shipment. Additional regional markets, like the U.S. and Canada, are also anticipated to push the market's development for cold chain monitoring. These regional markets already push the developed transportation and distribution network.
Competitive Strategy
To enhance their market position in the global cold chain monitoring market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In April 2022: CoolKit Selects ORBCOMM for Monitoring the U.K.'s Biggest Fleets of Temperature-Controlled Vans. ORBCOMM Inc., a global provider of IoT solutions, declared that it had been appointed by CoolKit, the biggest manufacturer of temperature-controlled vans in the United Kingdom, to provide temperature monitoring, management, and adherence for the refrigerated vehicles it offers to consumers in the healthcare, food & beverage, agricultural and pharmaceutical industries.
Market Growth & Trends
The rising need for better food quality, growing demand for temperature-sensitive drugs, and increasing focus on improving supply chain efficacy are some essential elements pushing the growth of the cold chain monitoring market. Regardless, the increased costs of deployment might restrict the growth of the cold chain monitoring market. The increasing availability of cold chain logistics in developing countries grows the opportunity for cold chain monitoring market. Also, the need for fresh food and beverages has increased with advance innovation and a priority on health, and quality. Similarly, cold chain products must be maintained at the optimal temperature to bypass changes in texture and flavour when a shipment differs from the recommended temperatures. A cold chain temperature monitoring system uses wireless sensors to calculate and record real-time temperatures in a remote location and detect temperature changes. Real-time temperature monitoring alerts can immediately detect the temperature that has fluctuated below or above a predetermined threshold.
Key Findings
The logistics segment is divided into transportation, & storage. In 2021, the storage segment dominated the market with the largest market share of 56% and market revenue of 2.52 billion. Food packaging needs constant temperatures, and pharmaceutical packaging temperatures are observed by utilizing various sensors and control systems. The storage market is anticipated to rise substantially as the need for remote monitoring of cold storage increases.
The application segment is divided into chemicals, food, and pharmaceuticals & healthcare. In 2021, the food segment dominated the market with the largest market share of 34% and market revenue of 1.53 billion due to the high consumption of processed foods and a change in consumer eating habits. In contrast, meat, fish, and seafood have become the most significant market category and are predicted to continue throughout the projection duration.
The offering segment is divided into software, and hardware. In 2021, the hardware segment dominated the market with the largest market share of 52% and market revenue of 2.34 billion. Expanding the use of advanced hardware to improve the efficiency of cold chain monitoring systems is anticipated to continue to push revenue growth in the segment.
Regional Segment Analysis of the Cold Chain Monitoring Market
Among all regions, the North American region emerged as the largest market for the global cold chain monitoring market, with a market share of around 33.5% and 1.50 billion of the market revenue in 2021. North America cold chain monitoring market is primarily driven by factors like advanced healthcare and pharmaceutical sectors, the existence of top market players, and the increasing need for frozen & chilled foods. The APAC region is also expected to boost at a notable CAGR over the projection period due to fast industrialization and the demand for canned and processed food products with the rising population.
Key players operating in the global cold chain monitoring market are:
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global cold chain monitoring market based on the below-mentioned segments:
Global Cold Chain Monitoring Market by Logistics:
Global Cold Chain Monitoring Market by Application:
Global Cold Chain Monitoring Market by Offering:
About the report:
The global cold chain monitoring market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
