“Cold chain monitoring market to grow at a CAGR of 12.5% from 2020 to 2025”
The global cold chain monitoring market size is likely to exhibit significant growth in the coming years. It is expected to reach USD 8.2 billion by 2025 at a CAGR of 12.5% from 2020 to 2025. The key factors driving the growth of the cold chain monitoring market 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.
“Market for hardware to account for largest market share during forecast period”
The hardware segment is expected to continue to hold a larger market size during the forecast period. A wide variety of hardware of varying prices is deployed to monitor cold chains for various applications. Cold chain monitoring solutions require a number of sensors and other hardware for effective network monitoring, and a few of these hardware can be expensive. Suspension of transport & logistics services, along with lockdowns in major geographies, due to the COVID-19 pandemic is expected to restrict the development and distribution of new hardware components.
“Market for transportation to grow at higher rate during forecast period”
The transportation segment is expected to record a higher CAGR during the forecast period. The growth of the transportation segment is driven by the growing distribution network of cold chains. Nowadays, cold chains have become vital for modern supply chain solutions, transporting larger volumes of more sensitive or vital cargo over greater distances through diverse climatic conditions. Being prone to environmental variations, cargo needs to be maintained at specific temperatures or within an acceptable temperature range, which is also driving the growth of the market for the transportation segment.
“Pharmaceutical and healthcare application to hold largest size during forecast period”
The pharmaceutical and healthcare industry is expected to hold the largest market size during the forecast period, owing to the growing need for temperature monitoring in the pharmaceuticals and healthcare cold chain. The temperature requirement varies according to the specific pharmaceutical product. The potency of drugs or vaccines to degrade in the case of temperature variations encountered in the supply chain, is the key factor fueling the need for cold chain monitoring solutions. Moreover, the pharmaceuticals and healthcare industry is significantly impacted by government regulations, which facilitates the adoption of cold chain monitoring solutions across the value chain.
“Americas is expected to capture largest market size during forecast period”
The Americas region is expected to hold the largest share of the cold chain monitoring market 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 North America. Cold chain monitoring infrastructure includes refrigerated storage and refrigerated transport. In addition, escalating demand for dairy products, vegetables, and fruits, along with increasing import-export of exotic vegetables and fruits, is also boosting the demand for cold chain monitoring solutions.
The break-up of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 = 25%, Tier 2 = 45%, and Tier 3 = 30%
- By Designation: C-Level Executives = 45%, Directors = 35%, and Others= 20%
- By Region: North America = 35%, Europe = 30%, APAC = 25%, and RoW = 10%
Major players operating 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).
The research report on the global cold chain monitoring market covers the market based on offering, temperature type, logistics, application, and geography. Based on offering, the market has been segmented into hardware and software. The hardware segment has been further segmented into sensors & data loggers, RFID devices, telematics & telemetry devices, and networking devices. On the other hand, the software segment has been further segmented into on-premise and cloud-based solutions.
Based on the application, the cold chain monitoring market has been segmented into pharmaceuticals & healthcare, food & beverages, chemicals, and others. The report covers four major regions, namely, Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
- This report segments the cold chain monitoring market comprehensively and provides the closest approximations of the overall market size, as well as that of the subsegments across different offerings, logistics, temperature types, applications, and regions.
- The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, challenges, and opportunities.
- The report helps to understand the COVID-19 impact on the cold chain monitoring market