Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Cold Chain Monitoring Market Size is Expected to Grow from USD 28.43 Billion in 2023 to USD 226.03 Billion by 2033, at a CAGR of 23.04% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Cold Chain Monitoring Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware and Software), By Application (Food & Beverages and Pharmaceuticals), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Cold chain monitoring refers to the process of tracking and controlling the temperature, humidity, and other critical environmental factors throughout the storage and transportation process of perishable goods, such as pharmaceuticals, food, and chemicals, in order to preserve their quality and safety. This system makes use of sensors, data loggers, and real-time monitoring technologies, such as IoT, to maintain the required conditions along the supply chain. Cold chain monitoring is crucial in preventing spoilage, contamination, and degradation, especially for products sensitive to temperature fluctuations. Several factors are driving the growth of the cold chain monitoring market. The increasing demand for perishable goods, especially in the pharmaceutical and food industries, requires efficient cold chain management. Strict regulatory requirements for maintaining product safety and quality standards, along with advancements in IoT and sensor technologies, further contribute to the expansion of the market. Moreover, the growing trend of globalization and e-commerce has intensified the need for robust cold chain solutions. However, certain restraining factors may hinder market growth. High implementation and maintenance costs, particularly for small and medium-sized enterprises, pose significant challenges.
The hardware segment is predicted to hold the greatest market share through the forecast period.
Based on the components, the cold chain monitoring market is classified into hardware and software. Among these, the hardware segment is predicted to hold the greatest market share through the forecast period. This is primarily due to the essential role that hardware components, such as temperature sensors, data loggers, GPS trackers, and RFID tags, play in ensuring the accurate monitoring and tracking of perishable goods throughout the supply chain. As cold chain logistics rely heavily on real-time data collection and environmental condition tracking, the demand for advanced and reliable hardware solutions is expected to increase.
The pharmaceuticals segment is anticipated to hold the greatest market share during the projected timeframe.
Based on the application, the cold chain monitoring market is divided into food & beverages and pharmaceuticals. Among these, the pharmaceuticals segment is anticipated to hold the greatest market share during the projected timeframe. This is primarily due to the increasing demand for the transportation and storage of temperature-sensitive pharmaceutical products, such as vaccines, biologics, and insulin, which require strict temperature control to maintain efficacy and safety. The growing global focus on the pharmaceutical industry, especially with the increased distribution of vaccines in recent years, has heightened the importance of effective cold chain solutions.
North America is estimated to hold the largest cold chain monitoring market share over the forecast period.
North America is estimated to hold the largest cold chain monitoring market share over the forecast period. The growth of the cold chain monitoring market in the region can be attributed to developed technology infrastructure and the presence of prominent cold chain monitoring companies such as U.S.-based ORBCOMM and Canada-based Geotab Inc. aid market growth in the region. Additionally, the region has very high Research & Development (R&D) activities of advanced technologies such as Artificial Intelligence (AI), robotics, and the Internet of Things (IoT). This makes the region good for innovating cold chain monitoring solutions.
Asia-Pacific is predicted to have the fastest CAGR growth in the cold chain monitoring market over the forecast period. The growth of the market can be attributed to the developing technological infrastructure in the region. China is one of the major participants in the R&D of advanced technologies. According to the United Nations Conference on Trade and Development (UNCTAD), China and India led the IoT research with 28,641 and 21,188 IoT-related publications, respectively, between 2000 and 2021.
Competitive Analysis
Major key players in the cold chain monitoring market are Carrier, ORBCOMM, Geotab Inc., Controlant, ELPRO-BUCHS AG, Savi Technology, Berlinger & Co. AG, Monnit Corporation, Zest Labs, Inc., Infratab, and Others.
Key Target Audience
Recent Development
Market Segment
This study forecasts global, regional, and country revenue from 2023 to 2033. Spherical Insights has segmented the cold chain monitoring market based on the below-mentioned segments:
Global Cold Chain Monitoring Market, By Component
Global Cold Chain Monitoring Market, By Application
Global Cold Chain Monitoring Market, By Regional Analysis
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