Market Highlights
The global cold chain monitoring market is set to soar at a healthy CAGR of 9.6% during the assessment period (2018-2023).
Cold Chain Tracking Devices Market is a process of tracking the transportation of cool cargo and its maintained temperature during transit. The integration of technology to assist in the supply chain of perishables and eatables is likely to ensure its freshness. The global cold chain monitoring market report by Market Research Future (MRFR) assesses the current economic scenario and the COVID-19 outbreak for pinpointing drivers, challenges, opportunities, and trends for the period of 2018 to 2023 (forecast period).
The need for efficiency in a temperature controlled supply chain for preventing the spoilage of consumables and perishables can drive the market demand. Establishment of refrigerated warehouses for storing these perishables as well as rules for storing pharmaceuticals and chemicals and their safe delivery can warrant market demand. Government services and private services have upgraded their infrastructure and enabled internet of things (IoT) for proper tracking of the cargo at every step. Benefits of cold storage such as low operational costs, large shelf-life, improved productivity and efficiency, and improved inventory accuracy are likely to push the demand in the global cold chain monitoring market.
The outbreak of the COVID-19 pandemic has pushed for the need for contingency plans to stifle supply shock and handle panic buying at the demand end. Cold chain monitoring solutions will ensure the delivery of foods, beverages, medicines, and other essentials during black swan events. Creation of new business models which are flexible during unforeseen events will be of high priority and the use of data aggregated from third-party partners can be used in shaping solutions accordingly.
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Regional Analysis
The segments and sub-segments are analyzed with respect to five major regions - North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America, with their respective country-level market sizes.
North America held a third of the market share and will remain dominant till the end of the forecast period. It is driven by presence of logistics companies, collaborations with warehouses, and huge demand for cold storage solutions in the pharmaceutical sector. Development of a variety of drugs and their safe transport can trigger a huge demand in the global cold chain monitoring market.
APAC, on the other hand, can register the highest growth rate during the assessment period owing to expansion of the manufacturing sector and a large consumer base in Japan, China, and India. China, in particular, is expected to be the primary contributor of the market due to dependence on processed foods.
Competitive Outlook
NEC Corporation, Berlinger & Co AG, Infratab Inc., Zest Labs Inc., Sensitech, Inc., Elpro-Buchs A G., NXP Semiconductors N.V., Controlant, ORBCOMM Inc., and Monnit Corporation are key players of the global cold chain monitoring market.
Segmentation:
By component, the Cold Chain Tracking Devices Market has been segmented into software, hardware, and services. The hardware segment is further sub-segmented into telemetry & telematics devices, RFID devices, sensors, and networking equipment. The hardware segment is expected to surpass a value of USD 3 billion by 2023. The RFID devices sub-segment can be used in tracking cargo by sensing its internal temperature and humidity through sensors.
The application areas considered for this market are segmented into pharmaceuticals & healthcare, food & beverages, and chemicals. The food & beverages segment is expected to dominate the market owing to preference of fresh foods.
By logistics, it is divided into warehousing and transportation. The warehousing segment is set to exhibit 8.6% CAGR over the forecast period due to their demand for meeting client demand in food & beverages and pharmaceutical sectors.
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