A growing need for consensus across logistics with regards to pharmaceutical trade has been identified, thus driving the growth of the global market. Moreover, ongoing transitions in product development are responsible for the rapid adoption of cold chain monitoring solutions. Other drivers of growth for the market during the assessment period include the increased administration of appropriate vaccinations, globally growing use of insulin products and inarguable need for reliable cold supply chain solutions in food safety.
Cold chain monitoring solutions offer many advantages over conventional storage monitoring methods such as control over energy costs, downtime, safety and other relevant factors. This allows organizations to reduce costs and improve overall efficiency. The recognition of these benefits have prompted demand for such solutions and is expected to motivate growth during the assessment period. The development of new technologies that work in tandem with cold chain monitoring solutions such as real-time monitoring and application of wireless sensor networks are expected to create opportunities for growth and market expansion.
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Major Key Players
- NXP Semiconductors N.V.,
- Sensitech, Inc.,
- Monnit Corporation,
- NEC Corporation,
- ORBCOMM Inc.,
- Berlinger & Co AG,
- Infratab Inc.,
- Elpro-Buchs A G.,
- Zest Labs Inc. (Ecoark Holdings)
The report offers information on the leading companies operating in the market and evaluates their current market share. The company information presented in the report highlights revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives.
According to MRFR, The global cold chain monitoring market is poised to reach a valuation of USD 7.15 Bn by the end of 2023, marking an above-average CAGR of 9.6% during the forecast period (2017 to 2023).
Contenders who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario. With the ability to sustain their competitive edge being one of the primary factors driving their efforts, the scope for growth in the industry appears to be promising through the forecast period. The rising affinity for diversification in the market, has indirectly enabled the players to utilize the many prospects available. This specific trend has enabled portfolio improvements along with the affinity for diversification in the sector, which has helped the market competitors tremendously in this industry. The companies in this particular industry are also trying to maintain and enhance financial liquidity that can be instrumental to invest in growth strategies as and when they become available.
The global cold chain monitoring market has been segmented on the basis of component, application, logistics, and region. By component, the market has been segmented into software, hardware, and services, with the hardware segment accounting for the most significant segment which is expected to surpass USD 3 Bn by 2023. The segment is led by the RFID devices sub-segment, which is extremely popular due its advanced temperature and humidity sensor technology, which allow real-time monitoring. Moreover, with the advent of the internet of things (IoT), food supply chains have been revolutionized as the technology is increasingly used in tracking freshness of food and avoiding wastage.
By applications, the market has been segmented into food & beverages (FnB), chemicals, and pharmaceuticals & healthcare. Of these, the food & beverages segment dominates the total market due to a visible emergence of consumer preferences for healthy and fresh products over processed food products, which is prompting cold chain providers to adopt new strategies in the FnB sector.
By logistics, the market has been segmented into warehousing and transportation, with the warehousing segment set to grow at a steady CAGR of 8.6% during the forecast period. This is primarily due to the increase in demand for refrigerated warehouses. Additionally, to meet the growing pharmaceutical and FnB needs, organizations are increasing their transportation fleets, leading to an overall increase in the logistics segment.
North America, with its inclusion of the U.S, accounts for the most significant share of the global cold chain monitoring market. In 2017, North America possessed over a third of total market share and is expected to retain its position over the assessment period. The market in this region is driven by factors such as an increasing preference for fresh produce, sustainable investments in cold chain solutions and a growing demand for cold storage in the pharmaceutical sector. The pharmaceutical sector in the U.S has gained global significance over the years due to the development of a variety of drugs in the country, many of these drugs require temperature-controlled storage making this application a quickly growing one which is motivating further market growth.
Meanwhile, the accelerated economic growth and the growth of cold chain monitoring in the Asia Pacific have triggered a strong demand for current cold storage technologies and transportation. The region has been recognized as the fastest growing region in the global cold chain monitoring market due to the expansion of the manufacturing sector. The region features emerging economies such as India, China, and Japan which are rapidly urbanizing and have high disposable incomes. These countries account for the most significant contributors to market growth and are witnessing a growing demand for fresh products as well as a strong demand for current pharmaceutical drugs, many of which require refrigerated storage.
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- Logistics Company
- Pharmaceutical Distributors
- Food processing units
- Government organizations
- Sensor Manufacturers & Distributors
List of Tables
TABLE 1 MARKET SYNOPSIS
TABLE 2 LIST OF ASSUMPTIONS
TABLE 3 GLOBAL COLD CHAIN MONITORING MARKET, BY COMPONENT, 2017-2023
TABLE 4 GLOBAL COLD CHAIN MONITORING MARKET, BY HARDWARE, 2017-2023
TABLE 5 GLOBAL COLD CHAIN MONITORING MARKET, BY SERVICES, 2017-2023
List of Figures
FIGURE 1 GLOBAL COLD CHAIN MONITORING MARKET: MARKET STRUCTURE
FIGURE 2 KEY TAKEAWAYS OF COLD CHAIN MONITORING MARKET
FIGURE 3 NORTH AMERICA MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 4 EUROPE MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023)
FIGURE 5 ASIA-PACIFIC & MARKET SHARE BY COUNTRY (2017 VS 2023)
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