Summary
A New Market Study, titled “Cold Chain Monitoring Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
As per Market Research Future (MRFR), the global cold chain monitoring market is set to attain a healthy CAGR of 9.6% from 2018 to 2023 (forecast period). The report offers an overview of emerging trends in the global cold chain monitoring market. In addition, the report explains the effect of the novel COVID-19 pandemic on the global cold chain monitoring market.
Cold Chain Monitoring is a logistic solution for monitoring and recording data seamlessly, which allows strict instructions and guidelines for the validated solutions. Monitoring systems are placed to maintain the efficacy and freshness of food and vaccines at the appropriate temperature and avoid spoilage. This system plays a vital role in the warehouses used for cold storage applications. It is usually used in sectors such as food and beverage, healthcare, pharmaceuticals, agriculture, and others.
Cold Chain Monitoring Market is primarily applied to chilled and frozen foods to improve their self-life and preserve quality standards over a longer period. Specifically, it helps maintain the biochemical and physical properties of frozen foods and is useful in regulating off-season market prices. It also helps avoid the loss of the product and reduces the waste, which eventually increases the overall income of the manufacturer or producer.
Market Dynamics
The need for higher efficiency in the temperature-controlled supply chain has had a positive impact on the market for cold chain monitoring. In addition, increasing demand for refrigeration in industries such as food and beverage (F&B) and healthcare has increased the popularity of cold chain monitoring. F&B continues to be the primary area of application for cold chain monitoring solutions, as frozen or cooled food categories continue to experience unwavering growth around the world. Pharmaceuticals and chemicals are the other two domains that require unfailing regulated room temperature solutions and are predicted to play a crucial role in stimulating the growth of the market for cold chain monitoring in the near future. Furthermore, factors such as the mushrooming of refrigerated warehouses globally and regulatory frameworks have partly driven the popularity of cold chain monitoring.
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Market Segmentation
The global cold chain monitoring market has been segmented into components, applications, and logistics.
By component, the global cold chain monitoring market has been segmented into software, hardware, and services. The hardware segment is further divided into RFID devices, sensors, networking equipment, and telemetry & telematics devices.
By application, the global cold chain monitoring market has been segmented into food & beverages, chemicals, and pharmaceuticals & healthcare.
By logistics, the global cold chain monitoring market has been segmented into warehousing and transportation.
Regional Analysis
Region-wise, the global cold chain monitoring market has been segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America.
North America is expected to attain a substantial portion of the cold chain monitoring market in the next few years. The involvement of well-established healthcare and pharmaceutical industries is expected to drive the growth of the industry in the coming years. Strict rules and regulations considering the cold chain monitoring are expected to ensure the development of North America in the coming years. Furthermore, the increase in demand for frozen and chilled foods is expected to help market growth in the near future. Moreover, Europe is expected to see healthy growth in the coming years, followed by the Asia Pacific in the coming years.
Key Players
Notable players in the global cold chain monitoring market are NXP Semiconductors N.V., Berlinger & Co AG, Infratab Inc., Sensitech, Inc., Controlant, Monnit Corporation, NEC Corporation, ORBCOMM Inc., Elpro-Buchs A G., Zest Labs Inc. (Ecoark Holdings).
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