Global Cold Chain Monitoring Market 2023-2030

Global Cold Chain Monitoring Market 2023-2030

Global Cold Chain Monitoring Market Size, Share & Trends Analysis Report by System (Hardware and Software), by Solution (Storage and Transportation), and by End-User (Healthcare, Food & Beverage and Others), Forecast Period (2023-2030)

The global cold chain monitoring market is anticipated to grow at a CAGR of 20.4% during the forecast period (2023-2030). Cold chain monitoring is the use of technology to track the temperature and other conditions of perishable products throughout the supply chain, from the point of production to the point of consumption. This is essential to ensure that food and other products remain safe and fresh. Cold chain monitoring is an important tool for businesses in a variety of industries. By using technology to track the temperature and other conditions of products throughout the supply chain, businesses can protect their customers, ensure the quality of their products, and reduce waste.

Segmental Outlook

The global cold chain monitoring market is segmented on the system, solution, and End-user. Based on the system, the market is sub-segmented into hardware and software. Based on solution, the market is sub-segmented into storage and transportation. And based on the End user, the market is sub-segmented into Healthcare, Food & Beverage and Others. Among the application, the Food & Beverage sub-segment is anticipated to hold a considerable share of the market, owing to increasing demand for perishable goods, such as fresh produce, meat, seafood, and dairy products. This is due to several factors, including population growth, urbanization, and rising incomes.

The hardware (cloud-based) Sub-Segment is Anticipated to Hold a Considerable Share of the Global Cold chain monitoring Market

Among the system, the hardware (cloud-based) sub-segment is expected to hold a considerable share of the global Cold chain monitoring market. This segmental growth is attributed to several factor such as, these solutions are more affordable and easier to deploy than on-premises solutions which saves the cost of hardware and server installation and also save the space (specially in small and mid-sized organizations). Hence, companies are working on development of better cloud-based solution and adopting various strategic initiatives such as partnership, product launch and acquisition to stay competitive in the market. For instance, in September 2023, Shippeo, announced its availability on Google Cloud Marketplace, making it easier for Google Cloud customers to gain highly accurate real-time operational visibility and Transport Process Automation to streamline transportation processes, reduce latency and improve efficiency, to operate more resilient, sustainable, and customer-centric supply chains. Google Cloud Marketplace lets users quickly deploy functional software packages that run on Google Cloud and allows customers to easily start up a familiar software package with services like Compute Engine or Cloud Storage, with no manual configuration required.

Regional Outlook

The global cold chain monitoring market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to increasing demand for perishable goods. The demand for perishable goods, such as fresh produce, meat, seafood, and dairy products, is increasing. This is due to several factors, including population growth and urbanization. New technologies are emerging that are more accurate, affordable, and easier to use. For instance, in November 2023, Container Corporation of India Limited (CONCOR), a Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Railways, Government of India, is partnering with Japan-based “Innovation Thru Energy” (ITE) to introduce groundbreaking IceBattery technology to the Indian market. CONCOR and ITE are jointly unveiling state-of-the-art temperature-controlled 20-feet & 40-feet containers coupled with advanced DX (Digital) platforms, addressing critical issues in cold chain logistics, including environmental concerns, food wastage, the absence of a robust medical cold chain, and rising logistics costs.

The European Region is Expected to Grow at a Significant CAGR in the Global Cold chain monitoring Market

Among all regions, the European regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to Consumers are becoming more aware of the importance of food safety and cold chain monitoring technology is constantly advancing in the region. Which lead to increasing strategic initiatives by the market player in the region. For instance, in April 2023, Data cloud firm Snowflake has launched the Manufacturing Data Cloud, which enables companies in automotive, technology, energy, and industrial sectors to unlock the value of their critical siloed industrial data by leveraging Snowflake’s data platform, Snowflake- and partner-delivered solutions, and industry-specific datasets.

The Manufacturing Data Cloud empowers manufacturers to collaborate with partners, suppliers, and customers in a secure and scalable way, driving greater agility and visibility across the entire value chain. With Snowflake’s Manufacturing Data Cloud, organizations can build a data foundation for their business, improve supply chain performance, and power smart manufacturing initiatives in today’s digital-industrial world.

In February 2023, Danfoss partnered with US retail technology company Lizard Monitoring to help North American retailers prevent food loss. The Lizard’s sensor networks are said to complement Danfoss’ Alsense monitoring suite to ensure continuous temperature monitoring, providing store managers and food safety executives with detailed data on refrigeration performance and environmental compliance. The partnership between Danfoss and Lizard Monitoring was launched at this week’s AHR Expo in Atlanta, Georgia

Market Players Outlook

The major companies serving the cold chain monitoring market include Americold logistics, LLC., ELPRO-BUCHS AG, Geotab Inc., Hanwell Solutions, Infratab, Inc., Monnit Corp, ORBCOMM, Inc., Savi Technology, Sensitech Inc, Zest Labs, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, In April 2023, Phononic recently unveiled its Active Cooling Solutions platform, a full-service, sustainable solution to solve end-to-end cold chain fulfillment needs for the grocery industry, the company says. The system has 20 commercial installations so far, according to a news release. The ACS platform offers a complete cold chain fulfillment solution, the release said. Its launch includes critical hardware, accessories and data-driven services and support optimizing e-grocery fulfillment, according to the company.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global cold chain monitoring market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.