Cold chain monitoring Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware and Other Components), Logistics (Transportation, Storage and Other Logistics), Temperature Type, Application and By Geography

Cold chain monitoring Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware and Other Components), Logistics (Transportation, Storage and Other Logistics), Temperature Type, Application and By Geography

According tStratistics MRC, the Global Cold Chain Monitoring Market is accounted for $5.3 billion in 2022 and is expected treach $14.7 billion by 2028 growing at a CAGR of 18.5% during the forecast period. Cold chain monitoring solutions are designed ttrack and monitor products throughout the storage and transportation cycles. They can track temperature-sensitive products, such as processed food, frozen food items, and other eatables, in real time. At this juncture, the growing trade of perishable products across the developed and developing economies bodes well for the growth of the market. Advances in connected devices technologies, such as RadiFrequency Identification (RFID) and the Internet of Things (IoT), is alsexpected topen opportunities for the development of innovative cold chain monitoring solutions.

According tthe United Nations Children's Fund (UNICEF), in May 2021, the Japanese government has provided approximately 210 million KES tUNICEF tboost Kenya's cold chain capability for the rollout of COVID-19 vaccinations as part of a USD 11 million donation t11 countries in the East and Southern African region.

Market Dynamics:

Driver:

Raising demand for temperature sensitive-drugs

Drugs that require specific temperature ranges in order tmaintain chemical stability, such as vaccines, are becoming more and more popular. Global demand for heat-sensitive medical items is increasing, including those for pharmaceuticals, vaccines, insulin, derived blood products, and oncology treatments. The growing demand for pharmaceutical products, particularly in developing countries, is expected tdrive the growth of the market.

Restraint:

High cost of implementation

Cold chain monitoring system installation is incredibly expensive. Costly expenses are involved in setting up the connecting network and deploying the sensors. It costs a lot of money ttransport high-value cargacross long distances while keeping it within the appropriate temperature range. Cost is the major hindering factor tintroducing real-time cold chain monitoring systems.

Opportunity:

Better control of assets in warehouses

Several temperature zones can be seen in a large warehouse. As a result, it's crucial tcontinuously monitor the temperature of storage areas as well as the actual state of the commodities being stored there. Warehouse automation aids efficient storage space utilization, reduces wear and tear, increases reliability, and reduces operating costs are the factors enhancing the growth of the market.

Threat:

Complexities involved in the installation and monitoring

The significant rise in customer expectations has made cold chain monitoring even more difficult. Customer options and the complexity of multi-sourcing supply chains have both expanded as a result of globalisation. Toptimise the profit, this data must alsbe examined and actionable data must be produced. As a result, issues like scale visualisation, identifying the type of fault, and developing solutions could be difficult.

Covid-19 Impact

COVID-19 is an unprecedented global public health emergency that affected almost every industry, and the long-term impacts are projected treflect on the growth of various end-use industries during the forecast period. The pandemic hit the global economy at large and has created unprecedented turmoil and change for individuals and organizations across the world. The pandemic has led tthe closure of workplaces, restrictions on travel, and the creation of the work-from-home option for almost all employees, which has created challenges for businesses toperate.

The software segment is expected tbe the largest during the forecast period

The software segment is estimated thave a lucrative growth, due tthe temperature, humidity, pressure, and others are easily trackable with the help of sensors. The pharmaceutical supply chain has experienced tremendous expansion as a result of the use of cloud-based supply chain monitoring tools. As a result, the contemporary, flexible, end-to-end supply chain enabled by cloud-based cold chain monitoring software is more dependable.

The pharmaceuticals segment is expected thave the highest CAGR during the forecast period

The pharmaceuticals segment is anticipated twitness the fastest CAGR growth during the forecast period, due tthe stringent regulatory standards applicable in various parts of the world tensure safe and secure storage and transport of pharmaceutical products. Several pharmaceuticals and medications have a propensity tbe extremely temperature-sensitive. As a result, supply chain managers are using cold chain monitoring solutions in particular while keeping and shipping pharmaceutical products.

Region with largest share:

North America is projected thold the largest market share during the forecast period owing tincreasing demand for chilled and frozen food products. Refrigerated transport and storage are included in the infrastructure for cold chain monitoring. The rising imports and exports of exotic vegetables, fruits, and dairy products are being driven by the rising demand for dairy goods, vegetables, and fruits, which is alsdriving up the demand for cold chain monitoring systems.

Region with highest CAGR:

Asia Pacific is projected thave the highest CAGR over the forecast period, owing tthe rising chemical industry. The expansion can be ascribed tvarious factors, including the sudden rise in pharmaceutical products and other medical necessities. Governments are taking initiatives for cold chain monitoring logistics. Also, the increasing urbanization and demand for high-quality food products are a major reason for the rapid expansion.

Key players in the market

Some of the key players profiled in the Cold Chain Monitoring Market include Ambetronics Engineers Pvt. Ltd., Berlinger and Co. AG, Sensitech, Kii Corporation, Daikin Industries, Orbcomm, Berlinger & Co., Savi Technology, Zest Labs, Infratab, Lineage Logistics Holdings, Klinge Corporation, Monnit Corporation, NEC Group and NXP Semiconductors N.V.

Key Developments:

In April 2022, ORBCOMM Inc. announced tprovide temperature monitoring, management, and compliance for CoolKit’s refrigerated vehicles. Coolkit is UK’s one of the largest manufacturers of temperature-controlled vans for healthcare & pharmaceutical, food & beverages, and agriculture industries.

In February 2021, Sensitech Inc. (US) launched new products, TempTale GEO Ultra and its Dry Ice variant. Both the monitors are linked with ColdStream Select. Unlike TempTale GEO Ultra, its Dry Ice variant can monitor -95?C t+55?C temperature range.

Components Covered:
• Software
• Hardware
• Other Components

Logistics Covered:
• Transportation
• Storage
• Other Logistics

Temperature Types Covered:
• Chilled
• Frozen

Applications Covered:
• Fish, Meat & Seafood
• Bakery & Confectionaries
• Fruit Pulp & Concentrates
• Fruits & Vegetables
• Pharmaceuticals
• Dairy Products
• Processed Food
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements