The Cold Chain Monitoring Market is evaluated to register a CAGR of 9.6%. As per the MRFR analysis, the market will further reach up to USD 7158.8 Million during the forecast period 2018-2023. The Cold Chain Monitoring Market is being propelled by major trends such as growing demand for cold storage warehouses and increased usage of packaged goods. In addition, market development is aided by increasing urbanization and the advent of systems for monitoring cold chain temperature. A key restriction for the Cold Chain Monitoring Market is the absence of fundamental standardization of goods and solutions. Furthermore, the spread of COVID-19 in 2020 resulted in a significant drop in market growth due to supply chain and manufacturing disruptions.
However, the market will resume its rise and regain its position shortly. During the projection period, North America will have the biggest Cold Chain Monitoring Market Share. Mostly because of the widespread availability of cold chain monitoring systems, as well as established transit infrastructure and technical improvements. There are various suppliers for the solution in the cold chain monitoring market, particularly in the United States, which is mainly accountable for efficient growth. Aside from that, the Asia-Pacific area is expected to expand the most throughout the projection period.
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Market Segmentation:
By application: Warehousing and Transportation are two segments of the Cold Chain Monitoring Industry. During the projection period, the warehousing segment is expected to increase at a substantial CAGR of 8.6%.
By logistics: Beverages and Foods, Chemicals, Pharmaceuticals, and Other Cold Chain Monitoring Industries are further divided. The drinks and food sub-segment will contribute the most market share in this division.
By components: Software, telematics devices, radiofrequency devices, and others make up the Cold Chain Monitoring Industry. Radiofrequency devices are expected to dominate the market in the components category throughout the forecast period.
Regional Classification:
The Cold Chain Monitoring Market is divided into five regions: North America, South America, Europe, the Middle East, and Africa. North America is predicted to have the largest market share over the forecast period. The fundamental cause for the exponential expansion is the burgeoning frozen food business, rising meat consumption, and long-term investments by key companies. Furthermore, the availability of better monitoring tools for managing the functioning of many cold chains would assist in adhering to the rules. During the predicted period, the Asia-Pacific region will increase at the quickest rate. The growing chemical sector is one of the main reasons for the increased growth.
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Industry News:
Several important competitors from all over the world contribute significantly to the growth of the Cold Chain Monitoring Market. They strive to establish a strong company portfolio through a variety of approaches like market study, cooperation, new product releases, acquisition, expansion, partnerships, and so on. Infratab Inc. (US), NEC Corp. (Japan), Sensitech Inc. (US), NXP Semiconductors N.V. (Netherlands), Zest Labs (US), Control EHF (Iceland), Berlinger and Co. AG (Switzerland), ORBCOMM (US), Monnit Corporation (US), and Klinge Corporation are the major participants in the cold chain monitoring sector (US).
Top Manufacturers are- Zest Labs Inc. (U.S.), Sensitech Inc. (U.S.), Controlant EHF (Iceland), Monnit Corporation (U.S.), Infratab Inc. (U.S.), Berlinger & Co. AG (Switzerland), NEC Corp. (Japan), Sensitech Inc. (U.S.), ORBCOMM (U.S.), NXP Semiconductors N.V. (Netherlands)
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Table of contents:
1 Executive Summary
2 Market Introduction
2.1 Definition 14
2.2 Scope Of The Study 14
2.3 List Of Assumptions 15
2.4 Market Structure 15
2.5 Key Takeaways 16
3 Market Insights
4 Research Methodology
4.1 Research Process 21
4.2 Primary Research 22
4.3 Secondary Research 23
4.4 Market Size Estimation 23
4.5 Forecast Model 24
5 Market Dynamics
5.1 Introduction 26
5.2 Drivers 27
5.2.1 Growing Need For Refrigeration In The Pharmaceutical Sector 27
5.2.2 Growing Demand For Fresh Food And Need To Reduce Food Wastage 27
5.2.3 Drivers Impact Analysis 28
5.3 Opportunities 28
5.3.1 Rising Demand For Warehouse Automation In Cold Chain Storage 28
5.4 Challenges 29
5.4.1 Maintaining Temperature Integrity Throughout The Supply Chain 29
Continued…
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