Pune, India, April 12, 2022 (GLOBE NEWSWIRE) — The cold chain monitoring market is expected to grow at a steady growth rate during the forecast period, owing to the upsurge in demand for cold chain monitoring products. cold chain monitoring in pharmaceutical and healthcare applications as well as the increased use of packaged foods. The cold chain refers to the supply chain of temperature-sensitive and/or perishable products such as biological products, pharmaceuticals, food and beverages. However, cold chain monitoring includes the use of Internet of Things (IoT) technology to continuously monitor temperature-sensitive products transported through that cold chain.
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Monitoring the cold chain has become an essential process to ensure adequate control and avoid suboptimal conditions during storage and transportation that can adversely affect product quality.
Key information and conclusions:
- The hardware segment dominated the cold chain monitoring market and was valued at USD 3.03 billion in 2020. This is mainly due to the need for various hardware components in cold chain monitoring, which includes sensors and data loggers, telematics and telemetry devices, RFID devices and network peripherals.
- The storage segment accounted for the largest market share and was valued at USD 2.73 billion in 2020. The growth of this segment is mainly driven by the growing preference for packaged foods globally, which is mainly driving the growth of this segment.
- The pharmaceutical and healthcare segment accounted for the largest market share and was valued at $1.92 billion in 2020. Strict regulations associated with the shipping and storage of pharmaceuticals are creating a demand for monitoring solutions of cold chain for pharmaceutical and healthcare applications.
- Regions analyzed for the market include North America, Europe, South America, Asia-Pacific, Middle East & Africa. The North America region has emerged as the largest market for the cold chain monitoring market and valued at USD 1.47 billion in 2020. The growth of the cold chain monitoring market in North America is mainly driven by number of factors such as well-established pharmaceutical and healthcare industries. , the presence of leading players in the market and the growing demand for fresh and frozen foods. The Asia-Pacific region is expected to grow at a significant CAGR over the forecast period, owing to rapid industrialization, demand for canned and processed foods, and population growth.
Key players operating in the global Cold Chain Monitoring Market Americold Logistics, LLC, Berlinger & CO. AG, Controlant EHF, Elpro-Buchs AG, Infratab, Inc., Monnit Corporation, Orbcomm Inc., Lineage Logistics Holdings, LLC, Klinge Corporation, Interstate Warehousing, Inc., Logistics Partner, Maven Systems Pvt. Ltd., Savi Technology, Inc., SecureRF Corporation, and United Technologies Corporation, among others. To improve their market share in the global cold chain monitoring market, major vendors are now focusing on adopting prominent strategies such as recent developments, product innovation, mergers and acquisitions , joint ventures, collaborations and partnerships.
- For example, in January 2021, Varcode, a provider of digital, time and temperature sensitive supply chain systems, partnered with PL Developments (PLD), a packager, manufacturer and distributor of healthcare products. This partnership aims to improve the scale and availability of Varcode’s cold chain monitoring technology.
- In October 2020, AmeriCold Logistics LLC, the temperature-controlled warehousing and transportation company acquired Agro Merchants Group. This acquisition strengthens Americold’s presence in Europe.
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Global Cold Chain Monitoring Market by Component:
Global Cold Chain Monitoring Market by Logistics:
Global Cold Chain Monitoring Market By Application:
- Pharmaceutical and Health
- Food and drink
- Chemical products
Global Cold Chain Monitoring Market by Region:
- North America
- Asia Pacific
- South East Asia
- South America
- Middle East and Africa
- United Arab Emirates
- South Africa
- Saudi Arabia
About the report:
This research report provides detailed data on the major factors influencing the growth of the Cold Chain Monitoring market at the national and local levels, forecasting the market size, in terms of value, market share by region and segment; regional market positions; growth opportunities by segment and by country; Key company profiles, SWOT, product portfolio and growth strategies. It studies essential aspects of the market such as major participants, expansion strategies, business models, and other market characteristics to enhance understanding of the market.
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