iCrowdNewswire Dec 31, 2020 4:00 AM ET
Increased length of the logistics chain has raised the time period that goods are in transit, which has necessitated the need for cold chain logistics monitoring considerably in the recent years. Temperature control is a crucial factor for maintaining the quality of food and other perishable cargo which can be otherwise wasted in the supply chain. However, the food supply chains in the world are constantly faced with a growing range of challenges. The challenges are primarily linked to perishability and high waste, which are being realistically addressed with the market solutions that are relevant and thereby reduce wastage.
The cold Chain Monitoring Market globally is projected to earn revenues worth USD 7158.8 million in 2023 as compared to USD 4113 million in 2017 while expanding at a 9.6 percent CAGR in the forecast period. Growing development of the insulin and vaccines products are also motivating the development of the cold chain, as there is an industry-wide demand for these products around the world.
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The market is also encouraged by the mounting need for unanimity across logistics relating to constant transitions in new product developments and pharmaceutical trade which are accountable for the application of the cold chain monitoring solutions. A definite change among consumer demand for the intake of healthier, fresher products rather than processed foods is also found to be controlling the market’s progress in the food industry. Escalation in the number of refrigerated warehouses and government regulations are among a few of the factors leading to the progress of cold chain monitoring market. Growing assortment of drugs that entail continuous temperature monitoring are also among the key demand drivers for cold supply chain solutions. Moreover, the demand for refrigeration across healthcare and food & beverage industries has emphasized the need for temperature controlled distribution to be closer to the customer’s end.
The market for cold chain monitoring has been segmented on the basis of components, application, region and logistics. The application segment of the industry comprises of chemicals, foods & beverages, pharmaceutical, and others. The food & beverages segment will probably retain its top position towards the end of the forecast period in 2023. The segmentation on the basis of components comprises of telematics device, radio frequency devices, sensors, and software among others. Among these, the RFID devices presently have the biggest market share and are expected to continue to be highly lucrative through the assessment period. Lastly, the logistics based segment comprises of transportation and warehousing. The warehousing segment has the main share of the cold chain monitoring market and is likely to have the CAGR of 8.6% in the course of the forecast period.
The North American region is leading the market for cold chain monitoring due to the expansions in the frozen food industry and increased expenditure focussed towards these foods. Amplified consumption of meat products and an elevated standard of living is encouraging the development of the market in the North American region. In 2017, North America accounted for more than one-third share of the global market; is expected to retain its position during the forecast period. Factors such as sustainable investments in cold chain solutions, increasing consumer preference for fresh foods, and growing demand for refrigeration in the pharmaceutical sector are boosting the North America cold chain monitoring market. The pharmaceutical sector in the U.S has gained its forte due to a surge in the variety of drugs which require controlled room temperature the demand for cold chain monitoring in the country is on the rise.
The Asia Pacific region has appeared as a rapidly growing region and also controls the second key market for the cold chain monitoring industry due to the growing chemical industry. China has established itself as one of the key region for the chemicals and pharmaceutical industry which has provided unparalleled growth chances to the Asia Pacific region. Mounting urbanization, developing rate of industrialization, and the high disposable income in countries in the region is expected to influence the progress of the market.
The experienced management in the companies operating in the market are creating business models which can bring about a fruitful phase of development. The significant trends and players have established a positive tone for development. The competitors in the market are trying to succeed commercially by ensuring demand and supply are in balance.
The well-known companies in the cold chain monitoring market include NXP Semiconductors N.V. (Netherlands), ORBCOMM (U.S.), Sensitech, Inc. (U.S.), NEC Corp. (Japan), Berlinger & Co. AG (Switzerland), Infratab Inc. (U.S.), Monnit Corporation (U.S.), Controlant EHF (Iceland), Sensitech Inc. (U.S.) Zest Labs, Inc. (U.S.) among others.
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