Cold Chain Monitoring Market

Cold Chain Monitoring Market Size, Share, Growth (2023-2028)

Cold Chain Monitoring Market size was Valued as USD 6.44 billion in 2023 to reach USD 14.24 billion by 2027 With a CAGR of 7.20%.

Cold Chain Monitoring Market Overview:

Cold Chain Monitoring is a supply chain logistics solution that helps effectively track perishables, food, pharmaceuticals and healthcare with guaranteed freshness. Monitoring and efficient management depend on the hardware and software selected for monitoring. The growing awareness of food and beverage preservation in the supply chain is driving the global cold chain monitoring market. Cold chain monitoring is commonly used in the food, agricultural and pharmaceutical industries to maintain a sustainable supply chain with controlled temperatures. It plays an important role by providing monitoring solutions and improving performance through real-time data in storage and distribution networks of various applications. Effective monitoring in the pharmaceutical and healthcare sectors reduces waste and increases the shelf life and effectiveness of medications. Cold chains must be continuously monitored to ensure the quality and integrity of vaccines, drugs, and other active ingredients. In hospitals, pharmacies or nursing homes, temperature spikes during medication storage are a problem and can directly affect shelf life and effectiveness.

Recent Developments in Cold Chain Monitoring Industry:

• In August 2017, Orbcomm introduced a novel cold chain monitoring solution PT 6000, which makes sure that logistics, fuel and temperature control, maintenance, and regulatory compliance for refrigerated assets in movement. This solution is available in dual-mode satellite cellular mode or LTE cellular or 3G versions.

REPORT COVERAGE:

Cold Chain Monitoring Market Drivers:

The driving factor for cold chain monitoring solutions is the increase in the call for frozen foods, the effectiveness of the supply chain for processed foods dairy products, and others. Stringent regulations related to the storage and shipment of pharmaceuticals is foreseen to drive demand for these monitoring solutions. In addition, increased private and government investment in the construction of refrigerated warehouses and government efforts to reduce corruption in food and other temperature-sensitive products are anticipated to promote the global cold chain monitoring market during the evaluated period. It is expected to lead the growth of the cold chain monitoring market, especially as the demand for pharmaceuticals increases in developing countries. Some pharmaceuticals are very sensitive to temperature and require effective temperature monitoring techniques to maintain the desired temperature throughout the supply chain. Product damage while shipping can be protected by placing the products at a required temperature using this cold monitoring storage technology. Other regional markets, such as the United States and Canada, are also expected to lead the growth of the cold chain monitoring market, as they already have well-developed transportation and distribution frameworks.

Several novel cold chain monitoring solutions are developed to identify and monitor products at the time of storage and transportation. At this point, the growth of trade in perishables in developed and developing countries has helped the growth of the cold chain monitoring market. The advancement of connected device technologies such as Radio Frequency Identification (RFID) and the Internet of Things (IoT) is expected to open opportunities for innovative tracking solutions. Data loggers are essential for supply chain monitoring in the food and beverage industry to improve effective logistics chain monitoring. The global cold chain monitoring market is being promoted with the recognition of high-quality food and rapid urbanization. Storage tests are beneficial in extending the shelf life of the medicine. Monitoring inventory in the pharmaceutical industry and increasing drug use are two main drivers of the cold chain monitoring market. The stringent regulatory environment of the pharmaceutical industry and the effective use of pharmaceuticals and the rise of nursing homes and hospitals are expected to lead the global market. Growth in health awareness and the urge to reduce food waste are expected to lead the global cold chain monitoring market during the outlook period.

Cold Chain Monitoring Market Restraints:

The cost of installing a cold chain monitoring system is quite high. Implementing the sensor and establishing the connection network is expensive. Transportation of expensive long-distance cargo within the prescribed temperature range requires a large investment. Thus, companies are spending a huge amount on innovation and developing cold chain storage and monitoring systems by investing more into R&D. Therefore, high implementation costs are acting as a serious inhibitor to the expansion of the global cold chain monitoring industry.

Cold Chain Monitoring Market Segmentation Analysis:

By Component:

• Hardware

• Software

By Application:

• Pharmaceuticals & Healthcare

• Food & Beverages

• Chemicals

By Logistics:

• Storage

• Transportation

Geographical Segmentation Analysis:

• North America - the United States and Canada

• Europe - United Kingdom, Spain, Germany, Italy, and France

• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia

• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM

• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

North America and Europe are expected to occupy a significant portion of the cold chain monitoring market in the coming years. The presence of a well-established pharmaceutical and healthcare industry is expected to accelerate market development in the coming years. Strict rules and regulations that take cold chain monitoring into account are expected to ensure the development of North America in the coming years. In addition, the surge in demand for frozen and chilled foods is anticipated to supplement business growth in the future.

Furthermore, Europe is expected to show healthy growth in the coming years, and Asia Pacific is emerging as the fastest-growing regional market that offers significant growth opportunities for companies over the long term. Emerging economies such as India and China are expected to contribute to the growth of local markets. Population growth, rapid industrialization, the continued rollout of transport and storage networks, and increased demand for processed and canned foods are expected to drive growth in the local market.

The Chinese market is estimated to record considerable growth during the conjecture period. Several factors may be the cause of growth, such as the development of temperature monitoring technology, the emergence of smart sensors, and the growth of the pharmaceutical and processed food industries. The growth of China's biopharmaceutical industry is also foreseen to drive demand for China's cold chain monitoring solutions. Strict regulations established by the Chinese government to guarantee food quality require cold chain operators to implement temperature monitoring solutions.

Cold Chain Monitoring Market Key Players

Major Key Players in the Global Cold Chain Monitoring Market are

1. Sensitech (US)

2. ORBCOMM (US)

3. Berlinger & Co. (Switzerland)

4. Monnit Corporation (US)

5. Elpro – Buchs (Switzerland)

6. Controlant (Iceland)

7. SecureRF Corporation (US)

8. Savi Technology (US)

9. Zest Labs (US)

10. Infratab (US)