Pune, Aug. 23, 2018 (GLOBE NEWSWIRE) -- According to the latest MRFR report, the global Cold Chain Monitoring market is set to exhibit an above-average growth over the next couple of years. The market is likely to exceed a valuation of USD 7 Bn by the year 2023.
The global cold chain monitoring market is set to expand at an impressive CAGR between 2017 and 2023 reveals the latest study conducted by Market Research Future (MRFR). The Cold Chain Monitoring market is estimated to surpass a valuation of USD 7 Bn towards the end of the forecast period. The increased investments in building refrigerated warehouses is supporting the growth of the market. Over the years, demand for cold chain monitoring solutions has witnessed a dramatic rise. Stricter government regulations on processed food storage and drug storage is driving the adoption of cold chain monitoring solutions.
Food and pharmaceutical industries are two of the major clients of cold chain monitoring. Growing complexities in preservation of produce items such as raw meat, vegetables, fruits, grains etc. in hygienic manner, ensuring completed protection from contamination is necessitating purpose-built technological solutions. Continuous temperature monitoring is extremely important for tacking the issues of food spoilage; this is where cold chain monitoring plays a crucial role. An increased emphasis is being placed on supply chain monitoring as it not only ensure product safety but also reduces substantial losses for manufacturers. Cold chain monitoring is fast replacing the conventional storage monitoring systems owing their cost benefits, safety and lower downtime (nearly ignorable). Therefore, manufacturers have a greater chance of meeting their efficiency parameters and revenue goals. Such factors are likely to propel the global cold chain monitoring market during the assessment period. Moreover, integration of new-age technologies such as IoT and real-time monitoring serves as a reassurance for manufacturers.
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Market Segmentation: Insights
MRFR’s report offers a detailed segmental analysis of the global cold chain monitoring market based on logistics, application, and components. On the basis of logistics, the Cold Chain Monitoring market has been segmented into services, hardware and software. The hardware segment currently holds the top position in terms of value. Towards the end of 2023, the hardware segment is expected to represent a market valuation of USD 3 Bn. On the basis of applications, the Cold Chain Monitoring market has been segmented into pharmaceuticals & healthcare, chemicals, and food & beverages (FnB). Among these, the food & beverage (FnB) segment is expected to maintain its leading position in 2018 and beyond. Increased level of health awareness among consumers is driving the demand for healthy and fresh produce, which is supporting the growth of the segment. FnB brands are have been quick to recognize the advantages of cold chain monitoring. On the basis of logistics, the market has been segmented into transportation and warehousing. During the review period, the warehousing segment is projected to surge at a healthy CAGR of 8.6%. With the rising production of food worldwide, refrigerated warehousing has become the topmost requirement for manufacturers.
North America will remain an Important Investment Destination for Market Players Over 2023
In the report, the cold chain market has been covered across North America, Latin America, the Middle East & Africa (MEA), Europe and Asia Pacific (APAC). North America, led by the U.S. accounted for an impressive Cold Chain Monitoring Market share in 2017 and trend is likely to continue throughout the current year and beyond. The region commanded more than one-third share of the market in 2017. Factors such as the increasing outlays towards strengthening supply chain efficiency, growing demand for fresh produce are creating tremendous market opportunities in the region. Meanwhile, the market in APAC is also expected to witness a healthy growth over the next couple of years. Rapid industrialization in the region has led to a strong demand for more effective and robust transportation and storage technologies. During the forecast period, the region’s market is projected to register the fastest growth. Expansion of large-scale industries such as FnB and pharmaceuticals in countries such as India and China is creating growth opportunities for market players.
Key Players
Key players profiled in MRFR’s report include NEC Corporation, ORBCOMM Inc., NXP Semiconductors N.V., Controlant, Zest Labs Inc. (Ecoark Holdings), Elpro-Buchs AG, Sensitech, Inc., Berlinger & Co AG, Monnit Corporation and Infratab Inc.
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Latest News
- Real-time cold chain management specialist GA – Cooltrax is preparing to deploy Fresh inTransit™ in refrigerated capsules bought by Canadian Pacific Railway (CP). These new capsules are reportedly have higher storage capacity with up to two addition pallets and use sustainable refrigerant that enhances the performance efficiency.
- Pre-and post-harvest expert AgroFresh Solutions recently introduced its new data-backed, insights-driven fresh produce monitoring platform - FreshCloud™. The platform is developed to monitor produce quality throughout the supply chain. With this launch, the company now becomes capable of offering predict solutions for produce quality and freshness.
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