New York, US, Jan. 19, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Cold Chain Monitoring Market Research Report– By Component, By Application, By Logistics - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 12.6 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 14.7% during the assessment timeframe.
Cold Chain Monitoring Market Insights:
Cold chain monitoring technology has tremendous potential to improve the safety and quality of pharmaceutical products. Also, cold chain monitoring solutions help extend the shelf life of products. The cold supply chain comprises various components and distinct services, creating many investment prospects. The growing need to maintain and refrigerate ultra-cold mRNA COVID vaccines substantiates the market size.
The usage of IoT has grown dramatically over recent years and will likely continue to grow in the coming years. Increased use of IoT technology is a driving force defining the growing cold chain monitoring market landscape. Furthermore, the rising demand for cold chain storage and growing warehouse automation impact the market growth positively.
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Players leading the global cold chain monitoring market include-
- Sensitech Inc. (U.S.)
- Zest Labs Inc. (U.S.)
- Controlant EHF (Iceland)
- Infratab Inc. (U.S.)
- Monnit Corporation (U.S.)
- Berlinger & Co. AG (Switzerland)
- Sensitech Inc. (U.S.)
- NEC Corp. (Japan)
- ORBCOMM (U.S.)
- NXP Semiconductors N.V. (Netherlands)
Cold Chain Monitoring Market Report Scope:
| Report Metric | Details |
| Market Revenue forecast in 2030 | USD 12.6 Billion |
| Growth Rate | CAGR of 14.7% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | cold chain monitoring solutions are increasingly being used to transport vaccines to many new sites worldwide safely. |
| Key Market Drivers | Growing investments in building the pharmaceutical cold chain are key growth propellers |
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Industry Trends
Growing investments in building the pharmaceutical cold chain are key growth propellers. Many companies are entering the pharmaceutical cold chain packaging area, tackling the market from multiple perspectives. The rising focus on sustainability trends, such as returns and reuse, pushes market growth.
Due to their effectiveness, cold chain monitoring solutions are increasingly being used to transport vaccines to many new sites worldwide safely. Additionally, the emergence of innovative cold chain monitoring solutions commutatively propels the market growth. The increased demand for effective storage systems for perishable items provides a huge impetus to market growth.
Technological advancements in cold chain monitoring solutions positively impact the market share. Furthermore, the growing awareness of the benefits of supply chain monitoring and supply chain efficiencies are other factors bolstering market revenues. On the other hand, high investment requirements for implementations and R&D impede market growth.
Cold chain monitoring demand is estimated to rise drastically in the coming years, driven by rapid advances in new technologies and the growing emphasis on the safety of temperature-sensitive drug distribution. End-user verticals are increasingly forming strategic partnerships with cold chain monitoring solution providers to meet the continually increasing cargo shipping demand.
Cold Chain Monitoring Market Segments
The cold chain monitoring market data is segmented into components, applications, logistics, and regions. The component segment is sub-segmented into software, telematics devices, radio frequency devices, and others. The applications segment is sub-segmented into beverages & foods, chemicals, pharmaceuticals, and others. The logistic segment is sub-segmented into warehousing and transportation. Further, the region segment is sub-segmented into Europe, the Americas, APAC, MEA, and Rest-of-the-World.
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Regional Analysis
North America dominates the global cold chain monitoring market. The growing frozen food industry and vast meat consumption in the region substantiate the cold chain monitoring market size. Besides, the strong presence of key cold chain monitoring technology providers in this region and continual investments made by them create significant opportunities.
Also, the availability of better monitoring solutions for maintaining the performance of several cold chains, helpful in complying with the regulatory guidelines, pushes market revenues. The increasing need for customized storage and transportation to ensure the effectiveness of products is a key driving force. Moreover, the growing focus of organizations on improving business agility in the region boosts the market size.
The Asia Pacific region is another attractive market for cold chain monitoring solutions. Factors such as the rise in the chemical and pharmaceutical industry and the increasing urbanization & demand for high-quality food products substantiate market revenues. Countries like China and India account for sizable shares in the regional market due to the growing healthcare and pharmaceutical industries.
Additionally, rapid developments of active & intelligent storage and key industry players holding a substantial market share in the region drive the market growth. Also, the growing demand for cold chain monitoring solutions substantiates the region's market shares. The APAC cold chain monitoring market is anticipated to create a substantial revenue pocket over the forecast period.
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Competitive Landscape
The global market of cold chain monitoring appears highly competitive, characterized by the presence of several notable players. To gain a larger competitive advantage, these players incorporate strategic approaches such as mergers & acquisitions, collaborations, expansions, and technology/product launches.
They make significant investments to drive research & development activities and expansion plans. Technology providers employ continuous improvement strategies to analyze product updates, implement improvements, and launch new technologies to meet the changing consumer needs.
For instance, recently, on Jan. 16, 2023, Innominds at NRF 2023 announced the availability of iNNTACT, a cold chain logistics monitoring solution on Microsoft AppSource. Azure IoT service enables supply chain real-time transportation visibility platform for standard and perishable goods. Optimized for Microsoft Azure, iNNTACT is a multi-modal cold chain logistics monitoring solution for supply chains.
The real-time transportation and visibility platform (RTTVP) offers advanced traceability of all goods, standard as well as perishable goods, throughout the shipment lifecycle. iNNTACT is developed with Supply Chain 4.0 and Supply Chain 5.0 principles, providing the industry's most customizable platform for shippers, manufacturers, carriers, and the retail industry.
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