New York, United States, Nov. 18, 2024 (GLOBE NEWSWIRE) -- In underdeveloped countries, the market for cold chain monitoring is ripe for expansion. An in-depth analysis of the cold chain monitoring market is shown in the study, which provides insights into the present trends, development prospects, and possibilities. The market segmentation and competition analysis are covered throughout the scope of the study.
There is projected to be an increase in demand for cold chain monitoring solutions as governments worldwide focus on improving food, dairy, and pharmaceutical supply chains that require cold chain monitoring systems. Cold chain monitoring systems are to come in demand with strict laws governing the storage and shipping of pharmaceutical items. Over the forecast period, the market for cold chain monitoring is to develop increased expenditures in refrigerated warehouses and initiatives by the government to decrease the spoiling of food and other temperature-sensitive items.
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Market Dynamics
Market Potential of Cold Chain Monitoring in the World
Due to increased food waste and the growing desire for better food quality, the cold chain monitoring market is expected to rise in popularity in the next few years. The market for cold chain monitoring solutions shall grow shortly because of the high cost of implementation and the difficulties associated with monitoring and installing these systems. Governments are increasingly concerned about laws on supply chain efficiency in the pharmaceutical industry, which is expected to spur market growth over the next several years.
The global need for temperature-sensitive pharmaceuticals is expected to rise as the healthcare sector continues to grow at a rapid pace. These developments are expected to keep the entire industry growing. Additional potential prospects are expected to be available for the companies in emerging economies, which is expected to fuel market expansion in the coming years.
Monitoring the Cold Chain can be Challenging Due to the Complexity of Installing and Monitoring Systems
The tremendous rise in customer expectations has made cold chain monitoring even more difficult in recent years. Multi-sourcing supply chains have become more complicated as a result of globalization. Temperature-controlled transportation and storage facilities, retail chains and restaurants are part of a cold chain network that can span a geographic region. It's a huge endeavor to install sensors in all these places. Additional mapping is required for optimal data management from these sensors in a dispersed network. To optimize profit data must be examined. Such challenges as scale visualization, error type identification, and response formulation might be hard.
There are a variety of devices that need to be calibrated for a variety of different uses. As a result, installation service providers in the cold chain monitoring industry face a bigger challenge in providing enough network connectivity in varied places. Cold chain monitoring services must overcome these obstacles to succeed in the market.
Regional Outlook
Geographically, the cold chain market will be dominated by North America and Europe in the future. The growth is expected to be accelerated by well-established healthcare and pharmaceutical sectors in the next few years. North America's growth is expected to be bolstered by strict laws and regulations governing the monitoring of cold chains. Demand for frozen and chilled meals is expected to expand soon, contributing to the expansion. European economies are expected to develop steadily over several years, followed by those in the Asia-Pacific region.
COVID-19 impact on global Cold chain monitoring market, in 2021
Global economic instability and change have been triggered by the pandemic, in 2020. As a result of the epidemic, several businesses have been forced to close their doors, limit travel, and allow their workers to do their jobs from home. It is assumed that the first three-quarters of FY 20–21 saw minimal growth in the cold chain monitoring market, followed by a steady rebound in the fourth quarter of FY 20–21, according to the realistic approach. The market for cold chain monitoring is predicted to develop at a CAGR of 11.6 percent between 2021 and 2026 in the most probable scenario. Because of the COVID-19 pandemic, the market is predicted to expand by a single-digit percentage in FY 20–21.
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Key Highlights
- The global cold chain monitoring market size was valued at USD 7.63 billion in 2024 and is projected to reach from USD 8.64 billion in 2025 to USD 23.29 billion by 2033, growing at a CAGR of 13.2% during the forecast period (2025-2033).
- It is projected that the need for pharmaceutical items, particularly in emerging nations, would boost the market for cold chain monitoring.
- Additionally, remote temperature monitoring technologies can assist prevent any public health problems associated with food and medications that are not stored at the proper temperature.
- The cold chain monitoring market is dominated by North America and Europe in the coming years.
Competitive Players
- ORBCOMM (U.S.)
- Sensitech (U.S.)
- Elpro-Buchs (Switzerland)
- Berlinger & Co. (Switzerland)
- Monnit (U.S.)
- Control (Iceland)
Recent Developments
- April 2022: CoolKit Selects ORBCOMM for Monitoring the U.K.'s Largest Fleets of Temperature-Controlled Vans. ORBCOMM Inc., a global provider of IoT solutions, announced that it had been selected by CoolKit, the largest manufacturer of temperature-controlled vans in the United Kingdom, to deliver temperature monitoring, management and compliance for the refrigerated vehicles it provides to customers in the pharmaceutical, healthcare, food & beverage and agricultural industries.
Segmentation
- By Temperature Types
- Frozen
- Chilled
- By Logistics
-
- Storage
- Transportation
- By Applications
-
- Fruits and vegetables
- Fruit pulp & concentrates
- Dairy products
- Fish
- Meat and seafood
- Processed food
- Pharmaceuticals
- Bakery & confectionaries
- By Region
-
- North America
- Europe
- Asia Pacific
- Middle East And Africa
- Latin America
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