Pune, India, April 12, 2022 (GLOBE NEWSWIRE) -- Cold chain monitoring market is anticipated to grow at a steady growth rate over the forecast period, owing to upsurge in demand for cold chain monitoring products across the pharmaceuticals & healthcare applications along with the increased usage of packaged foods. Cold chain refers to the supply chain of temperature-sensitive and/or perishable products such as biologics, pharmaceuticals, food, and beverages. However, the cold chain monitoring comprises of usage of internet of things (IoT) technology to constantly monitor temperature-sensitive products being transported in this cold chain.
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The cold chain monitoring has become an essential process to ensure proper monitoring and avoid suboptimal conditions during storage and transport which can damage the quality of products.
Key Insights & Findings:
- The hardware segment led the cold chain monitoring market and valued at USD 3.03 Billion in 2020. This is mainly due to the need for various hardware components in cold chain monitoring which comprises of sensors & data loggers, telematics & telemetry devices, RFID devices, and networking devices.
- The storage segment accounted for the largest market share and valued at USD 2.73 Billion in 2020. Growth of this segment is mainly driven by increasing preference for packaged food around the globe primarily drives growth of this segment.
- The pharmaceutical and healthcare segment accounted for the largest market share and valued at USD 1.92 Billion in 2020. Strict regulations associated with the shipment and storage of pharmaceutical products creates demand for cold chain monitoring solutions for pharmaceutical and healthcare applications.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for the Cold Chain Monitoring market and valued at USD 1.47 Billion in 2020. Growth of the North America Cold Chain Monitoring market is mainly driven by the number of factors such as well-established pharmaceutical and healthcare industries, presence of leading market players, and growing demand for chilled and frozen foods. Asia-Pacific region is anticipated to grow at prominent CAGR over the forecast period, due to rapid industrialization, demand for canned and processed food items, and growing population.
Key players operating in the global Cold Chain Monitoring market Americold Logistics, LLC, Berlinger & CO. AG, Controlant EHF, Elpro-Buchs AG, Infratab, Inc., Monnit Corporation, Orbcomm Inc., Lineage Logistics Holdings, LLC, Klinge Corporation, Interstate Warehousing, Inc., Partner Logistics, Maven Systems Pvt. Ltd., Savi Technology, Inc., SecureRF Corporation, and United Technologies Corporation among others. To enhance their market share in the global Cold Chain Monitoring market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in January 2021, Varcode, a provider of digital, time- and temperature-sensitive supply chain systems partnered with PL Developments (PLD), a packager, manufacturer, and distributer of healthcare products. This partnership is aimed at enhancing scale and availability of Varcode’s cold chain monitoring technology.
- In October 2020, AmeriCold Logistics LLC, the temperature-controlled warehousing and transportation company acquired Agro Merchants Group. This acquisition strengthens Americold's footprint into Europe.
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Global Cold Chain Monitoring Market by Component:
- Hardware
- Software
Global Cold Chain Monitoring Market by Logistics:
- Storage
- Transportation
Global Cold Chain Monitoring Market by Application:
- Pharmaceutical and Healthcare
- Food and Beverage
- Chemicals
Global Cold Chain Monitoring Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
About the report:
This research report gives detailed data about the major factors influencing the growth of the Cold Chain Monitoring market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.
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