The report "Cold Chain Monitoring Market by Offering (Hardware and Software), Temperature Type (Frozen and Chilled), Logistics (Storage and Transportation), Application (Pharmaceuticals & Healthcare, Food & Beverages, Chemicals), Region - Global Forecast to 2025" The cold chain monitoring market was valued at USD 4.6 billion in 2020 and is expected to reach USD 8.2 billion by 2025; it is expected to grow at a CAGR of 12.5% from 2020 to 2025. The major factors driving the growth of cold chain monitoring market are Increasing demand for temperature-sensitive drugs and rising demand for better food quality and need to reduce food wastage . However, several factors, such as Complexity involved in installation and monitoring of cold chain monitoring solutions can act as a key challenge in the market during the forecast period.
Browse 98 market data Tables and 41 Figures spread through 172 Pages and in-depth TOC on "Cold Chain Monitoring Market by Offering (Hardware and Software), Temperature Type (Frozen and Chilled), Logistics (Storage and Transportation), Application (Pharmaceuticals & Healthcare, Food & Beverages, Chemicals), Region - Global Forecast to 2025 "
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Software segment projected to witness the highest CAGR during the forecast period
The market for the software segment is expected to grow comparatively at a faster pace due to the value added by analytical and predictive tools, which help provide real-time information on the cold chain. Software solutions utilized in cold chain monitoring applications add huge value to the overall monitoring system. These solutions provide data management and analytical support for monitoring the cold chain.
Transportation segment expected to record highest CAGR during the forecast period
The high growth of the transportation segment is driven by the growing distribution network of the cold chain. Nowadays, cold chains have become vital for modern supply chain solutions, transporting larger volumes of more sensitive or vital cargo over greater distances through diverse climatic conditions. Being prone to environmental variations, cargo needs to be maintained at a specific temperature or within an acceptable temperature range, which is also driving the growth of the market for the transportation segment.
Chilled temperature type market expect to grow at higher CAGR during forecast period
It is necessary for food to be chilled to avoid its deterioration, which can be mainly caused due to the growth and activity of microorganisms. Chilling reduces the food temperature below the ambient temperature but keeps it above -1°C, providing the short term preservation of food products. Cold chain monitoring systems for chilled products include data loggers, RFID devices, temperature sensors, and others.
Pharmaceuticals & Healthcare is expected to hold the largest share in 2025
Monitoring the temperature is a critical factor in the pharmaceuticals and healthcare cold chain. The specific temperature requirement varies according to the specific pharmaceutical product. The potency of drugs or vaccines tends to degrade in the case of temperature variations encountered in the supply chain. Moreover, the value chain of the pharmaceuticals and healthcare industry is significantly impacted by government regulations, which facilitates the adoption of cold chain monitoring solutions across the value chain.
APAC is attributed to grow at the highest CAGR in Cold Chain Monitoring market during the forecast period (2020-2025)
APAC is expected to grow at the highest CAGR in the Cold Chain Monitoring market. The market has been further segmented into China, Japan, India, and Rest of APAC. Rapidly growing pharmaceuticals industry in the region is likely to offer unparalleled growth of the cold chain monitoring market in APAC. Moreover, governments in the region are endeavoring to make vaccines and biologics more accessible in the local markets. To this end, they are investing significantly in cold chain monitoring solutions, as they are of paramount importance to maintain the effectiveness of the pharmaceutical products.
On the other hand, augmenting demand for frozen, packaged, and convenience food products, coupled with a surge in the number of supermarkets and quick-service restaurants, has led to a rapid increase of cold storage facilities in the region. Additionally, the growing popularity of online grocery shopping has also boosted the demand for frozen food.
Key Market Players
Sensitech (US), ORBCOMM (US), Berlinger & Co. (Switzerland), Monnit Corporation (US), Elpro–Buchs (Switzerland), Controlant (Iceland), SecureRF Corporation (US), Savi Technology (US), Zest Labs (US), and Infratab (US) are among a few major players in the cold chain monitoring market.
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