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Market Leadership - Cold Chain Monitoring Market

The cold chain monitoring market is expected to grow from USD 3.80 billion in 2018 to USD 6.46 billion by 2023, at a CAGR of 11.17% between 2018 and 2023. The growth of the cold chain monitoring market can be attributed to the growing governmental focus on issuing policies impacting the supply chain efficiency of fast-growing pharmaceuticals sector in Europe and North America , increasing demand for temperature-sensitive drugs, rising demand for better food and need to reduce food wastage, and growing demand for generic drugs owing to higher accessibility.

Key players in the cold chain monitoring market are increasingly adopting the strategies of product launches to achieve growth in the market. According to the present scenario, major companies in the cold chain monitoring market are significantly investing in R&D. 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 a few companies providing cold chain monitoring solutions and related services across the world.

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Sensitech Inc. (US) was ranked first in the cold chain monitoring market in 2017. Sensitech Inc. (US) is a subsidiary of United Technologies (US), which is a multibillion-dollar company. The company provides products such as data loggers and temperature and chemical sensors, as well as services such as logistics security and software management. The company has global outreach spanning North and South America, Europe, and APAC. The company has expanded its offerings from PC-based software solutions to mobile-based apps to provide regular updates on the cold chain. It has strong financial support from the parent company.

ORBCOMM (US) was ranked second in this market. The company offers a wide range of products, including sensors and software that are designed for a wide variety of applications and can be easily calibrated to suit cold chain monitoring applications. In addition to services such as networking and telematics, and web applications, the company offers tracking and monitoring services. The company has aggressively acquired companies across North America to expand its business in the M2M technology market. For instance, in October 2017, the recent acquisition of Blue Tree Systems Limited (Ireland) led to the expansion of the company’s product portfolio. The company focuses on getting its products and solutions certified to increase their marketability. It has also grown inorganically via contracts in the cold chain monitoring market.

Related Reports:

Cold Chain Monitoring Market by Component (Hardware (Sensors and Data Loggers) and Software), Application (Pharmaceuticals & Healthcare, Food & Beverages, and Chemicals), Logistics (Storage and Transportation), and Region - Global Forecast to 2023

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