The cold chain monitoring market 2020 can observe steady a growth at a rate of 9.6% from 2018 to 2023 (assessment period), reveals Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Primary Boosters and Main Barriers
The COVID-19 outbreak has disrupted the product demand and the supply chain of almost every industry worldwide. The industrial sector’s key focus has shifted from profits to survival in the face of the pandemic and the resultant financial crunch as well as the drop in the product demand. The market growth can plummet due to the falling demand for non-essential products and services. Also, the evolving buying behavior of consumers as a result of the uncertainty induced by SARS-CoV-2 can affect the growth scope of the overall market.
However, since the onset of the novel coronavirus, cold chain has emerged as an essential component in the battle against the pandemic. Food and beverage/F&B has turned out to be the top end-user in the cold chain monitoring market, since cooled or frozen food and beverages continue to note unwavering demand all across the world. Despite the lockdown, F&B manufacturers, cold storage warehouses and distribution centers are still working in order to ensure continuous flow of frozen and fresh products to supermarkets, grocery stores and convenience stores, which can favor the market growth to some extent. Pharmaceuticals and chemicals are some other important segments that consistently need efficient cold chain monitoring systems and can effectively spur the market in the coming period.
The rising adoption of advanced cold chain technologies such as RFID, cloud WMS, AGVs, sensor tags, mobile racking and IOT has led to more efficient warehouse operations, enhanced productivity of the cold chain monitoring systems. A mounting number of cold chain firms are embracing digitization and automation to bring down the overall costs and enhance the business efficiency. Automation has emerged as the most critical weapon in tackling with challenges posed by SARS-CoV-2. Also, partnerships and mergers seem to be the top favored growth strategies being adopted by the renowned vendors to elevate their market position.
For instance, in July 2020, CSafe Global, a prominent vendor for temperature-controlled container systems for transportation of pharmaceuticals entered a partnership with Cloudleaf Inc. for safer and better cold chain transportation as well as more visibility. With this partnership, both the companies will now be able to offer customers with a strong cold chain monitoring solution that combines CSafe’s latest thermal shipping system with Cloudleaf Inc.’s digital visibility software.
The cold chain monitoring industry has been considered for component, application and logistics.
Depending on component, the cold chain monitoring market caters to hardware, services and software. The hardware-based key segments can be sensors, RFID devices, telemetry & telematics devices and networking equipment.
The application areas covered in the market study include chemicals, pharmaceuticals & healthcare and food & beverages.
Logistics-wise, transportation and warehousing are the key segments analyzed in the report.
The five key geographies considered in the market study are Europe, Latin America, the Middle East & Africa/MEA) APAC/Asia Pacific along with North America.
In 2017, North America was reported to own over one-third of the global market share; making it the world leader. North America’s supremacy in the global market can remain intact throughout the review period, thanks to the thriving frozen food industry along with the rising spending on these foods. The escalating consumption of meat products prompted by the high standard of living, massive investments that go in cold chain services and solutions along with the rising consumer demand for fresh and frozen foods can be favorable for the regional market in the long run. Also, the high requirement for refrigeration across the pharmaceutical industry could benefit the North American market. The United States heads the regional market, as a result of the well-developed pharmaceutical industry and the growth in the different types of drugs that need controlled room temperature.
The APAC market is on its way to achieve the fastest growth rate in the years to come, as the demand for cold chain monitoring has risen due to the rapid economic growth and more. The rising trade of temperature-sensitive pharma and food items, escalating industrialization rate, and the extensive rollout of warehouse and transportation networks, particularly in India and China has also boosted the market attractiveness in the region. Another important growth inducer can be the rising innovations in connected devices technologies including IoT/Internet of Things and RFID/ Radio Frequency Identification combined with the soaring demand for intelligent sensors.
Top Market Firms
The top market firms listed in the report include Infratab Inc., Zest Labs Inc. (Ecoark Holdings), Elpro-Buchs A G., NEC Corporation, Berlinger & Co AG, NXP Semiconductors N.V., Controlant, ORBCOMM Inc., Monnit Corporation, Sensitech, Inc., and more.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/cold-chain-monitoring-market-1883