Cold chain monitoring is attracting major traction globally due to the increasing demand for the technology across various verticals. A report on the global cold chain monitoring market by Market Research Future (MRFR) reveals the growth drivers, geographical distribution, competitive landscape and other information. The report also states that the global cold chain monitoring market is expected to touch USD 7.15 billion by the end of 2023. The market is slated to grow at a healthy annual growth rate during the forecast period between 2018 and 2023.
The rising demand for the market is driven by the expanding popularity of refrigerated warehouses. The ongoing changes being made in product development is majorly responsible for the expansion of the market. The market is also anticipated to be positively influenced by the various regulatory frameworks that are being imposed by the government.
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The segmental assessment of the cold chain monitoring market has been carried out on the basis of logistics, application, component, and region. Based on the components, the market for cold chain monitoring has been segmented into hardware, services, and software. Based on the applications, the market for cold chain monitoring has been segmented into food & beverages (FnB), chemicals, pharmaceuticals & healthcare. On the basis of logistics, the cold chain monitoring market has been bifurcated into transportation and warehousing. On the basis of the regions, the market for cold chain monitoring is segmented into Europe, the Middle East, Asia Pacific, North America, Africa, and Latin America.
Detailed Regional Analysis
The regional investigation of the cold chain monitoring market covers regions such as into Europe, the Middle East, Asia Pacific, North America, Africa, and Latin America. The North American region is in charge for the most important segment of the cold chain monitoring market globally. In the year 2017, the North American region controlled a third of the total market portion and was projected to conserve its position during the forecast period. The cold chain monitoring market in the North American region is motivated by aspects such as the mounting predilection for newly picked produce, sustainable investments in cold chain solutions, and emerging demand for cold storage in the pharmaceutical sector. In the meantime, the amplified economic progress and the development of cold chain monitoring in the Asia Pacific region have stimulated a vigorous demand for dominant cold storage technologies and shipping. The region has also been acknowledged as a speedily growing region in the cold chain monitoring market owing to the development of the manufacturing sector.
The need to keep the market practices in sync with the environmental concerns that are looming is expected to promote the overall sustainability of the market. The upturn in the performance of domestic markets is expected to have a favorable impression on the growth of the market. The ability to successfully satisfy the demand forces will require the industry to excel in several areas. the variation of the workforce can enable the successful implementation of growth strategies in the market. It is also noted that the cooperation by the governments around the world in terms of relaxation of several barriers and the institution of constructive strategies is expected to put the market on a track for unparalleled development. The limitations in the market are constantly being studied so that breakthroughs to remove them can be undertaken.
The topmost contenders in the cold chain monitoring industry are Sensitech, Inc., Berlinger & Co AG, Controlant, Monnit Corporation, ORBCOMM Inc., NEC Corporation, NXP Semiconductors N.V., Infratab Inc., Elpro-Buchs A G. and Zest Labs Inc. (Ecoark Holdings).
Oct 2019 Kudelski Group and CoreKinect have recently delivered FreshTrack, the first secure, flexible & disposable cold chain tracking solution. The joint solution offers asset monitoring at scale, safeguarding product excellence, genuineness, and traceability. Its primary implementation is expected to be for cold chain monitoring across grocery stores.