The Global Cold Chain Monitoring Market is propelling owing to maintaining freshness and effectiveness of the product
Cold Chain Monitoring
The global cold chain monitoring market trend expected to increase market value by USD 10.4 billion with an intensifying CAGR in the forecast period from 2020-2027. The bolstering demand for the global cold chain monitoring market is rising due to the increase in the awareness for food safety and security; keeping pharmaceutical products productive and increasing lifespan is the major growth driver.
The lack of pre-cooling links, decentralized operation, backward transportation networks, and lack of adequate information management systems are the main reasons for the high cost of the cold chain. Due to the low efficiency of refrigerated transportation and the high loss of perishable and fresh food, the need for cold chain monitoring is required.
Moreover, the increase of the temperature zone requires expanding the entire supply chain's stratum to ensure that every link from procurement to distribution operated under the corresponding level. Therefore, these high-temperature zones adopt a cold chain monitoring system to keep the food fresh for a longer time.
Offering overview in the GlobalCold Chain MonitoringMarket
Based on the offering, the cold chain monitoring market segmented into Hardware (Sensors & Data Loggers, RFID Devices, Telematics & Telemetry Devices, Networking Devices, and Software (On-premise, Cloud-based). The software segment estimated to dominate the maximum share of the global cold chain monitoring market. It is mainly due to the increasing demand for on-premise software for cold chain monitoring that surveillance the real-time temperature for the product without human intervention.
Temperature overview in the Global Cold Chain MonitoringMarket
Based on the temperature, the global cold chain monitoring market classified into Frozen and Chilled. The frozen segment contributes the largest share in the global cold chain monitoring market. It is mainly due to the bolstering demand for products like meat, seafood, and ice cream that need to be frozen to keep their lifespan longer and fresh.
Logistics overview in the Global Cold Chain MonitoringMarket
Based on logistics, the global cold chain monitoring market categorized into Storage and Transportation. The storage segment dominates the market share for the global cold chain monitoring market. It is mainly due to the demand for packaged food and ready-to-eat products due to people's changing eating habits and lifestyle. Moreover, in the pharmaceutical industry storage of drugs is necessary to maintain the effectiveness of the medicines.
Applications overview in the Global Cold Chain MonitoringMarket
Based on the application, the global cold chain monitoring market segmented into Pharmaceuticals & Healthcare, Food & Beverages, Chemicals, Others. The food & beverage segment dominated the largest segment for the global cold chain monitoring market. The food and beverage industry drives the market demand for the cold chain monitoring system in the hospitality sector, café, and retail stores to keep the beverages cold coupled with rising government guidelines for food safety, cold chain monitoring is needed.
Region overview in the Global Cold Chain MonitoringMarket
Based on geography, the global cold chain monitoring market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world's fastest-growing global cold chain monitoring market, accounting for the largest share. The changing eating habits demand perishable food, and the rising pharmaceutical industry is fueling the market share for the Asia Pacific region.
Global Cold Chain MonitoringMarket:Competitive Landscape
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