Cold Chain Monitoring Market Overview by Top Companies, Type and Region
Global cold chain monitoring market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Cold chain monitoring is a supply chain logistics solution that helps in effective tracking of pharmaceutical & healthcare products, perishable products, and food items with expected freshness.
The factors that are playing a major role in the growth of cold chain monitoring market are the high demand for generic drugs, the rising government initiative on issuing policies affecting supply chain efficiency of developing pharma sector in North America and Europe, and the growing demand for the high-quality food. However, the high cost of implementation may restrain the overall market in the years to come. The market is segmented based on component, application, logistics and region.
Software and hardware are the components that could be explored in the market in the forecast period. Software sector comprises cloud and on-premises. Whereas, the hardware sector comprise networking devices, sensors & data loggers, telematics & telemetry devices, and RFID devices. The hardware sector accounted for the significant share of the market and is estimated to lead the overall market in the years to come. The reason could be for monitoring effective network.
Based on the logistics, transportation, storage, and others could classify cold chain monitoring in the forecast period. The transportation sector accounted for the significant share of cold chain monitoring market and is estimated to lead the overall market in the years to come. The reason could be the rising distribution network of the cold chain.
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The market may be categorized based on applications like chemicals, pharmaceuticals & healthcare, food & beverages, and others that could be explored in the forecast period. The food & beverage sector accounted for the substantial share of market and is estimated to continue its dominance in the years to come. The reason behind the overall market growth could be the rising demand for meat and seafood, the dietary changes of people, and it maintains the durability and food quality.
Globally, North America accounted for the significant share of cold chain monitoring market and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region, the high demand for frozen and chilled foods, the presence of developed cold chain infrastructure, and the rising demand for generic drugs. The United States is a major consumer of cold chain monitoring in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are the major consumers of cold chain monitoring in this region.
The key players of cold chain monitoring market are Infratab, Sensitech, Zest Labs, ORBCOMM, Savi Technology, Berlinger & Co., SecureRF Corporation, Monnit Corporation, Controlant, and Elpro – Buchs. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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