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Major players involved in the cold chain monitoring market include Sensitech Inc. (US), ORBCOMM (US), Berlinger & Co. AG (Switzerland),

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Major players involved in the cold chain monitoring market include Sensitech Inc. (US), ORBCOMM (US), Berlinger & Co. AG (Switzerland),

June 01
18:00 2020

 

The global cold chain monitoring market size is expected to grow from USD 4.6 billion by 2020 to USD 8.2 billion by 2025; it is projected to grow at a CAGR of 12.5% from 2020 to 2025. The key factors driving the growth of the cold chain monitoring market include increasing global demand for temperature-sensitive drugs, escalating demand for better food quality and the concurrent need to reduce food wastage, and surging demand for generic drugs. However, high costs associated with the implementation of these solutions is one of the major factors restraining the growth of the cold chain monitoring market 

 

The market for software offerings is expected to grow at a higher CAGR during the forecast period. Recently, cold chain monitoring software solutions, such as reporting, data analytics, and tracking software, have witnessed a significant surge in demand. Software solutions provide the ability to uninterruptedly monitor the cold chain performance in real time and ensure adherence guidelines set by regulatory agencies, such as the Food & Drug Administration (FDA) and the World Health Organization (WHO).

 

The cold chain monitoring market for the transportation is expected to grow at a higher CAGR during the forecast period. The transportation sector requires lots of dedicated devices to monitor any variation in the cold chain. For modern-day businesses, cold chains have become critical for advanced supply chain solutions. Transporting large volumes of temperature-sensitive cargo over longer distances through diverse climatic conditions can be challenging as they are exposed to varying environmental conditions. Thus, it is imperative to maintain cargo at a specific temperature or within an acceptable temperature range, which fuels the demand for cold chain monitoring solutions.

 

The pharmaceuticals and healthcare application accounted for the largest share of the overall cold chain monitoring market in 2020. Cold chain monitoring market is likely to derive lucrative growth opportunities from pharmaceuticals and food industries as cold chain monitoring solutions are almost invariably used in these industries to maintain the integrity of products. Cold chain monitoring solutions help to ensure the availability and accessibility of life-saving supplies, such as medicines, vaccines, and sanitation. However, the COVID-19 pandemic has reduced the production capacity of global manufacturers. Since the very beginning of the outbreak, various supply chain organizations, such as the Association for Manufacturing Excellence (AME), Association for Supply Chain Management (ASCM), the Chartered Institute of Logistics and Transport (CILT), and others, have been continuously assessing the impacts of this crisis on shipping and logistics, as well as on the sourcing of essential and strategic supplies.

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The cold chain monitoring market is expected to register the highest CAGR in APAC. The growth of the market in this region stems from the ever-increasing demand for food. APAC hosts a few of the worlds’ most populated countries, such as China and India, which generate massive demand for food, as well as pharmaceutical products. Additionally, rapid urbanization and extension of consumer spending capacities are likely to boost the demand for high-quality food products in high-end restaurants in the region. Also, government initiatives, such as large-scale vaccination drives, to prevent diseases and bring more people under the healthcare umbrella contribute to the growth of the cold chain monitoring market in APAC.

 

The major opportunities for the growth of the cold chain monitoring market include better control of assets in warehouse using automation and cold storage technologies, and availability of cold stage logistics in developing countries. Warehouse automation aids in efficient storage space utilization, reduces wear and tear, increases reliability, and reduces operating costs. Real-time visibility about shipment location, temperature, humidity, and other parameters enables manufacturers and distributors to take faster preventive actions, thereby reducing the risk of spoilage or contamination.

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