September 28, 2020
According to the report titled ‘Global Cold Chain Monitoring Market Size study with COVID-19 Impact, by Offering (Hardware and Software), by Temperature (Frozen and Chilled), by Logistics (Storage and Transportation), by Application (Pharmaceuticals & Healthcare, Food & Beverages, Chemicals and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global cold chain monitoring market was worth USD 4.1 billion in 2019 and is projected to record a CAGR of 12.5% during 2020-2027.
Surging demand for temperature-sensitive drugs, better food quality, and generic drugs, along with increasing focus towards reducing food wastage are the key factors driving the growth of global cold chain monitoring market.
For those uninitiated, cold chain monitoring supply chain monitoring/logistics solution helps in keeping track of freshness in perishable products, pharmaceutical, healthcare and food items. It offers real-time data regarding storage and distribution networks in several applications, and ensures integrity as well as quality of medicines, vaccines, and other active ingredients.
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Rising advancements along with strategic alliances undertaken by leading firms are anticipated to create lucrative growth prospects for global cold chain monitoring industry. In fact, Orbcomm Inc. had introduced ORBCOMM's PT 6000 on 14th August 2017, which is a next generation cold chain monitoring solution. It is a dual-mode satellite-cellular version that allows temperature and fuel maintenance, management, logistics as well as regulatory compliance for refrigerated transport assets. However, hefty cost of implementation may hamper the market growth over the assessment period.
Based on offering type, global cold chain monitoring market is divided into software and hardware. Speaking of temperature type, the industry is bifurcated into chilled and frozen segments. Elaborating on logistics, global cold chain monitoring market is segmented into chemicals, food & beverages, pharmaceuticals & healthcare, and others.
From a regional perspective, the report states that Asia Pacific currently accounts for considerable share of global cold chain monitoring industry and is likely to grow substantially over the analysis period. The regional growth is credited to increasing government initiatives in emerging countries to provide advanced healthcare infrastructure to majority of the population and surging demand for high quality food products in the region.
Major contenders in global cold chain monitoring market are Infratab, Inc., Zest Labs Inc., Savi Technology, SecureRF Corporation, Elpro-Buchs AG, Controlant, Monnit Co., Berlinger & Co. AG, Sensitech Inc., and Orbcomm Inc. among others.