Cold Chain Monitoring Market - Upcoming Trends, Growth Drivers and Challenges – Forecast to 2023
Increased length of the logistics chain has raised the time period
that goods are in transit, which has necessitated the need for cold chain
logistics monitoring considerably in the recent years. Temperature control is a
crucial factor for maintaining the quality of food and other perishable cargo
which can be otherwise wasted in the supply chain. However, the food
supply chains in the world are constantly faced with a growing range of
challenges. The challenges are primarily linked to perishability and high
waste, which are being realistically addressed with the market solutions that
are relevant and thereby reduce wastage.
The cold Chain Monitoring Market
globally is projected to earn revenues worth USD 7158.8 million in 2023 as
compared to USD 4113 million in 2017 while expanding at a 9.6 percent CAGR in
the forecast period. Growing development of the insulin and vaccines products
are also motivating the development of the cold chain, as there is an
industry-wide demand for these products around the world.
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The market is also
encouraged by the mounting need for unanimity across logistics relating to
constant transitions in new product developments and pharmaceutical trade which
are accountable for the application of the cold chain monitoring solutions. A definite
change among consumer demand for the intake of healthier, fresher products
rather than processed foods is also found to be controlling the market’s
progress in the food industry. Escalation in the number of refrigerated
warehouses and government regulations are among a few of the factors leading to
the progress of cold chain monitoring market. Growing assortment of drugs that
entail continuous temperature monitoring are also among the key demand drivers
for cold supply chain solutions. Moreover, the demand for refrigeration across
healthcare and food & beverage industries has emphasized the need for
temperature controlled distribution to be closer to the customer’s end.
Segmental
Analysis
The market for cold
chain monitoring has been segmented on the basis of components, application,
region and logistics. The application segment of the industry comprises of
chemicals, foods & beverages, pharmaceutical, and others. The food &
beverages segment will probably retain its top position towards the end of the
forecast period in 2023. The segmentation on the basis of components comprises
of telematics device, radio frequency devices, sensors, and software among
others. Among these, the RFID devices presently have the biggest market share
and are expected to continue to be highly lucrative through the assessment
period. Lastly, the logistics based segment comprises of transportation and
warehousing. The warehousing segment has the main share of the cold chain
monitoring market and is likely to have the CAGR of 8.6% in the course of the
forecast period.
Regional
Analysis
The North American
region is leading the market for cold chain monitoring due to the expansions in
the frozen food industry and increased expenditure focussed towards these
foods. Amplified consumption of meat products and an elevated standard of
living is encouraging the development of the market in the North American
region. In 2017, North America accounted for more than one-third share of the
global market; is expected to retain its position during the forecast period.
Factors such as sustainable investments in cold chain solutions, increasing
consumer preference for fresh foods, and growing demand for refrigeration in
the pharmaceutical sector are boosting the North America cold chain monitoring
market. The pharmaceutical sector in the U.S has gained its forte due to a
surge in the variety of drugs which require controlled room temperature the
demand for cold chain monitoring in the country is on the rise.
The Asia Pacific region has appeared as a rapidly growing region
and also controls the second key market for the cold chain monitoring industry
due to the growing chemical industry. China has established itself as one of
the key region for the chemicals and pharmaceutical industry which has provided
unparalleled growth chances to the Asia Pacific region. Mounting urbanization,
developing rate of industrialization, and the high disposable income in
countries in the region is expected to influence the progress of the market.
Competitive Analysis
The experienced
management in the companies operating in the market are creating business
models which can bring about a fruitful phase of development. The significant
trends and players have established a positive tone for development. The
competitors in the market are trying to succeed commercially by ensuring demand
and supply are in balance.
The well-known companies in the cold chain monitoring market
include NXP Semiconductors N.V. (Netherlands), ORBCOMM (U.S.), Sensitech, Inc.
(U.S.), NEC Corp. (Japan), Berlinger & Co. AG (Switzerland), Infratab Inc.
(U.S.), Monnit Corporation (U.S.), Controlant EHF (Iceland), Sensitech Inc.
(U.S.) Zest Labs, Inc. (U.S.) among others.
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