PUBLISHER: The Business Research Company | PRODUCT CODE: 1425336
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425336
Cold Chain Monitoring Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cold chain monitoring market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cold chain monitoring? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cold chain monitoring market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cold chain monitoring involves the use of Internet of Things (IoT) technology to monitor temperature-sensitive products in a cold chain. The primary objective is to ensure a secure and temperature-controlled environment for perishable items, maintaining their quality until consumption.
The main types of temperature monitoring in cold chain management include frozen and chilled. Frozen cold chain monitoring technology is designed to maintain temperatures ranging from -16 degrees Celsius to -20 degrees Celsius for frozen foods and related products. The term 'frozen' refers to the preservation of items using extreme cold. The components of cold chain monitoring include both hardware and software, offering solutions for the storage and transportation of various products such as beverages, foods, chemicals, pharmaceuticals, and more.
The cold chain monitoring market research report is one of a series of new reports from The Business Research Company that provides cold chain monitoring market statistics, including cold chain monitoring industry global market size, regional shares, competitors with a cold chain monitoring market share, detailed cold chain monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the cold chain monitoring industry. This cold chain monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cold chain monitoring market size has grown rapidly in recent years. It will grow from $5.52 billion in 2023 to $6.44 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to various factors, including the demand for fresh produce, the growth of the healthcare industry, a focus on quality and safety assurance, the optimization of supply chains, and the evolution of the logistics industry.
The cold chain monitoring market size is expected to see rapid growth in the next few years. It will grow to $11.82 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to the rising global demand, expanding pharmaceutical industry, regulatory stringency, a focus on food safety, integration of blockchain, and sustainability initiatives. Major trends in the forecast period include addressing pharmaceutical supply chain demands and a heightened focus on sustainability.
The surge in demand for pharmaceutical products is anticipated to be a driving force behind the growth of the cold chain monitoring market. Pharmaceutical products, vital for the diagnosis, treatment, prevention, or cure of diseases, require stringent temperature control during transportation. Cold chain monitoring ensures that the internal environment remains consistently cold, unaffected by external temperatures, facilitating the safe transport of pharmaceutical goods. For example, in the fiscal year 2021-22, India's drug and pharmaceutical exports escalated to $24.62 billion, as reported in the annual report by the Government of India, Ministry of Chemicals & Fertilizers, Department of Pharmaceuticals. This underscores the escalating demand for pharmaceuticals, acting as a catalyst for the cold chain monitoring market.
The increasing proliferation of Internet of Things (IoT) devices is set to contribute significantly to the growth of the cold chain monitoring market. IoT devices, which are nonstandard computing devices capable of wireless network connectivity, play a pivotal role in real-time monitoring of temperature and environmental conditions within the cold chain. This real-time visibility is crucial for promptly identifying and rectifying any deviations from the prescribed temperature range. According to a report by IoT Analytics, the global number of IoT connections witnessed an 8% surge, reaching 12.2 billion active endpoints in September 2021. Projections indicate that by 2025, there will be over 30 billion IoT connections, translating to nearly four IoT devices per person on average. Consequently, the escalating number of IoT devices is fostering growth within the cold chain monitoring market.
Technological advancements represent a noteworthy trend gaining momentum in the cold chain monitoring market. Major companies in this sector are introducing cutting-edge technologies to fortify their market standing. For instance, in 2022, Disrupt-X, a UAE-based IoT development company, unveiled an IoT-based cold storage monitoring solution. This solution employs Sigfox/Lora WAN-based devices to regularly transmit accurate humidity and temperature data to the cloud platform and mobile app, enabling users to monitor fluctuations in cold storage conditions remotely.
Innovative product development remains a focal point for major companies engaged in cold chain monitoring. Monitoring and decision-support systems, comprehensive technology solutions designed for observation, data collection, analysis, and insights into various processes or systems, are being introduced. Tridentify, a Sweden-based international cold-chain monitoring solutions provider, launched an advanced real-time cold chain monitoring system in May 2023. This groundbreaking innovation continuously monitors the stability and shelf life of products during their journey in the cold chain, revolutionizing how companies oversee their operations, particularly in the context of pharmaceutical products.
In September 2021, GI Partners, a private investment management firm based in the United States, successfully completed the acquisition of Orbcomm Inc. for an estimated $1.1 billion, encompassing net debt. This strategic acquisition remains instrumental in fostering innovation within the industrial Internet of Things (IoT), particularly through the provision of cutting-edge cold chain monitoring solutions. Orbcomm, the acquired entity, is a prominent US-based provider specializing in delivering comprehensive solutions for cold chain monitoring, industrial IoT, and machine-to-machine communications. The acquisition not only strengthens Orbcomm's position in the market but also aligns with a long-term vision for sustained strategic growth.
Major companies operating in the cold chain monitoring market report are Elpro-Buchs AG, Sensitech Inc., Monnit Corporation, Berlinger & Co. AG, Klinge Corporation, Savi Technology, Zest Labs Inc., Daikin Industries, Lineage Logistics Holdings LLC, Ambetronics Engineers Pvt. Ltd., GND Solutions India Pvt. Ltd., Accent Systems S.L., Trailermatics, Tenova S.p.A, MosChip Technologies Limited, ORBCOMM Inc., Geotab Inc., Controlant, Infratab, Americold Logistics LLC, Hanwell Solutions Limited, Securerf Corporation, Temperature Monitoring Solutions Africa, Honeywell International Inc., Emerson Electric Co., Schneider Electric SE, Rockwell Automation Inc., Mitsubishi Electric Corp., General Electric Co., and Huawei Technologies Co. Ltd.
North America was the largest region in the cold chain monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cold chain monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cold chain monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cold chain monitoring market consists of revenues earned by entities by providing supply chain monitoring services and tracking shipment location and transport stages. The market value includes the value of related goods sold by the service provider or included within the service offering. The cold chain monitoring market also includes sales of temperature data loggers, humidity data loggers, and cold chain monitors. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.