Rise in focus on quality & product sensitivity, increase in refrigerated warehouses, and pharmaceutical sector drive the growth of the global cold chain tracking and monitoring market. The market across Asia-Pacific held the lion’s share in 2020, accounting for around two-fifths of the market. The Covid-19 pandemic created uncertainty in the market by slowing down the logistics services, restrictions on travel, and closure of workplaces.
The global cold chain tracking and monitoring market size was accounted for $4.6 billion in 2020, and is estimated to reach $15.2 billion by 2030, growing at a CAGR of 12.9% from 2021 to 2030.
Cold chain tracking and monitoring refer to the process of maintaining a given temperature range of products and tracking perishable products with the help of a series of control devices and sensors. It is primarily used to maintain & extend the life of products such as fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical products. Monitoring, storage, and transportation are the crucial factors in the cold chain to avoid degradation in the quality of the shipments. At present, the tracking & monitoring of logistics is handled by sensors, microcontrollers, and even IoT capabilities to ensure safe handling of cold assets across the supply chain.
Cold Chain Tracking and Monitoring Market Segment Review
The report divides the global cold chain tracking and monitoring market on the basis of end user, system, solution, and region.
Based on end user, the food & beverage segment held the largest share in 2020, accounting for more than one-third of the market. However, the healthcare segment is projected to manifest the highest CAGR of 14.4% during the forecast period.
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On the basis of system, the hardware segment held the lion’s share in 2020, contributing to more than three-fifths of the market. However, the software segment is estimated to portray the highest CAGR of 14.1% from 2021 to 2030.
The report offers an analysis of the global cold chain tracking and monitoring market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for around two-fifths of the market. However, the market across Europe is anticipated to showcase the highest CAGR of 13.9% during the forecast period.
Cold Chain Tracking and Monitoring Market Key Players
The global cold chain tracking and monitoring market report includes an in-depth analysis of the prime market players such as Americold Logistics, LLC, Controlant, Berlinger & Co. AG, Hanwell Solutions, ELPRO-BUCHS AG, Infratab, Inc., Monnit Corporation, ORBCOMM, Savi Technology, and Sensitech Inc.
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The report analyzes these key players in the global market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market growth.
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