The global cold chain monitoring market size is projected to reach USD 45.1 billion by 2025, registering a CAGR of 18.1% over the forecast period, according to a new report by Grand View Research, Inc. The growing demand for pharmaceutical products, processed food, and other temperature-sensitive products worldwide is driving the demand for cold chain monitoring solutions. Stringent regulations regarding the storage and shipment of pharmaceutical products coupled with the continued investments from government agencies as well as the private sector companies in rolling out cold storage warehouse networks are also expected to drive the market growth.
Continued urbanization in various parts of the world is driving the demand for processed food, frozen food items, and dairy products. However, dairy products and frozen food items happen to be perishable and require continuous temperature monitoring during transportation and storage to annul any possibilities of contamination and compromise with the quality. At this juncture, cold chain monitoring solutions can help cold chain service providers in ensuring that the products are stored at ideal temperatures. Modern cold chain monitoring solutions can deliver a myriad of benefits, such as safety, cost-efficiency, real-time tracking, and lower downtime. Advances in connected devices technologies, such as the Internet of Things (IoT) and Radio Frequency Identification (RFID), coupled with the growing popularity of intelligent sensors are particularly facilitating real-time temperature monitoring, thereby driving the growth of the market.
North America is estimated to continue dominating the global market over the forecast period leveraging its well-developed network of transportation & distribution systems, high technology adoption rate, and growing demand for processed food products. The U.S. is expected to continue being the largest regional market within North America from 2019 to 2025. The U.S. is home to several cold chain monitoring solution providers and the demand for pharmaceutical and processed food products in the U.S. shows no signs of abating. On the other hand, Asia Pacific is expected to emerge as the fastest-growing regional cold chain monitoring market over the forecast period owing to the rising population, rapid industrialization, and the continued rollout of transportation and warehouse networks, particularly in emerging economies, such as India and China.
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North America dominated the global market in 2018 and is expected to register a notable CAGR over the forecast period
The hardware segment is anticipated to hold the largest market share and the software segment is projected to register the highest CAGR over the forecast period
The telematics and telemetry devices segment is anticipated to exhibit the highest CAGR over the forecast period owing to the increasing adoption of telematics solutions in transportation for tracking and monitoring shipments
Emerging economies, such as India and China, are expected to drive the growth of the Asia Pacific regional market owing to the continued economic growth and increase in the trade of pharma and temperature-sensitive food products
Some of the prominent market players in the market include Orbcomm, Sensitech, Berlinger & Co., Monnit, and Controlant, among others.
Grand View Research has segmented the cold chain monitoring market based on component, logistics, application, and region:
Cold Chain Monitoring Component Outlook (Revenue, USD Million, 2014 - 2025)
Telematics & telemetry devices
Sensors & data loggers
Cold Chain Monitoring Logistics Outlook (Revenue, USD Million, 2014 - 2025)
Cold Chain Monitoring Application Outlook (Revenue, USD Million, 2014 - 2025)
Fruits & vegetables
Fruit pulp & concentrates
Fish, meat & seafood
Bakery & confectionaries
Cold Chain Monitoring Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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