Cold Chain Monitoring Market Overview
The Cold Chain Monitoring Market is evaluated to register a CAGR of 9.6%. As per the MRFR analysis, the market will further reach up to USD 7158.8 Million during the forecast period 2018-2023. Major drivers such as rising demand for warehousing of cold storage and increased use of packaged foods are propelling the Cold Chain Monitoring Market. Also, the growing urbanization and emergence of solutions for monitoring cold chain temperature are improving the market growth.
The lack of basic standardization of products and solutions is a major restraint for the Cold Chain Monitoring Market. Also, the spread of COVID-19 in 2020 resulted in a huge decline in market growth due to huge disruption in supply chain and production. However, in the forthcoming period, the market will revive its growth and gain its position. North America will hold the largest Cold Chain Monitoring Market Share during the forecast period.
Mainly due to the good availability of Cold chain monitoring devices and developed infrastructure for transportation and technological advancements. Especially, the US there are several providers for the solution in the cold chain monitoring Market that is highly responsible for efficient growth. Apart from that, the Asia-Pacific region is estimated to record the fastest growth during the forecast period.
The spread of coronavirus disease or COVID-19 began in late 2019 from Wuhan, China. Later, it spread across several countries across the world that resulted in huge economic disruption. To prevent the spread important measures such as social distancing, lockdowns, etc. were implemented. This also caused the shutdown of different industries for several months. It also had a positive effect such as awareness about packaged food items and better cold chain monitoring equipment.
Majorly, the rising demand for cold chain monitoring especially in the pharmaceutical industry is a major driver for Cold Chain Monitoring Market. Strict rules and regulations for the shipment and storage of pharmaceutical products can also improve market growth. The growing awareness among customers for better food quality and demand for packaged foods and beverages will be beneficial as well. Also, the investments by private organizations and the government in this sector will push the market growth.
A crucial restraint is the absence of standardization of cold chain monitoring equipment. This factor will lead to confusion among users. This will lead to the emission of carbon and greenhouse gases which can slow down the Cold Chain Monitoring Market growth during the forecast period.
The rising need to lessen the spoilage and wastage of food will lead to open new opportunities as well. Along with that, the rising need for the better quality of food and temperature-sensitive products will further result in offering several opportunities for significant growth.
The rising costs can pose a huge challenge for market growth. Issues regarding installation and monitoring can increase the costs that will be challenging to solve for the market players. With technological advancements and sustainable options, these costs can be mitigated to a certain extent.
According to MRFR analysis, the Cold Chain Monitoring Market is evaluated to grow at significant growth. The Compound Annual Growth Rate (CAGR) is evaluated to reach up to 19%. Along with that, the market value will reach up to USD 8.3 Billion during the forecast period 2018-2023. With several driving factors and trends, North America will hold the largest share in the market. Also, there are various Cold chain monitoring companies that are using various techniques to improve the market situation hampered due to coronavirus.
Value Chain Analysis
The value of the Cold Chain Monitoring Market will increase simultaneously with the increased use of frozen food products. With the presence of several companies across the world increasing demand for refrigeration especially for the pharmaceutical company will also elevate its value. However, the importance of storing the coronavirus vaccines, the demand for cold chain monitoring will further thrive.
The Cold Chain Monitoring Market Size is segmented into application, logistics, and components. On the basis of logistics, the Cold Chain Monitoring Industry is segmented into Warehousing and Transportation. The warehousing segment is estimated to grow at a significant CAGR of 8.6& during the forecast period.
On the basis of application, the Cold Chain Monitoring Industry is further bifurcated into Beverages and Foods, Chemicals, Pharmaceuticals, and others. In this section, the beverages and food sub-segment will contribute to the largest market share.
On the basis of components, the Cold Chain Monitoring Industry is again segmented into Software, Telematics Devices, Radio Frequency Devices, and others. In the components category, the radiofrequency devices are projected to dominate the market during the forecast period.
Geographically, the Cold Chain Monitoring Market is segmented into North America, South America, Europe, Middle East, and Africa. North America is estimated that to have the largest market share in the forecast period. The growing frozen food industry and rising meat consumption and sustainable investments by the key players is the main reason for the exponential growth. Also, the availability of better monitoring solutions for maintaining the performance of several cold chains will help to abide by the guidelines.
The Asia-Pacific region will record the fastest growth during the forecast period. The rising chemical industry is a major reason for the rising growth. Countries like China and India are having rapid development in the chemicals and pharmaceutical industry. Also, the increasing urbanization and demand for high-quality food products are a major reason for the rapid expansion.
Several key players across the world play a huge role in enhancing the growth of the Cold Chain Monitoring Market. With several techniques such as market analysis, collaboration, new product launches, acquisition, expansion, partnerships, etc. they try to build a strong business portfolio. These are the following key players in the cold chain tracking and monitoring industry-
The report overview of the global cold chain tracking and monitoring market is as follows-
Report Score and Segmentation
The report score is to give substantial information about the Cold Chain Monitoring Market Trends. It highlights various aspects affecting the market growth such as opportunities, restraints, challenges, etc. Along with that, it highlights the key players and recent developments. The information collected in this report is collected from several secondary and primary sources. s
|Market Size||7158.8 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Application, Logistics|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Zest Labs Inc. (U.S.), Sensitech Inc. (U.S.), Controlant EHF (Iceland), Monnit Corporation (U.S.), Infratab Inc. (U.S.), Berlinger & Co. AG (Switzerland), NEC Corp. (Japan), Sensitech Inc. (U.S.), ORBCOMM (U.S.), NXP Semiconductors N.V. (Netherlands)|
|Key Market Opportunities||Constant investments being made by government agencies and private sector companies to roll out cold storage warehouse networks.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global market of cold chain monitoring can thrive at 9.6% CAGR through the study period (2018-2023).
Berlinger & Co AG, Elpro-Buchs A G., Infratab Inc., and Zest Labs Inc. (Ecoark Holdings) are some renowned names in the cold chain monitoring market.
Intensifying competition and relationships among these players can benefit the cold chain monitoring market.
The rise in demand for convenient food can support the cold chain monitoring market growth.
Drivers and pitfalls of the cold chain monitoring market are vividly discussed in the report.
Pharmacy, warehouse, and logistics are major areas of application of cold chain monitoring solutions.
By logistics, warehousing and transportation are major cold chain monitoring market segments.
Global Cold Chain Monitoring Market: Competitive Landscape
NXP Semiconductors N.V., NEC Corporation, Sensitech Inc., ORBCOMM Inc., Berlinger & Co AG, and Infratab Inc. collectively accounted for 26% share of the global cold chain monitoring market in 2017. These companies continue to maintain their strong global presence through expansion, merger & acquisition, and extensive product portfolio.
NXP Semiconductors N.V., is engaged in the development, manufacture, and provision of mixed-signal semiconductor solutions. The company operates majorly in two business segments: high performance mixed signal (HPMS) and standard products (SP). Under the standard products segment, the company develops and supplies small signal and power discrete and protection, signal conditioning components, standard logic devices, diodes, transistors, rectifiers, interface protection devices, and bipolar power transistors. The company operates through offices located in Asia, Europe, and the U.S. The company has five wafer fabrication facilities in Austin, Texas, Chandler, Arizona, Nijmegen, the Netherlands, and Singapore.
NEC Corporation held the second position in terms of market share, in 2017. The company focuses on investing in new technology to develop high-performance, energy-efficient products. The company engages in the provision of systems, components, services, and integrated solutions for computing and communications applications. The company primarily serves government agencies, financial institutions, public institutions and other organizations, as well as telecom carriers. The company operates through four major segments namely public business, enterprise business, telecom carrier business, and system platform business. Additionally, the company also provides systems integration services such as maintenance and support services, systems implementation and consulting, system equipment and outsourcing/cloud services. Technological innovation in the cold chain monitoring has helped to drive significant advances in the quality and performance of supply chain.
In 2017, Sensitech Inc. acquired the third spot in the market. The company has been implementing both organic and inorganic growth strategies. The company invests tremendously in research and development in order to expand its product portfolio. The company has nearly occupied every major industry segment. Other expansion strategies including mergers & acquisitions keep strengthening their technical expertise and increasing their customer base. The company’s products include dataloggers, electronic indicators, strip chart recorders, chemical indicators, ethylene absorption filters and sachets, and facility monitoring solutions. Additionally, the company provides accessories like remote printers and USB interface plus readers, logistics security services such as carrier compliance audit, active shipment monitoring, and logistics security assessments. The company offers ColdStream which is an accommodated relational database application used to view, store, retrieve, and analyze cold chain data.
ORBCOMM INC. is one of the most competitive players in the cold chain monitoring market. The company has focussed on the execution of its strategies without losing focus on its key areas. The company also provides hardware devices, modems, web applications and data services which are delivered over multiple satellites and cellular networks. The company primarily operates in M2M and IoT industries, which include various types of communications systems that enable intelligent machines, devices and fixed or mobile assets for communication across organizations. The company has been involved in various innovations and R&D to ensure a strong market presence and product portfolio. Orbcomm is also focusing on tapping newer geographical regions and newer market segments. With their advanced cold chain monitoring solution, the company is delivering new technologies in fleet management
Berlinger & Co AG stands at the 5th position in the global cold chain monitoring market. The company believes in continuous re-invention and transformations. The company has been majorly focusing on temperature monitoring solutions for pharmaceuticals and logistics. The company also offers temperature monitoring systems for temperature-critical products and made-to-measure products which includes cutting, gluing, lining, perforating, cutting precisely to length, winding, punching, and various other services. Also, the company offers insulating products, including thermoflex, a polyester foam laminated pipe for concealed cables, and Oekotherm, a polyethylene foam without PVC coat for concealed cables
New product development is a key focus area for players as the demand for more efficient and application-specific monitoring solutions continues to grow. In the near future, market players are also likely to benefit from pro-urbanization policies that are being introduced by governments in developing countries.