[172 Pages Report] The cold chain monitoring market size is expected to grow from USD 4.6 billion in 2020 to USD 8.2 billion by 2025 at a CAGR of 12.5% from 2020 to 2025. Increasing demand for temperature-sensitive drugs, rising demand for better food quality, intensifying need to reduce food wastage, surging demand for generic drugs owing to higher accessibility, and surging government focus on increasing the supply chain efficiency of the fast-growing pharmaceuticals sector in Europe and North America are some of the major factors driving the growth of the market.
Key Market Players
Sensitech Inc. (US), ORBCOMM (US), Berlinger & Co. AG (Switzerland), Monnit Corporation (US), ELPRO-BUCHS AG (Switzerland), Controlant (Iceland), SecureRF Corporation (US), Savi Technology (US), Zest Labs, Inc. (US), and Infratab, Inc. (US) are among a few major players operating in the cold chain monitoring market.
APAC is expected to grow at the highest CAGR in the Cold Chain Monitoring market. The market has been further segmented into China, Japan, India, and Rest of APAC. Rapidly growing pharmaceuticals industry in the region is likely to offer unparalleled growth of the cold chain monitoring market in APAC. Moreover, governments in the region are endeavoring to make vaccines and biologics more accessible in the local markets. To this end, they are investing significantly in cold chain monitoring solutions, as they are of paramount importance to maintain the effectiveness of the pharmaceutical products.
On the other hand, augmenting demand for frozen, packaged, and convenience food products, coupled with a surge in the number of supermarkets and quick-service restaurants, has led to a rapid increase of cold storage facilities in the region. Additionally, the growing popularity of online grocery shopping has also boosted the demand for frozen food.
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It is necessary for food to be chilled to avoid its deterioration, which can be mainly caused due to the growth and activity of microorganisms. Chilling reduces the food temperature below the ambient temperature but keeps it above -1°C, providing the short term preservation of food products. Cold chain monitoring systems for chilled products include data loggers, RFID devices, temperature sensors, and others.
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