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Cold Chain Monitoring Market Size, Growth, Trend and Forecast to 2023

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The cold chain monitoring market, in terms of value, is expected to grow from USD 3.80 billion in 2018 to USD 6.46 billion by 2023, at a CAGR of 11.17% between 2018 and 2023. Major factors driving the growth of the market are growing governmental focus on issuing policies impacting the supply chain efficiency of fast-growing pharmaceuticals sector in Europe and North America, increasing demand for temperature-sensitive drugs, rising demand for better food quality and need to reduce food wastage, growing demand for generic drugs owing to higher accessibility.

This report covers the cold chain monitoring market based on component, application, logistics, and region. The market for the software segment is expected to grow at a higher CAGR between 2018 and 2023. The key reasons for this growth are increasing adoption of cloud-based software across different verticals and deployment of on-premises software solutions at storage facilities to enable faster evaluation of localized data for quick action. Also, the software helps in improving analytics support that provides actionable insights to transporters about delays and rerouting maneuvers to increase the efficiency in the transportation industry.

The market for the food & beverages application is expected to grow at the highest CAGR between 2018 and 2023. Food quality and durability are directly related to the effective maintenance of cold chain operations. The dependence of the food & beverages industry on cold chain monitoring solutions has been gradually increasing. The rising demand for high-quality food products has resulted in the growth of the cold chain monitoring market for the food & beverages application. The growing demand for meat and seafood owing to the dietary changes of people in various countries is driving the use of cold chain monitoring solutions in this application.

The Americas is accounting for the largest share of the cold chain monitoring market. The market in APAC is expected to grow at the highest CAGR between 2018 and 2023. The highest growth of the market in APAC can be attributed to the high demand for quality food in urban areas, extensive government vaccination drives being carried out in countries such as China and India, and major investments in the cold chain industry in India and China. All these factors are pushing the demand for cold chain monitoring solutions in APAC.

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Major players in the market are Sensitech (US), ORBCOMM (US), Berlinger & Co. (Switzerland), Monnit Corporation (US), Elpro – Buchs (Switzerland), Controlant (Iceland), SecureRF Corporation (US), Savi Technology (US), Zest Labs (US), and Infratab (US). These players have adopted strategies such as product launches, product developments, collaborations, agreements, and acquisitions to meet the needs of their customers.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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MarketsandMarkets™ INC.

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USA: 1-888-600-6441



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