DUBLIN--(BUSINESS WIRE)--The "Cold Chain Monitoring Market with COVID-19 Impact Analysis by Offering (Hardware & Software), Temperature Type (Frozen & Chilled), Logistics (Storage & Transportation), Application (Pharmaceuticals & Healthcare, Food & Beverages, Chemicals), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global cold chain monitoring market was valued at USD 4.7 billion in 2019 and is projected to reach USD 8.2 billion by 2025; it is expected to grow at a CAGR of 12.5% from 2020 to 2025.
The global cold chain monitoring market size is likely to exhibit significant growth in the coming years. It is expected to reach USD 8.2 billion by 2025 at a CAGR of 12.5% from 2020 to 2025. The key factors driving the growth of the cold chain monitoring market are the increasing global demand for temperature-sensitive drugs, surging demand for better food quality, intensifying need to reduce food wastage, surging demand for generic drugs owing to higher accessibility, and increasing government focus on issuing policies impacting the supply chain efficiency of the fast-growing pharmaceuticals sector in Europe and North America.
Market for hardware to account for largest market share during forecast period
The hardware segment is expected to continue to hold a larger market size during the forecast period. A wide variety of hardware of varying prices is deployed to monitor cold chains for various applications. Cold chain monitoring solutions require a number of sensors and other hardware for effective network monitoring, and a few of these hardwares can be expensive. Suspension of transport & logistics services, along with lockdowns in major geographies, due to the COVID-19 pandemic is expected to restrict the development and distribution of new hardware components.
Market for transportation to grow at higher rate during forecast period
The transportation segment is expected to record a higher CAGR during the forecast period. The growth of the transportation segment is driven by the growing distribution network of cold chains. Nowadays, cold chains have become vital for modern supply chain solutions, transporting larger volumes of more sensitive or vital cargo over greater distances through diverse climatic conditions. Being prone to environmental variations, cargo needs to be maintained at specific temperatures or within an acceptable temperature range, which is also driving the growth of the market for the transportation segment.
Pharmaceutical and healthcare application to hold largest size during forecast period
The pharmaceutical and healthcare industry is expected to hold the largest market size during the forecast period, owing to the growing need for temperature monitoring in the pharmaceuticals and healthcare cold chain. The temperature requirement varies according to the specific pharmaceutical product. The potency of drugs or vaccines to degrade in the case of temperature variations encountered in the supply chain, is the key factor fueling the need for cold chain monitoring solutions. Moreover, the pharmaceuticals and healthcare industry is significantly impacted by government regulations, which facilitates the adoption of cold chain monitoring solutions across the value chain.
Americas is expected to capture largest market size during forecast period
The Americas region is expected to hold the largest share of the cold chain monitoring market during the forecast period. Increasing demand for chilled and frozen food products in North American countries is likely to trigger the demand for cold chain monitoring solutions in North America. Cold chain monitoring infrastructure includes refrigerated storage and refrigerated transport. In addition, escalating demand for dairy products, vegetables, and fruits, along with increasing import-export of exotic vegetables and fruits, is also boosting the demand for cold chain monitoring solutions.
Market Dynamics
Drivers
- Increasing Global Demand for Temperature-Sensitive Drugs
- Rising Demand for Better Food Quality and Need to Reduce Food Wastage
- Surging Demand for Generic Drugs Owing to Higher Accessibility
- Growing Governmental Focus on Issuing Policies Impacting Supply Chain Efficiency of Fast-Growing Pharmaceuticals Sector in Europe and North America
Restraints
- High Cost of Implementation
Opportunities
- Better Control of Assets in Warehouses Using Automation and Cold Storage Technologies
- Availability of Cold Chain Logistics in Developing Countries
Challenges
- Complexities Involved in Installation and Monitoring of Cold Chain Monitoring Solutions
Companies Profiled
- Orbcomm
- Sensitech
- Berlinger & Co.
- Monnit
- Controlant
- Elpro-Buchs
- Securerf Corporation
- Savi Technology
- Zest Labs
- Infratab
- Temperature Monitor Solutions Africa
- Lineage Logistics Holdings
- Klinge Corporation
- Daikin Industries
- Nimble Wireless
- Tagbox Solutions
- Verigo
- Freshsurety
- Astrona Biotechnologies
- Safetraces
For more information about this report visit https://www.researchandmarkets.com/r/51i4er
