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Cold Chain Tracking and Monitoring market Growth
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 21, 2024 /EINPresswire / -- As per the report published by Allied Market Research, the global cold chain tracking and monitoring market size was accounted for $4.6 billion in 2020, and is estimated to reach $15.2 billion by 2030, growing at a CAGR of 12.9% from 2021 to 2030.
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Cold chain tracking and monitoring refer to the process of maintaining a given temperature range of products and tracking perishable products with the help of a series of control devices and sensors. It is primarily used to maintain & extend the life of products such as fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical products. Monitoring, storage, and transportation are the crucial factors in the cold chain to avoid degradation in the quality of the shipments. At present, the tracking & monitoring of logistics is handled by sensors, microcontrollers, and even IoT capabilities to ensure safe handling of cold assets across the supply chain.
Rise in focus on quality & product sensitivity, increase in the number of refrigerated warehouses, and pharmaceutical sector drive the growth of the global cold chain tracking and monitoring market . However, lack of standardization and high operational cost hinder the market growth. On the contrary, adoption of RFID technologies for cold chain applications and research for advancements in cold chain software are expected to open new opportunities in the future.
COVID-19 IMPACT ANALYSIS
.The COVID-19 crisis is creating uncertainty in the cold chain tracking and monitoring industry by slowing down the logistics services, closure of workplaces, and restrictions on travel hampering business growth with the increasing panic among the customer segments.
.Governments across different regions announced total lockdown and temporary shutdown of industries, leading to border closures that restricted the movement of transportation & logistics services.
.The global business outlook has changed dramatically post COVID-19 health crisis.
.However, among all that difficulty, cold chain monitoring companies have responded to the COVID-19 crisis with surprising success along with increased safety measures & implementation of new technologies.
.For the requirement of pharmaceutical products by the countries during the peak point of pandemic, most of the governments got collaborated with UNICEF to establish effective cold chain systems for vaccines storage.
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The report divides the global cold chain tracking and monitoring market on the basis of end user, system, solution, and region.
Based on end user, the food & beverage segment held the largest share in 2020, accounting for more than one-third of the market. However, the healthcare segment is projected to manifest the highest CAGR of 14.4% during the forecast period.
On the basis of system, the hardware segment held the lion's share in 2020, contributing to more than three-fifths of the market. However, the software segment is estimated to portray the highest CAGR of 14.1% from 2021 to 2030.
The report offers an analysis of the global cold chain tracking and monitoring market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion's share in 2020, accounting for around two-fifths of the market. However, the market across Europe is anticipated to showcase the highest CAGR of 13.9% during the forecast period.
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Major Cold Chain Tracking and Monitoring Companies Included:
Americold Logistics,
LLC,
Berlinger& Co. AG,
Controlant,
ELPRO-BUCHS AG,
Hanwell Solutions,
Infratab, Inc.,
Monnit Corporation,
ORBCOMM,
Savi Technology,
Sensitech Inc.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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David Correa
Allied Market Research
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