Northbrook, IL -- (SBWire) -- 12/02/2021 --According to the new market research report "Cold Chain Monitoring Market with COVID-19 Impact by Offering (Hardware and Software), Logistics (Storage and Transportation), Application (Pharmaceuticals & Healthcare, Chemicals), Temperature, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Cold Chain Monitoring Market was valued at USD 4.7 billion in 2021 and is projected to reach USD 10.2 billion by 2026; it is expected to grow at a CAGR of 16.6% from 2021 to 2026.
The increasing demand for temperature-sensitive drugs, rising demand for better food quality, surging need for reducing food wastage, and growing demand for generic drugs owing to higher accessibility are anticipated to drive the market's growth. The growing focus on improving the supply chain efficiency of the fast-growing pharmaceuticals sector in Europe and North America through governmental policies is also expected to contribute to the market's growth. The high implementation cost of cold chain monitoring solutions is the major factor restraining the market's growth. The better control over assets in warehouses achieved using automation and cold storage technologies and the demand for cold chain logistics in developing countries are anticipated to be the major opportunities for the market. The complexity involved in the installation and monitoring of cold chain monitoring solutions is the major challenge faced by many providers of cold chain monitoring solutions.
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Hardware segment to hold the largest share of the Cold chain monitoring market, by offering, in 2021
Hardware such as sensors, data loggers, RFID devices, and telematics and telemetry devices, and networking devices are used in applications ranging from the sensing of environment to the relaying of data to a centralized database for further evaluation. For most cold chain applications, accuracy and reliability of hardware are critical parameters. Data loggers are used throughout the cold chain to monitor the temperature of food, pharmaceuticals, chemicals, and other temperature-sensitive products. Sensors and data loggers are important components of the sensory network of a cold chain. Various types of sensors, such as temperature sensors, humidity sensors, chemical indicators, and impact and tilt sensors, are used in this network. Temperature sensors sense the temperature at a specific location within a cold room, freezer room, refrigerator, or freezer unit. These are generally environmental sensors that measure environmental parameters such as temperature and humidity with more importance given to temperature information. The data from sensors would normally be periodically stored on separate storage elements called data loggers, which could make the necessary data available in readable formats such as PDF files and e-mail. Sensors and data loggers are now being integrated into a single package to form a more compact product.
The market for transportation logistics to grow at the highest CAGR during the forecast period
Transportation is the most important phase in the cold chain due to the possibility of unforeseen environmental variations. Cold chain transportation is a temperature-controlled supply chain used in industries such as pharmaceuticals, healthcare, food & beverages, and chemicals. The efficient management of cold chain transportation is essential for maintaining the integrity of the products being transported, for instance, the cold chain transportation of pharmaceuticals, many of which must be maintained at a specific temperature. Medical and high-end products have a lower tolerance for temperature excursions, and product spoilage leads to a significant loss of capital. To minimize the chances of temperature irregularities in transit, transporters use simple measures such as dedicated vehicles, phase-change gel bricks to identify excursions, doubling up on packaging, and active cooling to secure their shipments.
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Americas to hold the largest share of Cold chain monitoring market by 2021
North America is the largest market for cold chain monitoring in the Americas at present and is likely to exhibit a similar trend 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 the region. Cold chain monitoring infrastructure includes refrigerated storage and refrigerated transport. The escalating demand for dairy products, vegetables, and fruits is increasing the imports, as well as exports of exotic vegetables and fruits and dairy products, which is also boosting the demand for cold chain monitoring solutions. According to the United Nations COMTRADE database, in 2012, North America was one of the largest exporters and importers of perishable food, including meat, fish, and seafood, across the world. It was also the largest importer of fruits and vegetables. The pharmaceutical and healthcare industries also have noteworthy contributions toward the cold chain monitoring market growth in the region. The pharmaceutical industry is subject to stringent regulations aimed at ensuring safety and good storage and distribution practices. Stringent government regulations toward food safety and Global Cold Chain Alliance (GCCA) initiatives help shape the environment in this region, which indirectly impacts the cold chain monitoring market.
A few key cold chain monitoring market players are ORBCOMM (US), Sensitech (US), Elpro-buchs (Switzerland), Berlinger & Co. (Switzerland), Monnit (US), and Controlant (Iceland) are among a few key players in this market.
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Cold Chain Monitoring Market Worth $10.2 Billion by 2026, at a CAGR of 16.6%