Cold Chain Monitoring Market with COVID-19 Impact by Offering, Logistics, Application, Temperature, and Region - Global Forecast to 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Cold Chain Monitoring Market with COVID-19 Impact by Offering (Hardware and Software), Logistics (Storage and Transportation), Application (Pharmaceuticals & Healthcare, Chemicals), Temperature, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Cold chain monitoring market is expected to grow at a CAGR of 16.6% from USD 4.7 billion in 2021 to USD 10.2 billion in 2026. Increasing demand for Cold chain monitoring products in the pharmaceuticals & healthcare industry will drive the market.
Cold chain monitoring market for transport is expected 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.
Cold chain monitoring market for hardware segment accounted for the largest share in 2020
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 the 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.
Americas is expected to hold the largest market for Cold chain monitoring during the forecast period
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.
- 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 Government Focus on Issuing Policies Impacting Supply Chain Efficiency of Fast-Growing Pharmaceuticals Sector in Europe and North America
- High Cost of Implementation
- Environmental Concerns Regarding Greenhouse Gas Emissions
- Better Control of Assets in Warehouses Using Automation and Cold Storage Technologies
- Availability of Cold Chain Logistics in Developing Countries
- Complexities Involved in Installation and Monitoring of Cold Chain Monitoring Solutions
- Astrona Biotechnologies
- Berlinger & Co.
- Cryoport Systems
- Daikin Industries
- Klinge Corporation
- Lineage Logistics
- Nimble Wireless
- Savi Technology
- Sensitech Inc.
- Telesense Inc
- Temperature Monitor Solutions Africa
- Veridify Security
- Zest Labs
- Tagbox Solutions
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