Cold chain monitoring refers to active tracking of perishable good likes food, pharmaceuticals, and healthcare products with assured freshness. The monitoring system is used for surveillance to maintain the freshness and effectiveness and increase the life span of the products. The cold chain monitoring system plays a vital role in the warehouse used for cold storage in different applications.
The global cold chain monitoring market expected to increase market value by USD 10.4 billion with an intensifying CAGR in the forecast period from 2020-2027. The market demand for cold chain monitoring is surging due to the rising demand for a generic drug, the need to reduce the food wastage, increasing demand for better food quality are the major growth drivers.
With the application of cold chain and Internet and big data, the efficiency of the cold chain continues to improve, and the cold chain industry is also accelerating its upgrade. The application of big data, cloud computing, and intelligent hardware, driven by data, improves the cold chain logistics system. Automation in cold chain monitoring helps in performing various functions such as thinking, perception, learning, analytical decision-making, and intelligent execution capabilities continue to improve, thereby realizing the digitization of logistics scenarios and the entire supply chain.
Under the trend of urbanization, food safety, and consumption upgrade operations of the cold chain demand market. It mainly represented by the rising demand for aquatic products, livestock products, fruits, vegetables, and flowers has gradually matured, and the construction of the roads has also brought new opportunities to the cold chain industry.
Moreover, to reduce the cost of cold chain logistics distribution, the application of new internet technologies helps in achieving function smoothly. Therefore, the use of big data, the Internet of Things, and other technologies to make the intelligence of cold chain logistics will significantly improve the efficiency of cold chain logistics distribution and better management and control of the entire cold chain logistics distribution.
Besides, the inadequate cold chain distribution and storage in the world, the frequent occurrence of food safety incidents have prompted the public to pay more and more attention to the safety of fresh food. It has also raised the requirements of retail channel operators for food safety.
In addition to strengthening the rigor of food safety control, the main benefits include improved operating efficiency, the reduced loss rate of fresh goods, lower electricity costs, and more in line with regulatory requirements. With cold chain sensors, the relevant temperature information will be automatically uploaded to the system, saving time and not worrying about data storage issues. It can fully comply with regulatory requirements.
To ensure the safety of generic drugs, the effective cod chain monitoring system is required to reduce the wastage and improve shelf life. Temperature monitoring of the drug is necessary to ensure the quality and integrity of vaccines and other ingredients. Inappropriate temperature can affect the lifespan and effectiveness of the drug. Thus, the need for cold chain monitoring is required.
Based on the offering, the cold chain monitoring market segmented into Hardware (Sensors & Data Loggers, RFID Devices, Telematics & Telemetry Devices, Networking Devices, and Software (On-premise, Cloud-based). The software segment estimated to dominate the maximum share of the global cold chain monitoring market. It is mainly due to the rising market demand for cold chain monitoring software solutions that help monitor the cold chain without human intervention. The main functions of severe chain monitoring software are to provide real-time monitoring, tracking software, reporting, and data analytics to ensure food and drug safety.
Based on the temperature, the global cold chain monitoring market classified into Frozen and Chilled. The frozen segment contributes the largest share in the global cold chain monitoring market. It is mainly to ensure the safety of food such as ice-cream, meat, and seafood. Also, a wide variety of hardware components used to monitor the cold chain for a different type of food to ensure quality.
Based on logistics, the global cold chain monitoring market categorized into Storage and Transportation. The storage segment dominates the market share for the global cold chain monitoring market. The rising demand for packaged food, changing lifestyles of the people, emerging consumption of meat and seafood, need to protect pharmaceutical products from unsuitable climatic conditions are driving the market share for the deployment of cold chain monitoring solutions at the production site, distribution points, and retailers.
Based on the application, the global cold chain monitoring market segmented into Pharmaceuticals & Healthcare, Food & Beverages, Chemicals, Others. The food & beverage segment dominated the largest part of the global cold chain monitoring market. It is mainly due to the rising consumption of packaged food and beverages industry, and the delivery of perishable goods promptly drives the market share for the global cold chain monitoring market.
Based on geography, the global cold chain monitoring market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world’s fastest-growing global cold chain monitoring market, accounting for the largest share. It is mainly due to the rising concern for food safety and emerging government rules and regulation for food security and safety are driving the market demand in the Asia Pacific region.
Companies such as Sensitech Inc., ORBCOMM, Berlinger & Co. AG, Monnit Corporation, ELPRO-Buchs AG, Controlant, SecureRF Corporation, Savi Technology, Zest Labs, Inc., and Infratab, Inc., and other key players in the global cold chain monitoring market.
By Temperature Type