In the second half of the 20th century, the trend for frozen and fresh food led to an increased demand for cold chain and facilities. In addition, the cold chain providers are increasingly looking forward to adopt new technologies such as IoT based sensors, which offers sensor nodes with capabilities needed for asset tracking data loggers. The evolution of technology in the cold chain has led to numerous efficient cold chain operations such as asset tracking and monitoring along with cloud storage data collection of the temperatures, which projects significant growth of global cold chain tracking and monitoring systems market over the future years. The adoption of technology not only helps to reduce operating expenses, but it also improves cold chain logistics efficiency and productivity. For example, temperature monitoring of products, which consumes a significant amount of labour time, may be done automatically using sensors positioned around the cargo. In terms of revenue, the global cold chain tracking and monitoring systems market was valued at US$ 3,952.01 in 2020 growing at a CAGR of 16.5% over the forecast period (2021 – 2029).
Our 420+ pages research study will include extensive information on the following pointers:
- Global Market size and forecast values (2015 – 2029), in terms of revenue (US$ Million) by segments/sub-segments; wherein 2015 to 2019 has been considered as historic years, 2020 as the base year, while 2021 to 2029 has been considered as the forecast period.
- Split of the market revenue (US$ Million) into all the relevant segments & sub-segments across all major regions/countries.
- Market determinants and Influencing Factors
- Market Dynamics (Drivers, Restraints, Opportunities and Challenges)
- Business, Technological & Regulatory Trends
- Overview on Covid-19 Impact on Global Cold Chain Tracking and Monitoring Systems Market
- Global and Regional Impact
- Strategic Initiatives and Developments
- Potential Measures and Opportunities
- Macro-Economic and Micro-Economic Indicators
- Porter’s Five Forces Analysis
- Competitive Benchmarking: Global Presence and Growth Strategies
- Market Share Analysis, 2020
- A comprehensive analysis on the industry participants encompassing information pertaining to company details, company overview, product offering, key developments, financial analysis, SWOT analysis and business strategies.
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Cold chain management and monitoring has emerged as a critical aspect during the Covid-19 crisis for maintaining vaccination safety and efficacy, which has been furthered by increased initiatives by governments, business and other organizations towards COVID-19 vaccine distribution operations throughout the world. Cold chain management and monitoring systems has enabled the highly temperature-sensitive coronavirus vaccines to be kept at proper temperature throughout the manufacturing, storage, shipping, and distribution operations. Some of these vaccines are extremely sensitive to variations in temperature and require storage at very low temperatures, even below -70°C. Thus, the temperature levels were required to be strictly maintained, with very low tolerances, from the point of production to the facility where it will be administered to the patient. Cold chain monitoring and tracking systems, were primarily adopted by a huge number of cold chain providers to keep a track of the vaccine temperature throughout the process, which has fueled the growth of global cold chain tracking and monitoring systems market.
Hardware Component accounted for the Highest Share in 2020
In the global cold chain tracking and monitoring systems market, the hardware segment is further classified into tracking devices, sensors, data loggers and others. The tracking devices have become critical in monitoring the product location and collect vital asset data like temperature and humidity in real time within a centralized interface. As perishable goods and pharmaceutical products need constant monitoring of temperature, the sensors and data loggers providing this information on real-time basis. The industry players are incorporating sensors along with GPS tracking systems, which helps in providing high precision positioning with global connectivity and flexible configurations to target and track the most crucial information required.
Facility Temperature Management Held a Prominent Share in 2020
According to Absolute Markets Insight report, facility temperature management application in the global cold chain tracking and monitoring systems market held the highest share in 2020. Temperature monitoring and recording are not only crucial to ensure the quality of the product, but also signify a requirement imposed by the Federal Drug Administration (FDA) for monitoring the quality of food, drugs, and cosmetics. Therefore, in order to confirm that the facilities for cold chain is maintained without ever being interrupted, it is essential to develop a tracking system with hardware components such as sensors and data loggers. For instance, Emerson Electric Co, provides cargo solutions, which allows to monitor temperatures in warehousing and processing facilities. It provides facility managers detect faults and automate data collection for regulatory compliance and performance assurance, by continually collecting temperature data in a centralized, cloud-based storage system. These advancements in the global cold chain tracking and monitoring systems market projects strong growth rate over the forecast period.
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Healthcare and Pharmaceutical to Witness Fastest Growth over the Forecast Period (2021 - 2029)
AMI reports that healthcare and pharmaceutical sector will grow at the fastest rate over the forecast period in the global cold chain tracking and monitoring systems market. Most of the pharmaceutical products such as vaccines, serums, medicines, etc. are temperature sensitive and require special handling. Manufacturers thus prefer cold stores, freezers and cold boxes which prevent the vaccines from losing their integrity during transportation, storage and distribution from the manufacturing to the end point. Moreover, the healthcare providers are also looking forward to using real time monitoring and reporting solutions for storing and transporting biological products. Cold chain tracking systems enabled the provision of reliable information to the pharmaceutical companies, when communicating with regulatory entities, while simultaneously reducing lost profits from damaged biomedical products. Thus, the above factors are estimated to proliferate the growth of healthcare and pharmaceutical segment in the global cold chain tracking and monitoring systems market over the forecast period.
Demand for Fresh and Healthy Foods is the Driving Factor for Growth in North America Region
North America region dominated the global cold chain tracking and monitoring systems market. In major countries like United States, a huge number of populations has turned towards fresh fruits, vegetables, meats, seafood and dairy. Thus, in order to cater to these growing needs top food retailers are partnering with cold supply chain companies, which have adopted intelligent solutions for cold chain management and monitoring such as Internet of Things (IoT) tools, technologies and artificial intelligence. Furthermore, the rise in government emphasis on issuing rules affecting the supply chain efficiency of the fast-growing pharmaceuticals industry, as well as an increase in demand for temperature-sensitive products, is expected to further the region’s share in the global market.
Some of the key players operating in the Global Cold Chain Tracking and Monitoring Systems Market are:
- Accent Advanced Systems, SLU
- Ambetronics Engineers Pvt.Ltd
- Avante International Technology, Inc.
- Digital Matter
- ELPRO-BUCHS AG
- Emerson Electric Co.
- Mobilogix, Inc.
- Particle Industries, Inc.
- Samsara Inc.
- Other Market Participants
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Global Cold Chain Tracking and Monitoring Systems Market:
- Tracking Devices
- Data Loggers
- Consulting Services
- Training & Support Services
- Asset Tracking & In-Transit Monitoring
- Facility Temperature Management
- App Based
- Web Based
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- Healthcare & Pharmaceutical
- Food & Beverage
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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