According to a new market research report on the Cold Chain Monitoring Market by offering (hardware and software), temperature type (frozen and chilled), logistics (storage and transportation), application (pharmaceuticals & healthcare, food and beverage, chemicals), and region - global forecast to 2025, published by MarketsandMarkets, the cold chain monitoring market size is expected to grow from $4.6 billion in 2020 to $8.2 billion by 2025; it is expected to grow at a CAGR of 12.5% from 2020 to 2025.
The key factors driving the growth of the market include the increasing global demand for temperature-sensitive drugs, surging demand for better food quality, intensifying need to reduce food wastage, surging demand for generic drugs owing to higher accessibility, and increasing government focus on issuing policies impacting the supply chain efficiency of the fast-growing pharmaceuticals sector in Europe and North America.
- Offering-wise: Hardware segment to capture largest market size of overall cold chain monitoring market in 2020. The hardware segment is expected to account for the largest share of the global cold chain monitoring market in 2020. Hardware is an essential part of cold chain monitoring solutions, which include critical devices to sense and measure temperature, humidity, and other environmental parameters. These include RFID devices, and telematics and telemetry devices that can track the product quality in the cold chain, as well as its location. Additionally, various networking devices that help in transmitting the collected data and allowing real-time monitoring have also started finding applications in cold chain monitoring.
- Temperature type-wise: Frozen segment to dominate cold chain monitoring market during forecast period. The frozen segment is expected to continue to hold a larger market size since a wide variety of hardware components with varying prices are deployed to monitor the cold chain for various frozen products, such as meat, ice cream, and seafood that are stored at temperatures between -18°C to -24°C. Throughout the frozen food cold chain process, it is imperative to ensure food safety and quality.
- Logistics-wise: Storage segment to continue to hold largest market size of overall cold chain monitoring market. The storage segment is expected to continue to hold a larger share of the cold chain monitoring market during the forecast period. Growing consumer inclination toward packaged food, changing lifestyles and dietary patterns, and the intensifying need to protect pharmaceutical products from unsuitable climatic conditions are the prime factors that are favoring the deployment of storage solutions at production sites, distribution centers, and at final delivery points. A well-structured cold storage monitoring setup reduces wastage and facilitates better resource utilization, thereby reducing the cost of operations.
- Application-wise: Food and beverage segment to grow at highest rate from 2020 to 2025. Food & beverages applications are expected to capture the highest CAGR in the cold chain monitoring market during the forecast period. This growth is mainly driven by the growing demand for high-quality food products across the globe. Additionally, with rapid urbanization, there has been an increase in the number of fast-food chains, where the food quality and the timely delivery of resources are of paramount importance. Moreover, rising awareness regarding the importance of food quality and safety and the nutritional value of food is driving the growth of the cold chain monitoring market for the food & beverages application.
- Geography-wise: Asia-Pacific (APAC) to record highest CAGR from 2020 to 2025. APAC is expected to be the fastest-growing cold chain monitoring market during the forecast period. The growth of the market in APAC is driven by rising demand for high-quality food products and government initiatives in the emerging economies to bring maximum people under the modern healthcare umbrella. Additionally, increasing government investments towards logistics infrastructure development and penetration of warehouse management systems are other major factors supporting the growth of the market in APAC.
For the full report, visit https://www.marketsandmarkets.com/Market-Reports/cold-chain-monitoring-market-161738480.html