A new research report by QYR Consulting titled, “Cold Chain Monitoring Market Report, History and Forecast 2014-2025,” indicates the growth trails of Cold Chain Monitoring market. According to the report the global Cold Chain Monitoring market is expected to register a robust CAGR of 8% and obtain the value of US$ 6.88 Bn by the end of 2025, which was about US$ 3.61 Bn in the year 2018. Cold chain Monitoring is a supply chain solution, which helps in advance tracking of perishable products. Rising awareness of preserving food products in the logistics sector is forecasted to boost the global Cold Chain Monitoring market growth.
Global Cold Chain Monitoring Market: Drivers and Restraints
The global Cold Chain Monitoring market is anticipated to record an increase in the demand for cold chain monitoring solutions because of strict government regulations regarding the storage and shipment of processed food and pharmaceutical products. These solutions are largely accepted by cold chain service providers owing to the benefits such as real-time tracking, safety, and costs efficiencies.
Growing need for reducing food wastage and rising demand for high-quality food are the two important reasons prophesied to help the expansion of global Cold Chain Monitoring market during the forecast period. However, the installation of Cold Chain Monitoring solution is very expensive and complex, which is predicted to hinder the growth of Cold Chain Monitoring market across the globe.
Global Cold Chain Monitoring Market: Segmental Analysis
The global Cold Chain Monitoring market is primarily segmented into two segments such as by product type and by end-users or application. By product type, the market is segmented into RFID devices, cloud-based, sensors and data loggers, networking devices, on-premises, and telemetry and telematics. Among product types, sensors and data loggers segment is likely to hold a major share in Cold Chain monitoring market followed by various other segments.
By end-users, the global Cold Chain Monitoring market is segmented into food and beverages, pharmaceuticals and healthcare, and chemicals. Pharmaceuticals and healthcare segment is prognosticated to acquire a telling share in the global market.
Global Cold Chain Monitoring Market: Regional Analysis
North America is expected to show significant growth in the global Cold Chain Monitoring market because of heavy demand for processed and canned food products and strong distribution and transportation networks. The presence of established key players in the pharmaceutical and healthcare industry is foreseen to show development in North America. Apart from North America, Asia-Pacific is also foreshown to notice healthy growth in the years to come. Growing industrialization, technological advancement, and increasing population are the factors supporting the growth of Cold Chain Monitoring market in the Asia-Pacific region.
Global Cold Chain Monitoring Market: Key Players
Some of the key market participants operating in the global Cold Chain Monitoring market are MadgeTech, ELPRO-BUCHS AG, IMC Group Limited, BT9 Ltd, Global Cold Chain Solutions PTY LTD, Jointech ShenZhen Joint Technology CO.,LTD, Tech Mahindra Limited, TeleSense, Emerson, ShockWatch, Zebra, Controlant, Tinytags, and Digi. Manufacturers are introducing innovative technologies to stand out in the global market. Growing involvement of market participants for research and development activities is expected to drive market growth in the upcoming years.
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