The Cold Chain Monitoring Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cold Chain Monitoring Global Market Report 2024, The cold chain monitoring market size has grown rapidly in recent years. It will grow from $5.52 billion in 2023 to $6.44 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to demand for fresh produce, healthcare industry growth, quality and safety assurance, supply chain optimization, logistics industry evolution..
The cold chain monitoring market size is expected to see rapid growth in the next few years. It will grow to $11.82 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to rising global demand, expanding pharmaceutical industry, regulatory stringency, focus on food safety, integration of blockchain, sustainability initiatives.. Major trends in the forecast period include pharmaceutical supply chain demands, focus on sustainability.
The growing demand for pharmaceutical products is expected to propel the growth of the cold chain monitoring market going forward. Pharmaceutical products refer to substances used for the diagnosis, treatment, prevention, or cure of diseases and medical conditions in humans and animals. Cold chain monitoring keeps inside environment colder and unaffected by outside temperature, which helps in the transportation of pharmaceutical products safely. For instance, according to an annual report published by the Government of India, Ministry of Chemicals & Fertilizers, Department of Pharmaceuticals, India’s drug and pharmaceutical exports increased to $24.62 billion in 2021–22. Therefore, the increase in demand for pharmaceutical products will drive the cold chain monitoring market.
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The cold chain monitoring market covered in this report is segmented –
1) By Temperature Type: Frozen, Chilled
2) By Components: Hardware, Software
3) By Logistics: Storage, Transportation
4) By Applications: Beverages and Foods, Chemicals, Pharmaceuticals, Other Applications
Technological advancement is a key trend gaining popularity in the cold chain monitoring market. Major companies operating in the market are introducing advanced technologies to strengthen their market position. For instance, in 2022, Disrupt-X, a UAE-based IoT development company offering full-stack IoT platform solutions, launched an IoT-based cold storage monitoring solution for detecting temperature and humidity levels in cold storage facilities. The Cold Storage Monitoring Solution from Disrupt-X allows users to detect temperature and humidity fluctuations from the comfort of their office or the convenience of their smartphone. It employs Sigfox / Lora WAN-based devices to send accurate humidity and temperature data levels to the cloud platform and mobile app regularly.
The cold chain monitoring market report table of contents includes:
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Top 5 Major Key Players Are:
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