Cold Chain Monitoring Market Forecast to 2027
The market for cold chain monitoring solutions has seen significant growth over the last decade due to increased global trade and heightened safety regulations from governments around the world. The market size was estimated at $7.2 billion in 2020 and is projected to reach $14.4 billion by 2027, representing a compound annual growth rate (CAGR) of 9.3%.
Cold chain monitoring is a supply chain monitoring/logistics solution that helps in effective tracking of perishable products, food ingredients, pharmaceutical and health care with assured freshness. Monitoring and efficient management depends on the hardware and software selected for monitoring.
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The Cold Chain Monitoring Market is an increasingly important sector that is growing in size and scope as the world becomes more connected. Cold chain monitoring technology is used to ensure the safe storage, transport, and delivery of food, medicine, and other sensitive products. This technology typically involves a combination of hardware and software solutions that monitor temperature, humidity, location, and other factors in real-time.
There are several factors driving this growth including increased investment in innovative technologies, higher demand for traceability throughout the supply chain process, stringent regulations on food safety standards, and rising concerns about food wastage due to spoilage or contamination during transportation or storage.
In addition to these factors, the proliferation of cloud-based platforms has enabled companies across industries to access real-time data regarding their supply chains, making them better equipped to respond quickly to any unexpected changes in temperature or other conditions that could have a negative impact on their product integrity. Cold chain monitoring solutions can also provide predictive insights into future needs based on past experiences which can help organizations plan ahead with greater accuracy.
Global Cold Chain Monitoring Market: Participants
Examples of some of the market participants identified across the value chain include, Preferred Freezer Services, Americold Logistics, Lineage Logistics Holding LLC, Burris Logistics, and Nichirei Logistics Group Inc. Other players include Cloverleaf Cold Storage, AGRO Merchants Group, LLC, Swire Cold Storage Ltd, Kloosterboer Group, and Interstate Cold Storage Inc.
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Global Cold Chain Monitoring Market: Segmentation
By component hardware
- RFID Devices
- Data Loggers & Sensors
- Telemetry & Telematics
- Refrigerated Storage
By temperature type
- Air blown
- Meat, Fish & Sea Food
- Pharmaceutical Medicines
- Bakery & Confectionery
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Overall, there is no doubt that Cold Chain Monitoring Market will continue its rapid expansion over the next few years as businesses recognize its importance for managing risk throughout their entire supply chain process. With no signs of slowing down anytime soon it will be interesting to see what new applications emerge from this rapidly evolving industry segment in the coming years.
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