Cold Chain Monitoring Market size was valued at USD 5,067.2 million in 2022 and is expected to reach USD 13,256.8 million by 2029, growing at an 11.2% CAGR from 2023 to 2029. Cold chain monitoring refers to using Internet of Things (IoT) technology to continually monitor temperature-sensitive products being transported in a “cold chain”, a supply chain of perishable and/or temperature-sensitive products such as pharmaceuticals, biologics, food and beverages, and others. Cold chain monitoring helps exports get real-time information regarding containers and detect any kind of damage on the route. In the early days transporting temperature-sensitive products became the most difficult task, the products like healthcare, medicine, fruit and vegetable, and laboratory products to solve this problem cold chain monitoring system is the real solution in the market to maintain the required temperature to stabilize the quality of the products is the major factor that drive the market.
The introduction of technology in logistics increases the benefit of transporting and lowers the risk of damage in transportation, the product is flowing across the world and requires a monitoring solution which creates the cold chain monitoring market demand. Deployment of cold chain monitoring is expensive for the transporter to install in the system which is the major restraints in the market. additionally, fish and meat transport in the cold chain become the largest market share in 2022 and is expected to continue in the forecast period. Geographically, North America held the major market share in 2022 and is expected to dominate for further years due to key players in the region.
Fastest Growing Market
The increasing demand for temperature-sensitive product transport across the world is the major market driver in the Cold Chain Monitoring Market during the forecast period. Pharmaceutical products along with healthcare products, such as drugs, vaccines, insulin, and derived blood products are rising rapidly across the world, transport of these drugs become a critical phase to transport and prevent any environment variations. Change in the temperature of healthcare products loses the potency to cure, therefore, it becomes ineffective in many treatments. Hence, this will drive the global market growth at a significant rate.
The cold chain monitoring market size was valued at USD 5,067 million in 2022 and is expected to reach USD 13,256 million by 2029.
The cold chain monitoring market is poised to grow at a significant CAGR of 11.2% from 2022 to 2028.
The leading players in the Cold Chain Monitoring Market are; ORBACOMM, Sensitech, Elpro-Buches, Monnit, Controlant, Berlinger & Co, Infratab, Inc., and Hanwell Solutions, Americold Logistics