Cold Chain Monitoring Market to reach a valuation of USD 7.15 Bn | NXP Semiconductors N.V., Sensitech, Inc., Controlant, Monnit Corporation, NEC Corporation, ORBCOMM

Market Highlights:

Cold chain monitoring has become popular in the past few years due to rise in the demand for items such as pharmaceutical and food & beverage products. Market reports linked to the semiconductors & electronics sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this market. The industry is likely to grow with a CAGR of 10% while achieving revenues worth US 7 billion approximately in the forecast period.

High productivity and supply chain benefits that can be derived from the implementation of cold chain monitoring have increased the popularity of the market. Rising demand for frozen products due to increasing urbanization has contributed significantly to the growth of the market and will continue to contribute to the growth of the industry in the forecast period. Reduced cycle times and operational costs will maintain the growth pace of the industry through the forecast period.

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Competitive Analysis

The Market of Cold Chain Monitoring appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

ORBCOMM (U.S.),
NXP Semiconductors N.V. (Netherlands),
Berlinger & Co. AG (Switzerland),
Sensitech, Inc. (U.S.),
NEC Corp. (Japan),
Controlant EHF (Iceland),
Infratab Inc. (U.S.),
Monnit Corporation (U.S.),
Zest Labs, Inc. (U.S.), Sensitech Inc. (U.S.) are some of the prominent players at the forefront of competition in the Global Cold Chain Monitoring Market and are profiled in MRFR Analysis.

Regional Analysis

North America is dominating the global cold chain monitoring market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2022. High standard of living and high consumption of meat products is driving the market in the North America. Cold Chain Monitoring Market in Asia Pacific market is expected to witness a fastest growing CAGR during forecast period, due to the growing chemical industry. China stands as one of the biggest market of chemicals and pharmaceutical which is giving Asia Pacific a competitive advantage over other regions. The increasing demand for quality regulation the food industry to incorporate is boosting the cold chain monitoring solutions in its supply chainis one of the significant factor strengthening the growth of cold chain monitoring market in the European region.

Segmentation

The global cold chain monitoring market has been segmented on the basis of component, application, logistics, and region. By component, the market has been segmented into software, hardware, and services, with the hardware segment accounting for the most significant segment which is expected to surpass USD 3 Bn by 2023. The segment is led by the RFID devices sub-segment, which is extremely popular due its advanced temperature and humidity sensor technology, which allow real-time monitoring. Moreover, with the advent of the internet of things (IoT), food supply chains have been revolutionized as the technology is increasingly used in tracking freshness of food and avoiding wastage.

By applications, the market has been segmented into food & beverages (FnB), chemicals, and pharmaceuticals & healthcare. Of these, the food & beverages segment dominates the total market due to a visible emergence of consumer preferences for healthy and fresh products over processed food products, which is prompting cold chain providers to adopt new strategies in the FnB sector.
By logistics, the market has been segmented into warehousing and transportation, with the warehousing segment set to grow at a steady CAGR of 8.6% during the forecast period. This is primarily due to the increase in demand for refrigerated warehouses. Additionally, to meet the growing pharmaceutical and FnB needs, organizations are increasing their transportation fleets, leading to an overall increase in the logistics segment.

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Intended Audience
• Logistics Company
• Distributors
• Pharmaceutical Distributors
• Food processing units
• Government organizations
• Sensor Manufacturers & Distributors
• Fisheries

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