Smart Pallet Sensors Market Estimated to Record Highest CAGR by 2026

Smart Pallet Sensors Market

Smart Pallet Sensors Market - Insights

Smart pallets are plastic or wooden pallets equipped with sensors for tracking products, which are in the supply chain. The smart pallets can measure the humidity and temperature inside the packages when placed upon the smart pallet. This plays an important role during the transportation of food and beverages, and healthcare products. In addition, smart pallet sensors can continuously communicate with the central management system, which helps organizations to track the package effectively and optimize the supply chain. ?


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The global smart pallet sensors market is expected to exhibit a CAGR of 4.2% over the forecast period (2019-2027). This is owing to increasing demand for optimizing the supply chain and tracking all the products that are transported, which in turn reduces the operational cost and product spoilage during the transportation.

A pallet is a portable, horizontal, rigid, composite stand, which is majorly getting adopted as a base for assembling, storing, arranging, stacking, handling, and transportation of a goods. Moreover, pallets are used to stack, store, and transport materials through the material handling equipment such as forklifts, pallet jacks or conveyors. Moreover, pallets are majorly adopted during the racking or bulk storage of various products. These pallets are equipped with various sensors for temperature monitoring, humidity monitoring, and location tracking, which in turn increases transparency across the whole supply chain.

Market Dynamics

Increasing manufacturing output across various end-use industries such as construction and furniture industries in emerging economies such as India and Canada is expected to drive demand for small pallet sensors over the forecast period. For instance, according to India Brand Equity Foundation, through Make in India initiative, the Central Government of India is trying to increase the share of manufacturing sector in GDP to 25% by the year 2022, from 16% in 2019.

Moreover, rising usage of IoT in supply chain is expected to propel market growth over the forecast period. IoT includes connecting any device to the Internet and/or to each other. It can be used for connecting the pallets with the central system through the internet, thereby increasing the efficiency of organizations spending on transportation of materials.

North America is estimated to account for largest market share in the global smart pallet sensors market in 2019 and is expected to retain its dominance over the forecast period. This is owing to increasing manufacturing and presence of large consumer electronic product manufacturers such as Apple Inc and Dell, which requires high-level tracking of all their products during transportation. For instance, according to Coherent Market Insights' analysis, in 2019, the revenue of consumer electronics in North America region reached around US$ 300 billion, which is expected to increase over the forecast period. This creates lucrative opportunity for smart pallet sensor manufacturers in North America.?Among application, the security management segment is expected to exhibit a considerable growth rate over the forecast period, owing to increasing demand for package tracking in various end-use industries such as manufacturing, food & beverages, retail, and e-commerce. Security management will enable organizations to work smarter and faster with efficiency and it helps to reduce the cut down on unwanted steps for handling product security and enhance customer experience with timely delivery of package.

Detailed Segmentation:

o Global Smart Pallet Sensors Market, By Application:

o Inventory Management
o Condition Monitoring
o Asset Tracking & Monitoring
o Security Management

o Global Smart Pallet Sensors Market, By End-use Industry:

o Healthcare
o Warehousing & Transportation
o Manufacturing
o Food & Beverage
o Retail

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This release was published on openPR.