Cold Chain Tracking and Monitoring Market Size to Exceed US$ 11.0 Billion by 2028, with a Robust CAGR of 11.17%

IMARC Group, a leading market research company, has recently releases report titled "Cold Chain Tracking and Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global cold chain tracking and monitoring market growth, trends, size, share and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global cold chain tracking and monitoring market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.0 Billion by 2028, exhibiting a growth rate (CAGR) of 11.17% during 2023-2028.

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Factors Affecting the Growth of the Cold Chain Tracking and Monitoring Industry:

• Stringent Regulatory Standards:
Governments and regulatory bodies worldwide are enforcing stringent standards for the transportation and storage of temperature-sensitive goods. Compliance with these standards is crucial for companies operating in industries, such as pharmaceuticals and healthcare. The implementation of cold chain tracking and monitoring solutions aids in meeting these regulatory requirements, avoiding penalties, and safeguarding public health. The storage of various drugs and vaccinations in cold settings is also necessary to retain their efficacy and valuable properties for an extended period. Additionally, the growing awareness about environmental sustainability is prompting businesses to invest in technologies that reduce energy consumption, minimize waste, and optimize supply chain efficiency.

• Pharmaceutical Demand:
The demand for temperature-sensitive pharmaceuticals and biologics is on a rise, necessitating stringent temperature control throughout the supply chain. Moreover, with the increasing complexity of pharmaceutical products, the need for real-time monitoring and tracking to ensure product integrity is becoming paramount. Cold chain tracking and monitoring solutions offer end-to-end visibility, enabling pharmaceutical companies to comply with regulatory requirements and deliver high-quality, safe products to consumers. Cold chain monitoring helps identify and address temperature fluctuations promptly, minimizing the risk of compromised product quality and patient safety.

• Technological Advancements and IoT Integration:
One of the primary trends driving the cold chain tracking and monitoring market is the rapid evolution of technology, especially the integration of Internet of Things (IoT) solutions. Advanced sensors and Radio-Frequency Identification (RFID) technologies are being employed to provide real-time data on temperature, humidity, and location, ensuring precise monitoring throughout the entire supply chain. This not only enhances operational efficiency but also minimizes the risk of product spoilage. Moreover, the development of smart packaging with embedded sensors allows products to communicate their status.

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Cold Chain Tracking and Monitoring Market Report Segmentation:

Breakup by System:
• Hardware
• Software

Hardware is the most popular component as it plays a pivotal role in ensuring that products maintain their required temperature throughout the supply chain.

Breakup by Solution:
• Storage
• Transportation

Transportation accounted for the largest market share due to the rising need for transporting various perishable and essential products.

Breakup by End User:
• Healthcare
• Pharmaceuticals
• Food and Beverage
• Chemical
• Others

Food and beverage represented the largest segment as they rely on cold storage for retaining their quality and taste for a longer period.

Breakup by Region:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

North America's dominance in the cold chain tracking and monitoring market is attributed to substantial investment in research and development (R&D), leading to create advanced cold chain monitoring systems.

Global Cold Chain Tracking and Monitoring Market Trends:

The increasing reliance on data analytics and predictive modeling is propelling the market growth. Companies are leveraging big data analytics to gain actionable insights into their supply chains, enabling proactive decision-making. Predictive analytics assists in anticipating potential disruptions, optimizing routing, and preventing temperature excursions, thus reducing overall operational costs and enhancing product quality.
Moreover, the growing emphasis on reducing carbon footprints is encouraging companies to adopt eco-friendly packaging materials and energy-efficient transportation solutions. This trend aligns with the broader global push towards environmentally responsible practices, appealing to both consumers and regulatory bodies.

Who Are The Key Players Operating In The Industry?

The report covers the major market players including:

AmeriCold Logistics LLC, Berlinger & Co. AG, Carrier Global Corporation, Cold Chain Technologies, Controlant, Ellab Monitoring Solutions Ltd., ELPRO-BUCHS AG, Monnit Corporation, Orbcomm, Rotronic AG (Process Sensing Technologies Limited), Savi Technology and Zest Labs Inc.

Other Key Points Covered in the Report:
• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.