Press release
Growing Demand For Pharmaceutical Products Propelling The Cold Chain Monitoring Market: An Emerging Driver Transforming The Cold Chain Monitoring Market Landscape
Cold Chain Monitoring
What Is the Projected Growth of the Cold Chain Monitoring Market?
In the past few years, the size of the cold chain monitoring market has seen substantial growth. It is projected to expand from $6.3 billion in 2024 to $7.28 billion in 2025, with a compound annual growth rate (CAGR) of 15.5%. The historic period's expansion can be credited to factors such as increased demand for fresh produce, the growth of the healthcare industry, assurances of quality and safety, optimization of supply chains, and the evolution of the logistics industry.
In the coming years, the size of the cold chain monitoring market is slated to witness blistering expansion. The market is speculated to increase to a whopping $13.99 billion by 2029 with a compound annual growth rate (CAGR) of 17.8%. This projected growth during the forecast period is linked to an increase in global demand, the burgeoning pharmaceutical industry, stricter regulations, emphasis on food safety, the integration of blockchain technology, and sustainability initiatives. During this forecast period, key trends will involve demands of the pharmaceutical supply chain and a concentrated focus on sustainability.
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What Are the Different Cold Chain Monitoring Market Segments?
The cold chain monitoring market covered in this report is segmented -
1) By Temperature Type: Frozen, Chilled
2) By Components: Hardware, Software
3) By Logistics: Storage, Transportation
4) By Applications: Beverages And Foods, Chemicals, Pharmaceuticals, Other Applications
Subsegments:
1) By Frozen: Deep Freezing Monitoring, Freezer Storage Monitoring
2) By Chilled: Refrigerated Transport Monitoring, Cold Storage Monitoring
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What Are the Primary Drivers Shaping the Cold Chain Monitoring Market?
The anticipated increase in demand for pharmaceutical goods is set to boost the cold chain monitoring market's expansion. Pharmaceutical goods encompass substances intended for the diagnosis, treatment, prevention, or healing of human and animal diseases and health issues. Cold chain monitoring maintains a consistently cool environment, unaffected by external temperature fluctuations, facilitating the safe delivery of pharmaceutical products. For example, an annual analysis issued by the Government of India, Ministry of Chemicals & Fertilizers, Department of Pharmaceuticals, indicated a rise in India's drug and pharmaceutical exports to $24.62 billion in 2021-22. Hence, the rising demand for pharmaceutical items will catalyze the growth of the cold chain monitoring market.
Which Companies Are Leading in the Cold Chain Monitoring Market?
Major companies operating in the cold chain monitoring market are Elpro-Buchs AG, Sensitech Inc., Monnit Corporation, Berlinger & Co. AG, Klinge Corporation, Savi Technology, Zest Labs Inc., Daikin Industries, Lineage Logistics Holdings LLC, Ambetronics Engineers Pvt. Ltd., GND Solutions India Pvt. Ltd., Accent Systems S.L., Trailermatics, Tenova S.p.A, MosChip Technologies Limited, ORBCOMM Inc., Geotab Inc., Controlant, Infratab, Americold Logistics LLC, Hanwell Solutions Limited, Securerf Corporation, Temperature Monitoring Solutions Africa, Honeywell International Inc., Emerson Electric Co., Schneider Electric SE, Rockwell Automation Inc., Mitsubishi Electric Corp., General Electric Co., Huawei Technologies Co. Ltd.
What Are the Major Trends Shaping the Cold Chain Monitoring Market?
The rise in technological innovation is a significant trend impacting the cold chain monitoring market. Major players in the sector are using cutting-edge technologies to reinforce their presence in the market. Highlighting this trend, in 2022, Disrupt-X, an IoT development company based in UAE that provides comprehensive IoT platform solutions, debuted an IoT-enabled cold storage monitoring system that measures temperature and humidity levels in cold storage facilities. The Cold Storage Monitoring Solution offered by Disrupt-X enables consumers to monitor temperature and humidity variables from their workplace or via their smartphone. This system utilises Sigfox / Lora WAN-based devices to consistently transmit precise humidity and temperature data to the cloud platform and mobile application.
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What Are the Top Revenue-Generating Geographies in the Cold Chain Monitoring Market?
North America was the largest region in the cold chain monitoring market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cold chain monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cold Chain Monitoring Market?
2. What is the CAGR expected in the Cold Chain Monitoring Market?
3. What Are the Key Innovations Transforming the Cold Chain Monitoring Industry?
4. Which Region Is Leading the Cold Chain Monitoring Market?
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