Press release
Global Cold Chain Monitoring Market Projected to Grow at 17.4% CAGR, Reaching $13.7 Billion by 2029
Cold Chain Monitoring Market
What Will the Cold Chain Monitoring Industry Market Size Be by 2025?
The market size for cold chain monitoring has seen a rapid expansion lately. It is projected to surge from $6.3 billion in 2024 to a substantial $7.22 billion in 2025, with a compound annual growth rate (CAGR) of 14.6%. The growth witnessed in the past can be tied back to factors such as increasing demand for fresh produce, expansion in the healthcare industry, emphasis on quality and safety, enhancement in supply chain optimization, and the evolution in the logistics industry.
What's the Long-Term Growth Forecast for the Cold Chain Monitoring Market Size Through 2029?
The forecast for the cold chain monitoring market suggests a swift increase in its size in the coming years, with expectations of reaching a worth of $13.7 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 17.4%. The expected growth during this projection period is due to factors such as increasing global demand, growth of the pharmaceutical industry, rigorous regulations, emphasis on food safety, the integration of blockchain, and sustainability efforts. Additional trends to watch for during this forecast period involve a heightened demand in the pharmaceutical supply chain and a concentrated focus on sustainability.
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What Are the Key Growth Drivers Fueling the Cold Chain Monitoring Market Expansion?
The rising need for pharmaceutical items is predicted to boost the cold chain monitoring market's expansion in the future. These items include substances utilized in humans and animals for diagnosis, treatment, prevention, and cure of diseases and medical conditions. Cold chain monitoring ensures the internal environment remains cold, irrespective of external temperature changes, enabling safe transportation of pharmaceutical products. For example, per the Government of India, Ministry of Chemicals & Fertilizers, Department of Pharmaceuticals' annual report, India saw a surge in drug and pharmaceutical exports to $24.62 billion for the fiscal year 2021-2022. Hence, the growing demand for pharmaceutical items is set to fuel the development of the cold chain monitoring market.
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What Are the Key Trends Driving Cold Chain Monitoring Market Growth?
The rise of technology is a significant trend that's becoming increasingly prevalent in the cold chain monitoring industry. Top companies in this sector are utilizing cutting-edge technology to boost their market standing. For example, Disrupt-X, an IoT development firm based in the UAE that provides comprehensive IoT platform solutions, unveiled a cold storage monitoring system in 2022 that uses IoT to detect temperature and humidity changes in cold storage facilities. Disrupt-X's Cold Storage Monitoring Solution allows users to comfortably track temperature and humidity changes from their office or via their mobile phones. This solution utilizes Sigfox / Lora WAN-based devices to regularly transmit precise temperature and humidity data to the cloud platform and mobile application.
How Is the Cold Chain Monitoring Market Segmented?
The cold chain monitoringmarket 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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Which Companies Are Leading the Charge in Cold Chain Monitoring Market Innovation?
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.
Which Regions Are Leading the Global Cold Chain Monitoring Market in Revenue?
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.
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