Global Cold Chain Monitoring Market To Reach $ 10.9 Billion By 2026
FACTS AT A GLANCE
Editing: 9; Posted: April 2021
Management commitments: 381
Companies: 55 – Actors covered include Astrona Biotechnologies; Berlinger & Co AG; Controller; Daikin Industries Ltd .; Elpro-Buchs SA; Security costs; Infratab, Inc .; Interstate warehousing; Klinge Company; Lineage Logistics Holdings LLC; Company Monnit; Nimble Wireless Inc .; Orbcomm, Inc .; Safetraces, Inc .; Savi Technology, Inc .; Securerf Corporation; Sensitech Inc .; TagBox solutions; Temperature monitoring solutions in Africa; Verigo; Zest Labs, Inc and others.
Blanket: All major geographies and key segments
Segments: Component (Hardware, Software); Application (Food & Beverages, Pharma & Health, Chemicals, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.
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Global Cold Chain Monitoring Market To Reach $ 10.9 billion by 2026
Cold chain monitoring uses advanced thermal and refrigerated packaging techniques to continuously monitor the temperature of pharmaceuticals and perishable food products. New technology allows manufacturers to preserve the physical and biochemical characteristics of frozen and chilled foods. Growing demand for refrigeration in the healthcare, food and beverage, pharmaceutical and chemical industries is fueling the growth of the global cold chain monitoring market. The increased consumption of foods rich in protein and carbohydrates is fueling the growth of the refrigerated storage market in developing economies. Growing customer awareness of maintaining a healthy lifestyle is pushing food manufacturers to design high-end cold chains and refrigerated warehouses. The advent of new RFID, networking, telematics and remote temperature sensing devices allow cold chain operators to continuously monitor refrigeration temperatures. Driven by the new growth opportunities created by the COVID-19 crisis within the cold chain industry, the relevance of various verticals of the cold chain network, including refrigerated transport and storage , amplified instantly.
In the midst of the COVID-19 crisis, the global cold chain monitoring market is estimated to be 4.3 billion US dollars in 2020, is expected to reach a revised size of US $ 10.9 billion by 2026, with a CAGR of 15.8% over the analysis period. Hardware, one of the segments analyzed in the report, is expected to grow at a CAGR of 14% to reach 8.2 billion US dollars at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the software segment is readjusted to a revised CAGR of 20.7% for the next 7-year period. This segment currently represents a 24.2% share of the global cold chain monitoring market. Cold chain monitoring includes the use of software and hardware, which includes adapters, communication devices, application platforms, telematics unit, sensors, and RF devices and readers, among others .
The US market is estimated at $ 1.6 billion in 2021, when China is expected to reach $ 1.59 billion by 2026
The cold chain monitoring market in the United States is estimated at US $ 1.6 billion in 2021. The country currently represents a 30.83% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 1.59 billion during the year 2026, with a CAGR of 19.4% during the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 13.1% and 15.6% respectively during the analysis period. In Europe, Germany is expected to grow by around 14.4% CAGR while the rest of the European market (as defined in the study) will reach US $ 1.8 billion at the end of the analysis period. The United States dominates the global market due to its advanced transportation and distribution network, which makes it easy for companies to design cold chain facilities. The introduction of bilateral free trade agreements, including the North American Free Trade Agreement (NAFTA) and the European Union Free Trade Agreement (FTA), allows American and European businesses to ” export large quantities of perishable products. In order to exploit the available opportunity, various companies are now designing high-end and well-connected cold storage facilities. Driven by a booming manufacturing sector and positive economic scenario, the cold storage systems market is experiencing significant growth in the Asia Pacific Region. After
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