Cold Chain Tracking and Monitoring Market Expected to Reach $15.2 Billion by 2030

According to a new report published by Allied Market Research, titled, “Cold Chain Tracking and Monitoring Market," The cold chain tracking and monitoring market was valued at $4.6 billion in 2020, and is estimated to reach $15.2 billion by 2030, growing at a CAGR of 12.9% from 2021 to 2030.

Cold chain tracking and monitoring refer to the process of maintaining a given temperature range of products and tracking perishable products with the help of a series of control devices and sensors. It is primarily used to maintain & extend the life of products such as fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical products. Monitoring, storage, and transportation are the crucial factors in the cold chain to avoid degradation in the quality of the shipments. At present, the tracking & monitoring of logistics is handled by sensors, microcontrollers, and even IoT capabilities to ensure safe handling of cold assets across the supply chain.

In addition, the cold chain tracking and monitoring market has witnessed significant growth in recent years, owing to massive impact of the COVID-19 pandemic, which resulted in the transformation of buying behavior of consumers & emerged as an essential component for the transportation of vaccines and pharmaceutical products witnessing unwavering demand worldwide. The companies that operate in the market have adopted partnerships, product launches, R&D, and acquisitions to increase their market share and expanded their geographical presence. For instance, in 2019, Controlant launched its PR-T80 Digital Temperature Probe – an innovative real-time solution designed for dry ice applications, active pharmaceutical ingredients (APIs), clinical trials, and additional pharmaceutical & life sciences products that provide transport storage in low temperature-controlled environments. Furthermore, the rise in adoption of wireless communication modules such as Bluetooth, Wi-Fi, or other more specialized IoT protocols offers the capabilities needed for asset tracking data loggers to have the most comprehensive picture possible of the environments experienced by the asset. In 2021, ELPRO-BUCHS AG launched its intelligent data loggers, Bluetooth® and LIBERO Gx real-time data loggers, powered by Sensirion Technology, which offers reliable monitoring of sensitive goods and simplifies complicated, time-consuming processes in cold chain logistics.

The cold chain tracking and monitoring market is segmented on the basis of system, solution, end user, and region. On the basis of system, the market is divided into hardware and software. By solution, it is classified into storage and transportation. By end-user, it is divided into healthcare, food & beverage, chemical, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Factors such as an increased focus on quality & product sensitivity, surge in refrigerated warehouses, and growth in pharmaceutical sectors are expected to drive the growth of the cold chain tracking and monitoring market. In addition, change in government policies & regulations and growth in the organized retail sector are anticipated to boost the market's growth. However, factors such as lack of standardization and high operational cost restrain the market growth. Furthermore, the adoption of RFID technologies for cold chain applications and research for advancement in cold chain software provide lucrative growth opportunities for the market players.

KEY FINDINGS OF THE STUDY

• By system, the software segment is expected to register a significant growth during the forecast period.
• Depending on end use, the healthcare segment is anticipated to exhibit significant growth in the near future.
• Europe is anticipated to register the highest CAGR.

COVID-19 IMPACT ANALYSIS

• The COVID-19 crisis is creating uncertainty in the cold chain tracking and monitoring industry by slowing down the logistics services, closure of workplaces, and restrictions on travel hampering business growth with the increasing panic among the customer segments.
• Governments across different regions announced total lockdown and temporary shutdown of industries, leading to border closures that restricted the movement of transportation & logistics services.
• The global business outlook has changed dramatically post COVID-19 health crisis.
• However, among all that difficulty, cold chain monitoring companies have responded to the COVID-19 crisis with surprising success along with increased safety measures & implementation of new technologies.
• For the requirement of pharmaceutical products by the countries during the peak point of pandemic, most of the governments got collaborated with UNICEF to establish effective cold chain systems for vaccines storage.

The key players operating in the global cold chain tracking and monitoring market are Americold Logistics, LLC, Berlinger& Co. AG, Controlant, ELPRO-BUCHS AG, Hanwell Solutions, Infratab, Inc., Monnit Corporation, ORBCOMM, Savi Technology, and Sensitech Inc.