Cold Chain Tracking and Monitoring Market Size to Hit US$ 15.4 Billion by 2032 | Industry CAGR of 10.07%

According to the latest report by IMARC Group, The global cold chain tracking and monitoring market size reached US$ 6.4 Billion in 2023.

SHERIDAN, WYOMING, UNITED STATES, February 20, 2024 /EINPresswire.com/ -- IMARC Group's report titled "Cold Chain Tracking and Monitoring Market Report by System (Hardware, Software), Solution (Storage, Transportation), End User (Healthcare, Pharmaceuticals, Food and Beverage, Chemical, and Others), and Region 2024-2032". The global cold chain tracking and monitoring market size reached US$ 6.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.4 Billion by 2032, exhibiting a growth rate (CAGR) of 10.07% during 2024-2032.

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

● Rising Consumer Awareness:

Consumers are increasingly concerned about the quality and safety of the products they purchase, especially in sectors like food and pharmaceuticals. Cold chain tracking and monitoring provide assurance that these products are stored and transported under controlled conditions, maintaining their integrity. As people are seeking fresher and healthier options, they expect access to a wider range of perishable goods. Cold chain solutions enable the supply of fresh fruits, vegetables, seafood, and other products even during off-seasons or from distant sources.

● Globalization of Food Supply:

With the globalization of the food industry, there is a growing need to transport food products over long distances and across international borders. This necessitates a reliable cold chain to maintain the quality and safety of perishable goods during transit. Consumers have access to a wide variety of food products from around the world. As a result, businesses need to source ingredients and products from different geographic regions. Cold chain logistics ensure that these diverse products reach consumers in optimal condition.

● Technological Advancements:

Advancements in Internet of Things (IoT) technologies and sensor capabilities are revolutionizing cold chain monitoring. Smart sensors can provide real-time data on temperature, humidity, and other critical parameters, ensuring precise control and visibility. Advanced data analytics and machine learning (ML) algorithms are used to analyze the vast amount of data generated by cold chain systems. This enables predictive maintenance, reducing downtime and minimizing the risk of temperature excursions.

Leading Companies Operating in the Global Cold Chain Tracking and Monitoring Industry:

● 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
● Zest Labs Inc

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Cold Chain Tracking and Monitoring Market Report Segmentation:

By System:

● Hardware
● Software

Hardware represents the largest segment as it includes essential components, such as temperature sensors, RFID tags, and monitoring devices.

By Solution:

● Storage
● Transportation

Transportation accounts for the majority of the market share due to the rising need for safe and efficient transportation of temperature-sensitive goods.

By End User:

● Healthcare
● Pharmaceuticals
● Food and Beverage
● Chemical
● Others

Food and beverage holds the biggest market share owing to the reliance of the food and beverage (F&B) industry on cold chain solutions to maintain the freshness and quality of products.

Regional Insights:

● North America (United States, Canada)
● Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
● Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
● Latin America (Brazil, Mexico, Others)
● Middle East and Africa

North America enjoys the leading position in the cold chain tracking and monitoring market on account of its well-established logistics infrastructure and stringent regulatory requirements.

Global Cold Chain Tracking and Monitoring Market Trends:

The thriving pharmaceutical industry, along with the need for precise temperature control during the storage and transportation of vaccines, biologics, and other temperature-sensitive medications, is propelling the growth of the market. Moreover, the growing e-commerce and direct-to-consumer (D2C) deliveries are catalyzing the demand for cold chain solutions, especially in the delivery of fresh groceries, meal kits, and other perishable goods.

Besides this, environmental concerns are encouraging the adoption of eco-friendly refrigeration technologies and practices in the cold chain to reduce carbon footprint and energy consumption.

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