Cold chain monitoring market projected to grow at a CAGR of 11.17% during forecast period
The cold chain monitoring market is expected to grow from USD 3.80 billion in 2018 to USD 6.46 billion by 2023, at a CAGR of 11.17% between 2018 and 2023. Growing governmental focus on issuing policies impacting the supply chain efficiency of fast-growing pharmaceuticals sector in Europe and North America, increasing demand for temperature-sensitive drugs, rising demand for better food and need to reduce food wastage, and growing demand for generic drugs owing to higher accessibility are the major factors driving the cold chain monitoring market growth. The growth of the cold chain monitoring market is hindered due to the high cost of its implementation.
Software component to grow at higher CAGR between 2018 and 2023
The market for the software segment is expected to grow at a higher CAGR between 2018 and 2023. The software helps to improve the efficiency of complex cold chain management that needs fast execution, high precision, and appropriate temperature control upon every transaction, that is, reception, storage, release, transportation, and distribution of goods. The growth of the software segment is attributed to the value added by analytical and predictive tools, which help provide real-time information on the cold chain.
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Cold chain monitoring market for transportation to grow at higher CAGR between 2018 and 2023
The high growth of the transportation segment is driven by the growing distribution network of the cold chain. Nowadays, cold chains have become vital for modern supply chain solutions, transporting larger volumes of more sensitive or vital cargo over greater distances through diverse climatic conditions. Being prone to environmental variations, cargo needs to be maintained at a specific temperature or within an acceptable temperature range, which is also driving the growth of the market for the transportation segment.
Cold chain monitoring market in APAC to grow at highest CAGR between 2018 and 2023
The highest growth of the market in APAC can be attributed to the pharmaceuticals industry, which is growing in the region with the increasing number of people being brought under the healthcare umbrella through the governmental efforts in various countries. Due to the economic boom within the emerging countries in APAC, vaccines and biologics have become more accessible for the local markets. Also, consumers are looking for fast food and convenient food items, which has fueled the growth of supermarkets and quick-service restaurants. This has led to the growth in the sales of consumer-ready frozen foods, such as ice-creams and frozen desserts, frozen fruits and vegetables, seafood, and meat. The Americas held the largest market for cold chain monitoring in 2017.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts.