The global cold chain tracking and monitoring market size was US$ 5.19 billion in 2021. The global cold chain tracking and monitoring market size is forecast to reach US$ 15.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 13% during the forecast period from 2022 to 2030.
A cold chain is an uninterrupted supply system that sustains the product's quality from production through to transportation, distribution, storage, and retail with the help of temperature-controlled environments. It delivers a secure, temperature-controlled environment for sensitive products such as fresh &frozen food products, pharmaceutical products, biologics, chemicals, and vaccines. Currently, the cold chain system uses sensor-based technology (IoT), which permits sophisticated real-time data tracking by allowing real-time logistic management of every link in the chain. Some export industries rely on the critical connections provided by networked sensors to detect incidents instantly and reduce damage and delays through follow-up responses.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic has impacted the global cold chain tracking and monitoring market. Governments in various regions have imposed complete lockdowns and temporary closures of industry, leading to border closures that limit the movement of transportation and logistics services. However, the global cold chain tracking and surveillance market were growing significantly due to the rising safety standards & implementation of new technologies. For the necessity of pharmaceutical products by the countries during the extreme point of the COVID-19 pandemic, most governments got teamed with UNICEF to establish adequate cold chain systems for vaccine storage.
Regional Insights
The Asia Pacific region is forecast to witness lucrative growth in the market during the forecast period. The rising population, the growing industrialization, the new launches of transportation and warehousing networks, and the surge in the need for processed and packaged food items are forecast to drive the market growth in the region. In addition, advancements in temperature monitoring technologies, the emergence of smart sensors, and the rise of the pharmaceutical and processed food industries are fueling the regional market growth.
Leading Competitors
The leading prominent companies profiled in the global cold chain tracking and monitoring market are:
Scope of the Report
The global cold chain tracking and monitoring market segmentation focuses on System, Solution, End-User, and Region.
Segmentation based on System
Segmentation based on Solution
Segmentation based on End-User
Segmentation based on Region
