SAN FRANCISCO, Aug. 17, 2023 /PRNewswire/ -- The global cold chain monitoring market size is expected to reach USD 119.74 billion by 2030, growing at a CAGR of 22.5% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The main factors driving the market's growth are the increasing demand for pharmaceutical and other temperature-sensitive products worldwide, stringent regulations regarding the storage and shipment of pharmaceutical products, and increasing private and government investments in the cold storage warehouse industry.
Key Industry Insights & Findings from the report:
- Growing technological advancements are expected to boost cold chain monitoring solutions innovation. The growing trade of pharmaceutical and temperature-sensitive products globally is anticipated to spur industry growth over the forecast period
- In terms of component, the software segment is projected to grow at the fastest CAGR of 23.7% from 2023 to 2030. The need to analyze data collected from hardware devices to improve the overall cold chain operations is driving the growth of the software segment
- Based on application, the food & beverages segment dominated the market in 2022 with a revenue share of 78.8% and is projected to grow at a CAGR of 20.6% from 2023 to 2030. The growing demand for processed food and changes in consumer preferences is driving the demand for cold chain monitoring solutions across the food & beverages sector
Read full market research report, "Cold Chain Monitoring Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Application (Food & Beverages, Pharmaceuticals), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Cold Chain Monitoring Market Growth & Trends
The increasing demand for vegetables, meat, fruits, and dairy products globally is projected to drive the market's growth. Processed food items require continuous temperature monitoring during transportation and storage to prevent contamination and maintain the quality of the products. The cold chain service providers adopt the monitoring solutions as it delivers benefits such as safety, cost efficiencies, real-time tracking, and lower downtime, which help them in achieving their revenue goals. The technological advancements in connected devices technologies such as the Internet of Things (IoT), radio frequency identification (RFID), intelligent sensors, and others are also expected to bolster the market's growth.
The North America region is estimated to maintain the largest market share of revenue over the forecast period owing to the factors such as well-developed transportation and distribution systems, high technology adoption rate, and increasing demand for processed food products. In North America, the U.S. market is expected to hold the largest revenue share from 2023 to 2030, owing to the presence of many cold chain monitoring solution providers and the ever-increasing demand for pharmaceutical and processed food products. The Asia Pacific region is projected to witness a high growth rate over the forecast period due to the rising population, rapid industrialization, and advancements in transportation & warehousing technologies in emerging economies such as India and China. The key players in the market are adopting different development strategies, such as mergers and acquisitions, to expand their presence and market share in the cold chain monitoring industry.
Cold Chain Monitoring Market Report Scope
Report Attribute | Details |
Market size value in 2023 | USD 28.89 billion |
Revenue forecast in 2030 | USD 119.74 billion |
Growth rate | CAGR of 22.5% from 2023 to 2030 |
Base year for estimation | 2022 |
Historical data | 2017 - 2021 |
Forecast period | 2023 - 2030 |
Cold Chain Monitoring Market Segmentation
Grand View Research has segmented the global cold chain monitoring market based on component, application, and region:
Cold Chain Monitoring Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Sensors
- RFID Devices
- Telematics
- Networking Devices
- Others
- Software
- On-premise
- Cloud-based
Cold Chain Monitoring Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- Food & Beverages
- Fruits & Vegetables
- Fruit Pulp & Concentrates
- Dairy Products
- Milk
- Butter
- Cheese
- Ice cream
- Others
- Fish, Meat, and Seafood
- Processed Food
- Bakery & Confectionary
- Others
- Pharmaceuticals
- Vaccines
- Blood Banking
- Others
- Others
Cold Chain Monitoring Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Norway
- Netherlands
- Switzerland
- Russia
- Asia Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Kingdom of Saudi Arabia (KSA)
- UAE
- South Africa
List of Key Players in the Cold Chain Monitoring Market
- ELPRO-BUCHS AG
- Carrier
- Berlinger & Co. AG
- Savi Technology
- ORBCOMM
- Geotab Inc.
- Monnit Corporation
- Controlant
- Zest Labs, Inc.
- Infratab, Inc.
Check out more market research studies published by Grand View Research:
- Cold Chain Market - The global cold chain market size is expected to reach USD 892.3 billion by 2030, growing at a CAGR of 18.6% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The increasing demand for quality foods, rising Information Technology (IT) spending in cold storage logistics, and growing investment in developing cold chains drive market growth. Moreover, increasing e-commerce sales, accelerated by the COVID-19 pandemic, drive the need for cold chain solutions.
- Pharmaceutical Logistics Market - The global pharmaceutical logistics market size is estimated to reach USD 170.17 billion by 2030, registering a CAGR of 9.2% from 2023 to 2030, according to a new study by Grand View Research, Inc. The market growth is primarily driven by the rising demand for a variety of drugs as a result of increasing cases of chronic and lifestyle-related diseases. The market is expected to witness a high growth rate in cold-chain and non-cold chain pharmaceutical logistics owing to the impact of COVID-19 across the globe. During this pandemic situation, the government and officials across countries are primarily focusing on preventive measures and the treatment of patients. The import and export of various medicines to treat coronavirus are increasing across all countries, including U.S. and China.
- Secure Logistics Market - The global secure logistics market size is anticipated to reach USD 153.44 billion by 2030, registering a CAGR of 8.9% over the forecast period, according to a new report by Grand View Research, Inc. ATMs play a vital role in maintaining the core banking touchpoint with consumers. Initially, ATMs were introduced to reduce congestion in branches. However, the types of services provided at ATMs have expanded significantly. The increasing trend of introducing cash recycling ATMs is likely to accelerate the ATM market growth. Economic size and population density have a positive impact on the financial sector. The densely populated countries have a higher ATM penetration and higher geographic branch.
Browse through Grand View Research's Automotive & Transportation Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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