Market Highlights
The cold chain temperature monitoring devices are improving rapidly, which is expected to transform the market in the forecast period. The insights into the industry of semiconductors and electronics are advanced by Market Research Future, which concentrates on reports on industry verticals that review the market options for growth. A healthy CAGR of 9.6 % is anticipated to boost the cold chain monitoring market 2020 in the coming period.
The increased demand for chemicals and pharmaceutical products is forecasted to be a significant factor in the expansion of the cold chain market size. Moreover, the diversification in the storage options needed for the food and beverage sector is projected to motivate the cold chain monitoring market in the upcoming years.
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Segmentation:
The segmental assessment of the cold chain monitoring market has been carried out on the basis of logistics, application, component, and region. Based on the components, the market for cold chain monitoring has been segmented into hardware, services, and software. Based on the applications, the market for cold chain monitoring has been segmented into food & beverages (FnB), chemicals, pharmaceuticals & healthcare. On the basis of logistics, the cold chain monitoring market has been bifurcated into transportation and warehousing. On the basis of the regions, the market for cold chain monitoring is segmented into Europe, the Middle East, Asia Pacific, North America, Africa, and Latin America.
Detailed Regional Analysis
The regional investigation of the cold chain monitoring market covers regions such as into Europe, the Middle East, Asia Pacific, North America, Africa, and Latin America. The North American region is in charge for the most important segment of the cold chain monitoring market globally. In the year 2017, the North American region controlled a third of the total market portion and was projected to conserve its position during the forecast period. The cold chain monitoring market in the North American region is motivated by aspects such as the mounting predilection for newly picked produce, sustainable investments in cold chain solutions, and emerging demand for cold storage in the pharmaceutical sector. In the meantime, the amplified economic progress and the development of cold chain monitoring in the Asia Pacific region have stimulated a vigorous demand for dominant cold storage technologies and shipping. The region has also been acknowledged as a speedily growing region in the cold chain monitoring market owing to the development of the manufacturing sector.
Competitive Analysis
The need to keep the market practices in sync with the environmental concerns that are looming is expected to promote the overall sustainability of the market. The upturn in the performance of domestic markets is expected to have a favorable impression on the growth of the market. The ability to successfully satisfy the demand forces will require the industry to excel in several areas. the variation of the workforce can enable the successful implementation of growth strategies in the market. It is also noted that the cooperation by the governments around the world in terms of relaxation of several barriers and the institution of constructive strategies is expected to put the market on a track for unparalleled development. The limitations in the market are constantly being studied so that breakthroughs to remove them can be undertaken.
The topmost contenders in the cold chain monitoring market are Sensitech, Inc., Berlinger & Co AG, Controlant, Monnit Corporation, ORBCOMM Inc., NEC Corporation, NXP Semiconductors N.V., Infratab Inc., Elpro-Buchs A G. and Zest Labs Inc. (Ecoark Holdings).
Industry Updates:
Oct 2019 Kudelski Group and CoreKinect have recently delivered FreshTrack, the first secure, flexible & disposable cold chain tracking solution. The joint solution offers asset monitoring at scale, safeguarding product excellence, genuineness, and traceability. Its primary implementation is expected to be for cold chain monitoring across grocery stores.
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Global Cold Chain Monitoring Market Research Report– By Component (Hardware, Software, Services), By Application (Pharmaceuticals & Healthcare, Food & Beverages, Chemicals), By Logistics (Warehousing, Transportation) –– Forecast Till 2023
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