Global Cold Chain Temperature Monitoring Market By Component (Hardware and Software), By End User (Fish, Meat & Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionaries, Fruits & Vegetables, Dairy Products and Others), By Region, Industry Analysis and Forecast, 2020 - 2026
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Market Report Description
The Global Cold Chain Temperature Monitoring Market size is expected to reach $19.6 billion by 2026, rising at a market growth of 20.5% CAGR during the forecast period. Cold chain monitoring solutions are developed to identify and monitor products at the time of storage and transport. At this point, the rise in trade in perishables in developed and developing countries has led to the development of the demand for tracking the cold chain. The advent in connected device technologies such as Radio Frequency Identification (RFID) and the Internet of Things (IoT) is expected to open up opportunities for groundbreaking monitoring solutions. Data loggers are essential for monitoring the food and beverage supply chain in order to increase the efficient management of the logistics chain.
Global Cold Chain Temperature Monitoring Market Size
The global market for monitoring the cold chain is being driven with the awareness of high-quality food and rapid urbanization. Storage tests are useful for increasing the shelf life of the medicine. Monitoring inventories in the pharmaceutical industry and rising drug consumption are two of the key factors of the demand for tracking the cold chain. The strict regulatory environment of the pharmaceutical industry and the successful use of pharmaceuticals and the growth of nursing homes and hospitals are projected to dominate the global market. Growth in health awareness and the push to reduce food waste are projected to lead the global market for monitoring the cold chain during the outlook period.
Globally, efforts by different governments sustain the growth of the market for tracking and monitoring the cold chain. The cold chain tracking and monitoring industry is projected to increase due to its emphasis on quality and product sensitivity, growth in organized retail, growth in refrigerated warehouses, improvements in government policies and legislation, and growth in the pharmaceutical sector. The lack of standardization and high labor costs, however, limits the market monitoring of the cold chain and monitors market growth. In addition, radio frequency identification (RFID) solutions for cold chain monitoring business applications and analysis for advances in cold chain software offer lucrative prospects for key players.
Cold Chain Temperature Monitoring Market Share
Rising demand for improved product safety, growing demand for temperature-sensitive medications and growing emphasis on optimizing the productivity of the supply chain are some of the main factors driving the growth of the market for controlling the cold chain. Nonetheless, high deployment costs can restrict the growth of the market for monitoring the cold chain. The growing availability of cold chain logistics in developed countries is generating opportunities in the market for cold chain monitoring.
Free Valuable Insights: Global Cold Chain Temperature Monitoring Market to reach a market size of $19.6 billion by 2026
Based on Component, the market is segmented into Hardware and Software. Hardware market is further segmented into Conventional Temperature Loggers, Real-Time Monitoring Devices, Temperature Indicators, Resistance Temperature Detectors and Others. Software segment is further categorized into On-premise and Cloud. Based on End User, the market is segmented into Fish, Meat & Seafood, Processed Food, Pharmaceuticals, Bakery & Confectionaries, Fruits & Vegetables, Dairy Products and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Daikin Industries, Ltd., Zest Labs, Inc. (Ecoark Holdings, Inc.), Orbcomm, Inc. (Northrop Grumman Corporation), Carrier Global Corporation (Sensitech, Inc.), Berlinger & Co. AG, Monnit Corporation, Infratab, Inc., Klinge Corporation, Savi Technology, Inc., and Veridify Security, Inc.
Recent Strategies Deployed in Cold Chain Temperature Monitoring Market
- Jan-2020: Monnit Corporation announced the launch of iMonnit Enterprise 4.0, an update to the popular IoT sensor monitoring platform built for the needs of Enterprise-level businesses. The software has an all-new user interface, an improved mobile experience and other new features.
- Sep-2019: Carrier unveiled the Carrier Transicold, the latest Micro-Link 5 controller. The controller enabled shipping line personnel to monitor and access container refrigeration unit operations from a smartphone or tablet. Micro-Link 5 controller is the industry's first container refrigeration unit controller with wireless connection capability for improved visibility, diagnostics, convenience and productivity.
- Jul-2019: Monnit Corporation released the ALTA Vehicle Detector/Counter, a new dual-mode wireless vehicle detector/counter for agencies, businesses and municipalities wanting to monitor auto traffic. This counter offers two options for organizations to monitor automotive traffic: In vehicle detector mode, the sensor detects when a vehicle crosses a pneumatic tube and can be set to trigger an immediate alert; and In vehicle counter mode, the sensor counts vehicles that cross the pneumatic tube, providing valuable traffic data to transportation departments (DOTs) and commercial entities.
- Mar-2019: Orbcomm collaborated with Lidl UK for providing its temperature monitoring solution across their extensive 3PL transport network of 400-plus refrigerated trucks and trailers. The former company has been providing the latter company with a comprehensive cold chain solution, including state-of-the-art hardware, connectivity, device management and seamless data integration into third-party transport management systems for efficient fleet management.
- Nov-2018: Orbcomm launched CT 3000 series, the next generation solution for remote monitoring and control of refrigerated (reefer) containers. This series aimed to provide uninterrupted visibility of operations for refrigerated containers travelling across land, rail, or sea.
- Nov-2018: Savi added two new devices for asset tracking to its current suite of active RFID transponders and interrogators. The new devices are Savi Locate, which is a GPS location sensor, and Savi IoT, which is a hybrid active RFID (aRFID) interrogator (reader) and transponder (transmitter).
- Oct-2018: Savi signed an agreement with US Defense Agencies following which it has been delivering high-performance, data-rich, active radio-frequency identification (RFID) tags to two major US defense agencies.
- Aug-2018: Monnit Corporation partnered with Cradlepoint, a leader in cloud-delivered 4G and 5G wireless network edge solutions. Under the partnership, Monnit’s ALTA wireless sensor adapters seamlessly integrated with Cradlepoint's wireless edge routers to provide reliable and secure connectivity of sensors to cloud-based monitoring applications.
- Nov-2017: Orbcomm teamed up with LTI Trucking Services, Inc. (LTI), a nationwide truckload carrier and full-service logistics company. Following the collaboration, LTI has been using Orbcomm's cold chain telematics solution for providing comprehensive temperature, fuel management, and maintenance data for its refrigerated trailer fleet transporting perishable food, beverage and confectionary products.
- Oct-2017: Orbcomm acquired Blue Tree Systems Limited along with its subsidiaries in the United States, Germany and France. Blue Tree provides world-class transportation management solutions across multiple classes of assets. The acquisition strengthened Orbcomm's transportation portfolio by adding truck in-cab and refrigerated fleet vehicle solutions to its industry-leading cargo solutions.
- Aug-2017: Orbcomm introduced PT 6000, the next generation of its cold chain monitoring solution. This solution is available as a 3G or LTE cellular or dual-mode satellite-cellular version, enabling fuel and temperature management, maintenance, logistics and regulatory compliance for refrigerated transport assets.
- Jun-2017: Sensitech upgraded its real-time cold-chain tracking capabilities. The SensiWatch Platform has IoT data-collection instruments and data-management tools, the better to provide an end-to-end visibility of shipments, including both geo- and condition (temperature, humidity and light) tracking. Internally, SensiWatch uses cloud-based storage (building on its earlier ColdStream data-tracking services) a data warehouse, Application Programming Interfaces (APIs) for integrating with existing customer applications and third-party data sources, multiple levels of reporting and real-time analytics.
- May-2017: Orbcomm came into partnership with Vobal Technologies (Vobal), a provider of unique communications service. The partnership was focused on enabling end-to-end visibility of refrigerated smart containers and other IoT-connected assets transporting temperature-sensitive, high-value cargo across international waters.
Scope of the Cold Chain Temperature Monitoring Market Analysis
- Conventional Temperature Loggers
- Real-Time Monitoring Devices
- Temperature Indicators
- Resistance Temperature Detectors
- Fish, Meat & Seafood
- Processed Food
- Bakery & Confectionaries
- Fruits & Vegetables
- Dairy Products
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Daikin Industries, Ltd.
- Zest Labs, Inc. (Ecoark Holdings, Inc.)
- Orbcomm, Inc. (Northrop Grumman Corporation)
- Carrier Global Corporation (Sensitech, Inc.)
- Berlinger & Co. AG
- Monnit Corporation
- Infratab, Inc.
- Klinge Corporation
- Savi Technology, Inc.
- Veridify Security, Inc.
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Cold Chain Temperature Monitoring Market Related Reports:
What would be the value of global cold chain temperature monitoring market by 2026?
The global cold chain temperature monitoring market size is expected to reach $19.6 billion by 2026.
What are the key factors that drive cold chain temperature monitoring industry?
The major factors that are anticipated to drive the cold chain temperature monitoring industry include increased global trade of perishable products.
Which segment shows largest market share of cold chain temperature monitoring market in 2018?
The fish, meat and seafood emerged as the largest segment in 2018 and is projected to continue to lead the industry throughout the forecast period.
At what CAGR is the cold chain temperature monitoring market estimate to grow in the forecast period?
The expected CAGR of cold chain temperature monitoring market is 20.5% from 2020 to 2026.
Who are the top market players in the cold chain temperature monitoring industry?
Daikin Industries, Ltd., Zest Labs, Inc. (Ecoark Holdings, Inc.), Orbcomm, Inc. (Northrop Grumman Corporation), Carrier Global Corporation (Sensitech, Inc.), Berlinger & Co. AG, Monnit Corporation, Infratab, Inc., Klinge Corporation, Savi Technology, Inc., and Veridify Security, Inc.