Published Date: 12-Aug-2020
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According to a new report Global Cold Chain Temperature Monitoring Market, published by KBV research, 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. Increasing demand for temperature-sensitive products, rising demand for better food quality, raising the need to minimize food waste, increasing demand for generic drugs due to increased accessibility, and raising policy focus on improving the productivity of the fast-growing pharmaceutical industry in Europe and North America are some of the main factors driving the development of the cold chain monitoring market.
The processed food segment is estimated to have the fastest CAGR in the forecast period. Growth can be attributed to the changing dietary preferences of people and the increasing preference for processed food. At the other hand, fish, meat and seafood emerged as the largest segment in 2018 and is projected to continue to lead the industry throughout the forecast period. The pharmaceutical market is expected to rise at a substantial pace over the projected period. Growth can be attributed to the high regulatory standards applicable in different parts of the world to ensure the safe and secure storage and transport of pharmaceutical products.
The storage segment emerged as the largest segment in 2018 and will continue to be the largest segment in the forecast period due to the increasing demand for packaged food worldwide. Packaged food and medicines must also be kept at a constant temperature level. The transport segment is expected to evolve as the fastest rising market in the forecast era. Growth can be attributed to the growing trade in food products, beverages and pharmaceutical products.
North America and Europe are expected to hold a large portion of the demand for cold chain monitoring in the coming years. The presence of a well-established pharmaceutical and healthcare sector is projected to boost business trends in the coming years. Strict laws and legislation that take into account the management of the cold chain are required to ensure the growth of North America in the coming years. Emerging markets, such as India and China, are expected to contribute to global market growth. The increasing population, rapid industrial development, continued roll-out of transport and warehousing networks and rising demand for processed and canned food products are projected to fuel the development of the regional market.
Structural Insights: https://www.kbvresearch.com/cold-chain-temperature-monitoring-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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