According to a new report published by Allied Market Research, titled, Cold Chain Tracking and Monitoring Market by System, Solution, and End User: Global Opportunity Analysis and Industry Forecast, 2014-2022, the global cold chain tracking and monitoring market was valued at $149 billion in 2015 and is estimated to reach $426 billion by 2022, growing at a CAGR of 16.0% from 2016 to 2022. The Food & beverage segment held the highest share of the total market in 2015.
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Cold chain utilizes series of sensors and controlling devices to maintain and monitor products like food stocks and drugs, at a specific temperature in cold storages. Cold chain tracking and monitoring effectively prevent perishable food losses, increase their durability and maintain pharmaceutical drugs at desired temperature conditions. The market is driven by increased focus on quality and product sensitivity, growth in organized retail, increase in refrigerated warehouses, government changing policies and regulations, and growth in pharmaceutical sector. However, lack of standardization and high operational cost restrain the market growth.
Cold chain tracking and monitoring market includes end users, such as healthcare, food & beverage, chemical, and research centers. In 2015, the food & beverage segment held highest share of more than 40.0% in overall market while healthcare is expected to grow at a faster pace, owing to the increased investment in developing cold chain monitoring devices and software by key players for maintaining specific temperature required by varied vaccines and drugs. Maintaining secure cold chain for drugs, blood, and vaccines holds opportunities in the forecasted period.
Hardware accounted for the highest share, more than half of the overall cold chain tracking and monitoring market in 2015, as a result of constantly evolving sensors and networking devices. Software is expected to be the fastest growing segment in the cold chain tracking and monitoring industry, growing with a CAGR of more than 18.0%, due to research in developing innovative software with respect to business requirements and functionalities.
The Transportation segment owns largest share, as a result of stringent policies for monitoring systems and high transportation cost. However, storage solution is expected to foster a significant growth in the industry, with a growth rate of more than 15.0%.
The cold chain tracking and monitoring market share of Europe was accounted highest in 2015, which is more than one-fourth of the overall market. It emerged as a prime region for cold chain tracking and monitoring market owing to augmented global trade and strong economic environment. Asia-Pacific is expected to witness high growth rate of around 17.0% as countries such as India, China, and South Korea are investing in online ecommerce, drug manufacturing, and clinical trials.
Key findings of the Cold Chain Tracking and Monitoring Market
- In 2015, hardware accounted for the highest share in the overall cold chain tracking and monitoring market
- Transportation accounted for the largest market share, i.e., more than half of the overall market in 2015, and is expected to grow with a moderate CAGR
- Healthcare end user is the fastest growing segments in cold chain tracking and monitoring market, accounting for more than one-fourth share in 2015
- Asia-Pacific is expected to be the fastest growing cold chain tracking and monitoring market
Several prominent players operating in the cold chain tracking and monitoring market adopted expansion as one of their key strategies. Companies such as Sensitech Inc., Elpro-Buchs AG, and Berlinger & Co. AG introduced innovative and technologically advanced products to capture more market share. Prominent companies profiled in the report include SecureRF Corporation, Monnit Corporation, SAVI Technology Inc., Infratab Inc., Controlant EHF, Americold Logistics, LLC, and Orbcomm Inc.