Cold Chain Temperature Monitoring Market Outlook
The global cold chain temperature monitoring market size was valued at USD 23.90 Billion in 2022 and is likely reach to USD 148.46 Billion by 2031, expanding at a CAGR of 22.5% during the forecast period, 2023-2031. The growth of the market is attributed to increased computerization in refrigerated storehouses for monitoring and handling the goods such as meat, food products, vegetables, and dairy products.
Cold chain temperature monitoring involves the use of Internet of Things (IoT) technology to continuously monitor those temperature sensitive products which are usually transported in cold chain supply. Using cold chain supply helps to ensure the quality of temperature sensitive products remain same and retain their original quality from time of manufacture until the time of delivery.
A series of monitoring devices, also known as temperature data loggers, are widely used as these wireless sensors provide real-time temperature data. Cold Chain temperature monitoring devices are classified on the basis of purpose and the supply chain level.
The COVID-19 pandemic outbreak has had positive impact on the cold chain temperature monitoring market. Pandemic had led to surge in transport of temperature sensitive drugs, samples, and vaccines in cold chain supply.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing focus for the improvement of supply chain efficiency and productivity using advanced technology is key factor driving the market growth.
- Rising demand of temperature sensitive drugs in pharmaceutical industry and demand for better quality of food and processed food products are projected to boost the market expansion during the forecast period.
- Lack of skilled professionals for proper handling of cold chain temperature monitoring devices can hamper the market growth during the projected timeline.
- Rising operational cost and lack of standardization act as major challenges that can restrict the market growth in the coming years.
- Wide integration of advanced technology such as radio frequency identification (RFID) technology and Bluetooth low energy in cold chain temperature monitoring devices are projected to create significant growth opportunities of the market.
Scope of Cold Chain Temperature Monitoring Market Report
The report on the global cold chain temperature monitoring market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cold Chain Temperature Monitoring Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Software (On-premise and Cloud-based), Hardware (Resistance Temperature Detectors, Conventional Temperature Loggers, Temperature Indicators, Real-time Monitoring Devices, and Others), and Applications (Processed Foods, Fruit & Pulp Concentrates, Bakery & Confectionaries, Fruits & Vegetables, Fish, Meat & Seafood, Dairy Products [Cheese, Milk, Ice Cream, and Butter], Pharmaceuticals [Blood Banking and Vaccines], and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Thermo Electric Company, Inc.; Softbox; Roambee Corp.; DeltaTrak, Inc.; TempSen Electronics; Sensitech Inc.; OMEGA Engineering inc.; Elpro-Buchs AG; and Berlinger & Co. AG.
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Cold Chain Temperature Monitoring Market Segment Insights
Cloud-based segment is anticipated to grow at a robust pace
Based on software, the market is bifurcated into on-premise and cloud-based. The cloud-based segment is expected to grow at a rapid pace during the forecast period owing to real time monitoring and reporting of the status. However, the on-premise segment is anticipated to expand at a substantial CAGR during the forecast period due to security and safety issues of cloud-based systems.
Real-time monitoring devices segment to expand at a considerable CAGR
On the basis of hardware, the global cold chain temperature monitoring market is segregated into resistance temperature detectors, conventional temperature loggers, temperature indicators, real-time monitoring devices, and others.
The real-time monitoring devices segment is expected to account for a major market share during the projected timeline. Technological advancements such as wireless sensing technologies, cloud-based data management, and real-time monitoring and alerts are key factors driving the segment market growth.
On the other hand, the temperature indicator segment is anticipated to exhibit a substantial CAGR during the forecast period due to increasing use of temperature indicator by food processing and transportation companies.
Pharmaceutical segment to account for a significant market share
In terms of applications, the market is divided into processed foods, fruit & pulp concentrates, bakery & confectionaries, fruits & vegetables, fish, meat & seafood, dairy products, pharmaceuticals, and others. The dairy products segment is further categorized as cheese, milk, ice cream, and butter while the pharmaceuticals segment includes blood banking and vaccines.
The pharmaceutical segment is estimated to account for a significant market share during the forecast period owing to COVID-19 pandemic and wide demand for the drugs testing to curb the pandemic.
However, the processed food segment is anticipated to expand at a substantial CAGR during the forecast period in the coming years due to increasing demand of protein bars, cereals, cookies, and chips.
Cold Chain Temperature Monitoring Market Regional Outlook
North America is anticipated to constitute a key market share
In terms of region, the global cold chain temperature monitoring market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to growing demand for temperature monitors from food logistics operators and food storage facilities in the region.
However, the Asia Pacific market is anticipated to expand at a rapid pace during the forecast period owing to boost in demand of canned and processed foods, and rapidly growing pharmaceutical and food industry in the region.
Segments
Software
Hardware
- Resistance Temperature Detectors
- Conventional Temperature Loggers
- Temperature Indicators
- Real-time Monitoring Devices
- Others
Applications
- Processed Foods
- Fruit & Pulp Concentrates
- Bakery & Confectionaries
- Fruits & Vegetables
- Fish, Meat & Seafood
- Dairy Products
- Cheese
- Milk
- Ice Cream
- Butter
- Pharmaceuticals
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key players
Competitive Landscape
Key players competing in the global cold chain temperature monitoring markets are Thermo Electric Company, Inc.; Softbox; Roambee Corporation; DeltaTrak, Inc.; TempSen Electronics; Sensitech Inc.; OMEGA Engineering Inc.; Elpro-Buchs AG; and Berlinger & Co. AG.
Companies are focusing on integrating technological advancements such as RFID and Bluetooth in products. In April 2019, Berlinger & Co. AG introduced updates to Fridge-tag 3. The enhancements in Fridge-tag 3 included SMS notification of warning status, innovative configuration options.
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