Global Cold Chain Temperature Monitoring Market Grows at a Staggering CAGR of 16.6%

Introduction

The cold chain system ensures the integrity of transported and stored products through thermal and chilled packaging techniques and logistical planning. Tracking and transporting the cold chain is used to preserve the integrity of the shipped product. Cold chain tracking and driving can facilitate accurate real-time monitoring and historical analysis of the cold supply chain by capturing key environmental characteristics for cold chain products. Using cold chain tracking and driving solutions contributes to safer shipping and distribution, certified deliveries, higher product integrity/quality, and the accomplishment of predictive maintenance by clients, which can increase operational efficiency and overall customer satisfaction.

Market Dynamics

Expansion of the Pharmaceutical Industry Drives the Global Market

Some pharmaceutical products, such as high-value vaccines and medications, are exceedingly temperature-sensitive and require supply chain-wide temperature monitoring solutions. Cold storage is increasingly utilized by pharmaceutical companies managing temperature-sensitive products to mitigate supply chain risks associated with temperature fluctuations. The rising demand for pharmaceutical products, particularly in developing nations, is anticipated to drive the cold chain temperature monitoring market over the forecast period.

Internet of Things (IoT) in the Pharmaceutical Supply Chain Creates Tremendous Opportunities

Businesses are investing in IoT-enabled cold chain temperature monitoring solutions to address these issues. In logistical processes, pharmaceutical companies have increasingly employed IoT solutions for real-time temperature updates and alerts in recent years. These updates are powered by cloud-based real-time predictive analytics and aid in identifying issues such as developing hotspots and tiny regions where the temperature may exceed norms.

Real-time tracking can aid in primarily detecting package-level fluctuations, allowing for immediate damage mitigation. In addition, the use of Automatic Information Data Collection (AIDC) with Auto-ID for smart serialization and electronic chips in packaging material is increasing in cold chains to ensure that conditions for temperature-sensitive drugs are maintained, thereby creating opportunities for market expansion.

Regional Analysis

North America is the most significant global cold chain temperature monitoring market shareholder and is anticipated to exhibit a CAGR of 16.31% during the forecast period. Due to the increasing demand for temperature monitors from food storage facilities and logistics companies, North America dominates the global market. In recent years, it has been observed that the people in this region have altered their dietary habits in response to increasing obesity rates. The surging demand for fresh and organic foods such as fresh leafy vegetables, organic milk, and organic eggs necessitates cautious handling and monitoring at every level of storage and transport to prevent spoilage. This is driving the regional market growth.

Additionally, North America is anticipated to remain the market leader in the coming years thanks to the region's advanced infrastructure and the stringent government regulations governing cold chain surveillance. The pharmaceutical and healthcare industries have substantially impacted this region's cold chain monitoring market. Stringent guidelines are established to ensure pharmaceutical products' security, proper management, and distribution. The Global Cold Chain Alliance (GCCA) initiatives and the region's stringent food safety regulations directly impact the cold chain monitoring market.

Key Highlights

• The global cold chain temperature monitoring market was valued at USD 5.3 billion in 2022. It is estimated to reach USD 14.2 billion by 2031, growing at a CAGR of 16.6% during the forecast period (2023–2031).
• Based on hardware, the global cold chain temperature monitoring market is divided into conventional temperature loggers, real-time monitoring devices, resistance temperature detectors, temperature indicators, and others. The conventional temperature loggers segment is the highest significant contributor to the market and is predicted to exhibit a CAGR of 12.91% over the forecast period.
• Based on software, the global cold chain temperature monitoring market is segmented into on-premise and cloud-based. The on-premise segment owns the highest market share and is anticipated to exhibit a CAGR of 19.3% over the forecast period.
• Based on application, the global cold chain temperature monitoring market is bifurcated into pharmaceuticals, food, and others. The food segment dominates the global market and is projected to exhibit a CAGR of 17.4% over the forecast period.
• North America is the most significant global cold chain temperature monitoring market shareholder and is anticipated to exhibit a CAGR of 16.31% during the forecast period.

Competitive Players

Competitive Players

The key players in the global cold chain temperature monitoring market are Berlinger & Co. AG, DeltaTrak, Inc., Elpro-Buchs AG, OMEGA Engineering Inc., Roambee Corporation, Sensitech Inc., Softbox, TempSen Electronics, Thermo Electric Company, Inc., and Thomas Scientific.

Recent Developments

Market News

• In February 2023, Danfoss partnered with the US retail technology firm Lizard Monitoring to assist North American retailers in preventing food loss. The Lizard's sensor networks reportedly complement Danfoss' Alsense monitoring suite to ensure continued temperature monitoring, providing store managers and food safety executives with comprehensive data on refrigeration performance and environmental compliance.
• In June 2023, Refrigerated Trailer Services (RTS) was added to Orbcomm's authorized distribution network in the United Kingdom. RTS, a global provider of used refrigerated trailers, will market Orbcomm's temperature dataloggers for cold chain compliance and real-time temperature monitoring to clients in the transportation, pharmaceutical, and food industries.

 

Segmentation

Global Cold Chain Temperature Monitoring Market: Segmentation

By Hardware

• Conventional Temperature Loggers
• Real-Time Monitoring Devices
• Resistance Temperature Detectors
• Temperature Indicators
• Others

By Software

• On-Premise
• Cloud-Based

By Applications

• Pharmaceuticals
• Food
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East and Africa