Cold Chain Monitoring Market Worth 6.23 Billion USD by 2022
PUNE,India, December 8, 2016 /PRNewswire/ --
The report "Cold Chain Monitoring Market by Component (Hardware: Data Loggers & Sensors, RFID Devices, Telemetry & Telematics, Networking Devices, and Software), Logistics (Storage, and Transportation), Application, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to grow from USD 3.11 Billion in 2015 to USD 6.23 Billion by 2022, at a CAGR of 9.84% between 2016 and 2022.
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The strict regulatory environment in the pharmaceutical industry in North America and Europe has promoted the adoption of cold chain monitoring solutions for pharmaceutical and healthcare applications. The increasing demand for quality forces the food industry to incorporate cold chain monitoring solutions in its supply chain. Rapid urbanization worldwide is also driving the growth of the cold chain monitoring market.
Sensors and data loggers to hold the largest share of the cold chain monitoring market for hardware components during the forecast period
Hardware components used in cold chain monitoring are expected to hold the largest share and dominate the cold chain monitoring market between 2016 and 2022. Among the hardware components, sensors and data loggers are expected to hold the largest share of the of the cold chain monitoring market for hardware components during the forecast period since these components are required to be installed in large numbers to cover the expansive cold chain operations.
Storage logistics held the largest market share in 2015
Storage logistics is expected to hold the largest market share and dominate the cold chain monitoring market between 2016 and 2022. Storage logistics are required at various stages in a cold chain, starting from the production sites to the final retailers, including the distribution centers. Cold chain monitoring solutions are required to efficiently manage the resources maintained under refrigeration and expedite the movement of goods.
Cold chain monitoring market in APAC to grow at the highest rate during the forecast period
The Cold Chain Monitoring Market in APAC is expected to grow at the highest rate between 2016 and 2022. This market growth can be attributed to the growing demand for food, increase in population relying on medication, and rapid urbanization worldwide. The cold chain network in this region is likely to grow at a fast rate in the coming years, owing to the technological advancements in cold chain monitoring solutions and growing awareness about the quality of the resources maintained under refrigerated temperatures.
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The major vendors operating in the cold chain monitoring market include Sensitech, Inc. (U.S.), ORBCOMM (U.S.), Berlinger & Co., AG (Switzerland), Monnit Corp. (U.S.), and ELPRO_BUCHS AG (Switzerland), among others.
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