SEATTLE, Feb. 6, 2020 /PRNewswire/ -- According to Coherent Market Insights, the global smart pallet sensors market is projected to exhibit a CAGR of 4.2% over the forecast period (2019 – 2027).
Key Trends and Analysis of the Smart Pallet Sensors Market:
The rising need for inventory tracking and monitoring in manufacturing industries to optimize their production process and supply chain with the help of wireless technology, is expected to propel demand for smart pallet sensors over the forecast period. In addition, increasing demand from manufacturers and retailers in the food and beverages, chemical, and healthcare industries is expected to increase sales of smart pallet sensors over the forecast period.
Among application, the inventory management segment is expected to witness highest growth over the forecast period. In inventory management, smart pallets are majorly adopted for increasing supply chain efficiency. Smart pallet sensors improve the availability and tracking of pallets, and reduces downtime of the pallet by continuously monitoring the availability of it. In addition, it improves the movement of products, which enables improved supply chain process management (SCPM) and saves time.
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Among end-use industry, the warehousing and transportation segment held dominant position in the smart pallet sensors market in 2018 and is expected to retain its dominance over the forecast period, owing to increasing adoption of smart pallet sensors in warehouse and during the transportation of goods. Moreover, pallets are majorly used for protecting cargoes and improving logistics efficiency. Pallet tracking plays a crucial role in case of transportation of perishable goods. In addition, increasing output of food and beverages industry is expected to boost adoption of smart pallet sensors over the forecast period.
In 2017, North America held dominant position in the smart pallet sensors market and is expected to retain its dominance over the forecast period due to rising adoption of smart pallet sensors by major economies in the region. Moreover, manufacturers in Canada are focusing on increasing investment in the country over the coming years, wherein technology and workforce development will be the two largest areas of interest for the investment. In addition, the government of Canada is also focusing on increasing the manufacturing output in Canada, which is expected to boost the adoption of smart pallet sensors over the forecast period. For instance, according to Government of Canada, the Central Government of Canada has set a target to raise sales to reach up to US$ 1 trillion by 2030 and to increase the manufacturing output to US$ 540 billion by year 2030. This will create lucrative opportunity for smart pallet sensor manufacturers in the region.
Key Market Takeaways:
- The market is expected to register a CAGR of 4.2% during the forecast period (2019–2027), owing to increasing adoption of smart pallet sensors by e-commerce, cab aggregator, and media & entertainment sectors, etc.
- Among region, Asia Pacific region is expected to exhibit highest growth rate over the forecast period, owing to increased output from the healthcare and retail industry. For instance, according to US-China Business Council, in 2016, the Chinese healthcare sector accounted for 6% share of country's GDP and is expected to rise up to 10% in the near future.
Some of the major players operating in the global smart pallet sensors market include—
ADLINK Technology Inc., Ahrma Group, Ambrosus, Chainvu, Ennomotive, Lightning Technologies LLC., LogTrade, Metiora, NFC Group, RM2., TronicsZone, and others
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- Global Smart Pallet Sensors Market, By Application:
- Inventory Management
- Condition Monitoring
- Asset Tracking & Monitoring
- Security Management
- Global Smart Pallet Sensors Market, By End-use Industry:
- Warehousing & Transportation
- Food & Beverage
- Global Smart Pallet Sensors Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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Mr. Raj Shah
Coherent Market Insights
1001 4th Ave.
Seattle, WA 98154
SOURCE Coherent Market Insights