“Cold Chain Monitoring Market to grow at a lucrative rate over the forecast period”, says Visiongain
31 October 2019
Visiongain has launched a new Freights & Logistics report Cold Chain Monitoring Market Report 2019-2029 Forecasts by System (Hardware, Software), by Application (Pharmaceuticals & Healthcare, Food & Beverages, Chemicals), by Solution (Storage, Transportation) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global cold chain monitoring market is expected to grow at a lucrative rate during the forecast period. Some of the key factors driving the market include the increasing focus on high quality of products, growing consumer awareness, increase in the number of refrigerated warehouses, favourable regulatory scenario, and growth in the pharma industry. However, the concerns associated with high operation cost and lack of a standardized structure may pose as market restraints. The cold chain monitoring market can be segmented based on system, application, solution, and region.
Factors such as increasing demand for cold chain monitoring devices, rising need for reducing food wastage, favourable regulatory scenario, and rising consumer awareness are expected to fuel the market growth. Furthermore, advancements in technology and software for cold chain monitoring devices is also expected to positively affect the market growth. The expanding application of cold chain monitoring devices in preservation and maintaining medicines and other drugs for the treatment of diseases is a major driving force of the market. Furthermore, favourable regulatory scenario and increasing government initiatives is also propelling the market growth.
By system, hardware segment is anticipated to contribute the largest share of revenue. The large size of the segment can be attributed to increasing applications of these systems in preservation of processed food, fruits & vegetables, and medicines and other drugs. However, software segment is expected to be a lucrative segment owing to the increasing digitalization and technologically advanced software for these devices. Several challenges for the market include high operation & maintenance cost and an uncertain structure. North America led the market in 2018 and is expected to continue to dominate during the forecast period. Factors such as presence of a well-established healthcare system, growing population, high demand for cold and ready to eat food products, and growing awareness among consumers are contributing to the large share of the region.
The global cold chain monitoring market is highly competitive with many players entering the market in order to cater to the growing consumer demand. Some of the players such as Comet System s.r.o., Berlinger & Co., Monnit Corporation, Interstate Warehousing, Inc, and SAVI Technology, Inc. are currently dominating the market. These major companies are increasingly focusing on research and development activities so as to gain competitive advantage. Key players in the market are focussing on the use of radio frequency identification (RFID) for various applications of cold chain market. Some of the other companies operating in the market include Partner Logistics Maven Systems Pvt. Ltd., Kerberus Ingenieria SAS, NXP Semiconductors N.V., NEC Corporation, and Safetraces, Inc. These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market.
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