Portland, OR, June 15, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global cold chain tracking and monitoring market was accounted for $4.6 billion in 2020, and is estimated to reach $15.2 billion by 2030, growing at a CAGR of 12.9% from 2021 to 2030.
Rise in focus on quality & product sensitivity, increase in the number of refrigerated warehouses, and pharmaceutical sector drive the growth of the global cold chain tracking and monitoring market. However, lack of standardization and high operational cost hinder the market growth. On the contrary, adoption of RFID technologies for cold chain applications and research for advancements in cold chain software are expected to open new opportunities in the future.
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Covid-19 Scenario:
- The Covid-19 pandemic created uncertainty in the market by slowing down the logistics services, restrictions on travel, and closure of workplaces. This hampered business growth and increased panic among customers.
- Governments of several countries imposed lockdown and temporary shutdown of manufacturing industries which led to border closures and limited movement of transportation & logistics services.
The report divides the global cold chain tracking and monitoring market on the basis of end user, system, solution, and region.
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Based on end user, the food & beverage segment held the largest share in 2020, accounting for more than one-third of the market. However, the healthcare segment is projected to manifest the highest CAGR of 14.4% during the forecast period.
On the basis of system, the hardware segment held the lion’s share in 2020, contributing to more than three-fifths of the market. However, the software segment is estimated to portray the highest CAGR of 14.1% from 2021 to 2030.
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The report offers an analysis of the global cold chain tracking and monitoring market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for around two-fifths of the market. However, the market across Europe is anticipated to showcase the highest CAGR of 13.9% during the forecast period.
The global cold chain tracking and monitoring market report includes an in-depth analysis of the prime market players such as Americold Logistics, LLC, Controlant, Berlinger & Co. AG, Hanwell Solutions, ELPRO-BUCHS AG, Infratab, Inc., Monnit Corporation, ORBCOMM, Savi Technology, and Sensitech Inc.
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