IMARC Group, a leading market research company, has recently releases report titled “Cold Chain Tracking and Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023–2028.” The study provides a detailed analysis of the industry, including the global cold chain tracking and monitoring market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is Cold Chain Tracking and Monitoring?
Cold Chain Tracking and Monitoring refer to a comprehensive system employed to monitor and manage the temperature-sensitive storage and transportation of perishable goods, typically in the food and pharmaceutical industries. This critical process helps ensure that products like fresh produce, vaccines, medications, and other temperature-sensitive items maintain their quality, efficacy, and safety throughout their journey from production to consumption. Cold chain tracking involves the use of advanced technology, including sensors, data loggers, and real-time monitoring systems, to continuously assess and record temperature and environmental conditions during storage and transportation. In the event of temperature deviations or other anomalies, these systems provide alerts, allowing swift corrective actions to prevent product spoilage or compromise. Cold chain tracking and monitoring play a pivotal role in preserving product integrity, reducing waste, and safeguarding public health by guaranteeing that consumers receive safe and high-quality goods. As global trade and the demand for temperature-sensitive products continue to grow, the importance of effective cold chain tracking and monitoring becomes increasingly evident in maintaining the integrity of these goods throughout their journey across the supply chain.
How Big is the Cold Chain Tracking and Monitoring Market?
The global cold chain tracking and monitoringmarket size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.0 Billion by 2028, exhibiting a growth rate (CAGR) of 11.17% during 2023–2028.
Understanding the Cold Chain Tracking and Monitoring
Cold Chain Tracking and Monitoring are essential processes within the logistics industry, primarily focused on maintaining the integrity and safety of temperature-sensitive products during their storage and transportation. This specialized supply chain plays a critical role in ensuring that items like pharmaceuticals, vaccines, fresh produce, chemicals, and other perishable goods remain within specified temperature ranges throughout their journey from the manufacturer to the end-user. The ultimate aim is to prevent temperature fluctuations that could lead to product degradation, spoilage, or, in the case of pharmaceuticals and vaccines, potential health risks. To achieve this objective, advanced technologies, including sensors, data loggers, GPS tracking systems, and data analytics, are leveraged to monitor and track the conditions of these products in real-time. This real-time monitoring allows for prompt interventions and informed decision-making throughout the entire cold chain process. As the demand for the safe and reliable transportation of temperature-sensitive items continues to grow globally, Cold Chain Tracking and Monitoring have become increasingly critical components of the supply chain industry.
Key Components of Cold Chain Tracking and Monitoring
The Cold Chain Tracking and Monitoring Market is propelled by several key drivers:
Several leading companies are shaping the Cold Chain Tracking and Monitoring Market:
AmeriCold Logistics LLC, Berlinger & Co. AG, Carrier Global Corporation, Cold Chain Technologies, Controlant, Ellab Monitoring Solutions Ltd., ELPRO-BUCHS AG, Monnit Corporation, Orbcomm, Rotronic AG (Process Sensing Technologies Limited), Savi Technology and Zest Labs Inc.
The Cold Chain Tracking and Monitoring Market is witnessing several emerging trends:
Key highlights of the Report:
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