Friday, January 26, 2024
In a recent report from Allied Market Research titled “Cold Chain Tracking and Monitoring Market Size, Share, Competitive Landscape, and Trend Analysis Report by End User (Healthcare, Food & Beverage, Chemical, Others), by System (Hardware, Software), by Solution (Storage, Transportation): Global Opportunity Analysis and Industry Forecast, 2020-2030,” the cold chain tracking and monitoring market was valued at $4.7 billion in 2020, expected to reach $15.2 billion by 2030. The software segment is projected to experience significant growth during the forecast period.
The healthcare segment is anticipated to show substantial growth in the near future based on end-user analysis, and Europe is expected to register the highest Compound Annual Growth Rate (CAGR).
Cold chain tracking and monitoring involve maintaining specific temperature ranges for products and tracking perishables using control devices and sensors. This process is crucial for preserving the quality and extending the life of various products, including agricultural produce, seafood, frozen food, chemicals, and pharmaceuticals. Monitoring, storage, and transportation are essential elements in the cold chain to prevent quality degradation during shipments. The market has witnessed substantial growth, attributed in part to the significant impact of the COVID-19 pandemic, which underscored the importance of the cold chain for the transportation of vaccines and pharmaceutical products globally.
Companies operating in this market have embraced partnerships, product launches, research and development, and acquisitions to enhance market share and expand their geographical presence. For example, Controlant introduced its PR-T80 Digital Temperature Probe in 2019, an innovative real-time solution designed for various applications, including dry ice, active pharmaceutical ingredients (APIs), clinical trials, and pharmaceutical and life sciences products requiring transport storage in low-temperature environments. Additionally, the increased adoption of wireless communication modules, such as Bluetooth, Wi-Fi, and specialized IoT protocols, has enhanced the capabilities of asset tracking data loggers to provide comprehensive insights into the environmental conditions experienced by the assets.
The market is segmented based on system, solution, end-user, and region. The system segment includes hardware and software, while the solution segment comprises storage and transportation. End-users are categorized into healthcare, food & beverage, chemical, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Impact of COVID-19:
The COVID-19 crisis has introduced uncertainties in the cold chain tracking and monitoring industry due to disruptions in logistics services, workplace closures, and travel restrictions. Governments imposed total lockdowns and temporary industry shutdowns, leading to border closures and hindering the movement of transportation and logistics services. The global business outlook has undergone significant changes in the aftermath of the COVID-19 health crisis.
Despite the challenges, cold chain monitoring companies have responded to the crisis with success by implementing enhanced safety measures and adopting new technologies.
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
