The global cold chain monitoring market was valued at USD4.7bn in 2021 and is projected to reach USD10.2bn by 2026; it is expected to grow at a CAGR of 16.6% from 2021 to 2026, according to a new market research report published by MarketsandMarkets.
The rising demand for better food quality, surging need for reducing food wastage, and growing demand for generic drugs owing to higher accessibility are anticipated to drive the market’s growth. The growing focus on improving the supply chain efficiency of the fast-growing pharmaceuticals sector in Europe and North America through governmental policies is also expected to contribute to the market’s growth. The high implementation cost of cold chain monitoring solutions is the major factor restraining the market’s growth. The report shows that the better control over assets in warehouses achieved using automation and cold storage technologies and the demand for cold chain logistics in developing countries are anticipated to be the major opportunities for the market. The complexity involved in the installation and monitoring of cold chain monitoring solutions is the major challenge faced by many providers of cold chain monitoring solutions.
Hardware such as sensors, data loggers, RFID devices, and telematics and telemetry devices, and networking devices are used in applications ranging from the sensing of environment to the relaying of data to a centralized database for further evaluation. For most cold chain applications, accuracy and reliability of hardware are critical parameters. Data loggers are used throughout the cold chain to monitor the temperature of food, pharmaceuticals, chemicals, and other temperature-sensitive products.