Global Cold Chain Tracking and Monitoring Market By Component (Hardware and Software), By Solution (Storage and Transportation), By End-User, By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023 – 2032

Report Overview

The Global Cold Chain Tracking and Monitoring Market size was estimated at USD 5.7 billion in 2022 and expected to reach around USD 24.1 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 15.5% during the forecast period 2023 to 2032.

The cold chain tracking and monitoring market is a vital component of today’s global supply chain, ensuring the safe and efficient transport and storage of temperature-sensitive products such as pharmaceuticals, perishable foods, and vaccines. This market revolves around monitoring and managing temperature, humidity, and other environmental conditions throughout the cold chain, from production facilities to end-users. The significance of cold chain tracking and monitoring has grown exponentially with the increasing demand for safe and effective distribution of temperature-sensitive goods, particularly in the pharmaceutical and food industries. Stringent regulatory requirements and the need to minimize product spoilage and waste have further propelled the adoption of advanced cold chain tracking and monitoring solutions.

In this dynamic Market, innovative technologies like IoT sensors, real-time data analytics, and blockchain are revolutionizing management, offering improved visibility, traceability, and risk mitigation. As global trade and the distribution of sensitive products continue to expand, it plays a critical role in maintaining product integrity and consumer safety.

Note: Actual Numbers Might Vary In The Final Report

Key Takeaways

• In 2022, the Global Cold Chain Tracking Monitoring Market was valued at US$ 5.7 Billion.
• The Market is estimated to register the highest CAGR of 15.5% between 2023 and 2032.
• Increasing regulations over the quality of food and pharmaceutical products in storage and transportation are driving the growth of the Market.
• The high cost of hardware and changing regulatory compliance according to the region can hinder the growth of the Market.
• International conflicts negatively affect the Market.
• Hardware dominates the component segment in the Market with a major revenue share of 76.4%.
• Transportation leads the solution segment in the Market with a major revenue share of 62.8%.
• Food and beverages hold a major revenue share of 76.8% to dominate the end-user segment in the Market.
• The integration of advanced technologies like IoT and blockchain in monitoring is expected to create many opportunities in the Market over the forecast period.
• The use of the Internet of Things for real-time monitoring is a significant trend observed in the Market.
• North America leads the Market with a major revenue share of 35.2%.
• The top key players in the Market are Sensitech Inc., Emerson Electric Co., Digi International Inc., Controlant, Carrier, ELPRO-BUCHS AG, Berlinger & Co. AG, and others.

Driving Factor

Increasing Regulations over the Quality of Food and Pharmaceutical Products in Storage and Transportation are Driving the Growth of the Market.

One of the primary drivers behind the Market’s growth is the rising demand for safe and efficient transport of temperature-sensitive products such as pharmaceuticals, healthcare, and food industries whose businesses rely heavily on maintaining product integrity throughout their supply chains. Regulators and quality standards require real-time monitoring and reporting of temperature and environmental conditions; this, in turn, is furthered by increasing global trade of perishable goods, pharmaceutical biotechnology industries expansion, and cold chain tracking and monitoring, ensuring product safety, reduced wastage, and overall supply chain efficiency. Therefore, monitoring forms an integral component of modern logistics and distribution practices.

Restraining Factor

High Cost of Hardware and Changing Regulatory Compliance According to the Region can Hinder the Growth of the Market.

The costs associated with installing temperature sensors, data loggers and other monitoring equipment, as well as the expenses related to data management and analytics platforms, can be prohibitive for some businesses, particularly smaller enterprises. Additionally, the lack of standardization in regulations and technologies across regions poses challenges. Varying compliance requirements and interoperability issues can hinder seamless global operations. Lastly, concerns over data security and privacy in the increasingly connected cold chain ecosystem may slow down adoption as companies deal with safeguarding sensitive information in transit.

Geopolitical Impact Analysis

International Conflicts Affect Negatively on the Market.

International trade tensions, trade restrictions, and geopolitical conflicts can disrupt global supply chains and impact the flow of temperature-sensitive goods. Export-import regulations, customs procedures, and tariffs imposed by various nations can hinder the smooth movement of products through the cold chain. Furthermore, diplomatic relations and regional stability play a crucial role in determining the accessibility of certain. Political instability and conflicts in key regions can disrupt the infrastructure and logistics required for maintaining cold chains, affecting the Market’s growth and resilience to geopolitical challenges.

By Component Analysis

Hardware Dominates the Market with a Major Revenue Share of 76.4%.

Based on components, the Market is divided into hardware and software. Among these components, hardware dominates the segment with a major revenue share of 76.4%. The hardware components are physical devices and sensors responsible for real-time data collection, such as temperature, humidity, and GPS location. These components are essential for ensuring the integrity and safety of temperature-sensitive goods during transportation and storage. Therefore, the importance of sensors, RFID devices, telematics, and networking devices is driving the growth of hardware in the component segment of the Market.

By Solution Analysis

Transportation Leads the Market with a Major Revenue Share of 62.8%.

On the basis of the solution, the Market is divided into storage and transportation. From these solutions, transportation dominates the segment with a major revenue share of 62.8%. This massive growth of transportation is owing to the critical role transportation plays in the process. Ensuring the safe and consistent temperature control of perishable goods during transit is of paramount importance to industries such as pharmaceuticals, food, and healthcare. The complexity and challenges associated with maintaining the desired temperature throughout the entire logistics journey make transportation solutions indispensable. This includes specialized refrigerated vehicles, temperature-sensitive packaging, and real-time monitoring systems, all of which are essential for safeguarding the quality and safety of temperature-sensitive cargo during transit.

Note: Actual Numbers Might Vary In The Final Report

By End-User Analysis

Food & Beverages Holds the Major Revenue Share of 76.8% to Dominate the Market.

Based on end-users, the Market is classified into food & beverages, pharmaceuticals, chemicals, and other end-users. Out of these end-users, food & beverages hold the major revenue share of 76.8% to be the forefront runner in the Market. This exponential growth of food & beverages is attributed to the global demand for perishable and temperature-sensitive food products that have been consistently on the rise. Consumers increasingly seek fresh, safe, and high-quality food, which necessitates stringent cold chain management. Moreover, regulatory authorities have imposed strict standards and regulations on the storage and transportation of food products, particularly those with perishable attributes. This has led food and beverage companies to invest heavily in robust Cold Chain Tracking and Monitoring solutions to ensure compliance and product safety.

Key Market Segments

Component

• Hardware
  • Sensors
  • RFID Devices
  • Telematics
  • Networking Devices
  • Others
• Software
  • On-Premise
  • Cloud-Based

Solution

• Storage
• Transportation

End-User

• Food & Beverages
• Pharmaceuticals
• Chemical
• Other End-Users

Growth Opportunity

The integration of advanced technologies like IoT and Blockchain in Monitoring is Expected to Create Many Opportunities in the Market Over the Forecast Period.

The opportunity arises from the increasing demand for temperature-sensitive product distribution, particularly in the pharmaceutical, healthcare, and food industries. With the growing emphasis on product quality, safety, and regulatory compliance, there is a heightened need for advanced monitoring solutions that provide real-time visibility and control. Additionally, the integration of IoT (Internet of Things) technologies, data analytics, and blockchain in cold chain management opens doors for innovation, enabling more efficient and secure monitoring. Emerging markets, particularly in Asia-Pacific, offer untapped potential as they witness rising healthcare and food industries. Overall, the Market is poised to expand as businesses prioritize product integrity and consumer safety in an increasingly globalized supply chain landscape.

Latest Trends

The use of the Internet of Things for Real-Time Monitoring is a Significant Trend Observed in the Market.

A prominent trend in the Market is the increasing adoption of advanced technologies to enhance efficiency and accuracy. IoT (Internet of Things) sensors and devices are being extensively deployed to provide real-time monitoring of temperature and environmental conditions, enabling immediate alerts and remote management. Moreover, data analytics and AI-driven solutions are gaining traction, allowing companies to optimize their supply chain operations and predictive maintenance. Blockchain technology is also emerging as a trend by offering transparent and secure tracking of products while ensuring data integrity and traceability. As global trade in perishable goods continues to grow, these technological advancements are reshaping cold chain management, improving product safety, and reducing waste.

Regional Analysis

North America Leads the Market with a Major Revenue Share of 35.2%.

The North American region dominates the Market by holding a major revenue share of 35.2%. This domination of the North American region is attributed to a robust and well-established pharmaceutical and healthcare industry within the region, which relies heavily on temperature-sensitive logistics for the safe transport of vaccines, biologics, and other medical products. North America’s extensive food distribution network, including perishable goods, necessitates reliable monitoring. Moreover, stringent regulatory requirements and a strong emphasis on product safety and quality compliance drive the demand for advanced monitoring solutions.

After North America, the Asia Pacific region is expected to grow at the fastest CAGR over the forecast period. The Asia Pacific region is witnessing rapid economic growth, resulting in an expansion of industries, including pharmaceuticals, healthcare, and food, all of which heavily rely on cold chain logistics. This is anticipated to drive the growth of the Asia Pacific region during the forecast period.

Note: Actual Numbers Might Vary In The Final Report

Key Regions and Countries Covered in this Report

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherland
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Market Share and Key Player Analysis

As of 2022, the Market is highly competitive, with major players competing to capture market share. Some notable names in this field are Sensitech Inc., Emerson Electric Company, Digi International Inc., and Thales Group – these are just some of the current names dominating it. These companies have established themselves as industry leaders through an expansive product offering, strategic partnerships, and global presence. Temperature monitoring solutions, data loggers, and software platforms designed to meet specific industry needs ensure safe transportation and storage of temperature-sensitive goods. Market dynamics such as rising demand for perishable goods, as well as real-time monitoring, are expected to drive further expansion within this Market – creating opportunities for both established and emerging players.

Top Key Players in the Cold Chain Tracking and Monitoring Market

• Sensitech Inc.
• Emerson Electric Co.
• Digi International Inc.
• Control
• Carrier
• ELPRO-BUCHS AG
• Berlinger & Co. AG
• Geotab Inc.
• Monnit Corporation
• Zest Labs Inc.
• Infratab Inc.
• Hanwell Solutions
• Americold Logistics LLC.
• Thales Group
• Omega Engineering Inc.
• Other Key Players

Recent Developments

• In March 2022, Emerson unveiled the GO real-time 4G/5G-LT tracker at the London Produce Show 2022. This advanced tracker utilizes 4G/5G Cat-M network technology and is specifically designed to monitor a wider temperature range, including frozen items, in real-time, enhancing the safety and reliability of perishable shipments.
• In January 2022, Emerson launched their premium monitoring services for the Oversight cargo platform. This innovation processes vast sensor data from GO loggers and trackers into actionable insights. It empowers customers to optimize their cold chain management with increased efficiency and precision.

Report Scope